Penn National Gaming, Inc (NASDAQ:PENN) – Equities research analysts at SunTrust Banks decreased their Q1 2019 earnings estimates for Penn National Gaming in a research report issued on Wednesday, January 9th. SunTrust Banks analyst B. Jonas now anticipates that the company will post earnings of $0.62 per share for the quarter, down from their prior forecast of $0.70. SunTrust Banks currently has a “Buy” rating and a $32.00 target price on the stock. SunTrust Banks also issued estimates for Penn National Gaming’s Q2 2019 earnings at $0.64 EPS, Q4 2019 earnings at $0.45 EPS, FY2019 earnings at $2.33 EPS and FY2020 earnings at $3.08 EPS.
A number of other brokerages have also recently issued reports on PENN. Zacks Investment Research raised shares of Penn National Gaming from a “hold” rating to a “strong-buy” rating and set a $37.00 target price for the company in a report on Tuesday, September 25th. ValuEngine raised shares of Penn National Gaming from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. BidaskClub raised shares of Penn National Gaming from a “strong sell” rating to a “sell” rating in a report on Friday, January 4th. Bank of America reaffirmed a “hold” rating and issued a $31.00 target price on shares of Penn National Gaming in a report on Tuesday, October 16th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Penn National Gaming from $41.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, November 2nd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $34.11.
Shares of NASDAQ:PENN opened at $24.86 on Friday. The company has a debt-to-equity ratio of 63.61, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market capitalization of $2.83 billion, a P/E ratio of 2.77, a PEG ratio of 1.57 and a beta of 1.82. Penn National Gaming has a 52 week low of $17.30 and a 52 week high of $36.90.
Penn National Gaming (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, November 1st. The company reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.05). The firm had revenue of $789.70 million during the quarter, compared to analyst estimates of $807.79 million. Penn National Gaming had a negative net margin of 5.41% and a negative return on equity of 6,177.13%. Penn National Gaming’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.25 EPS.
Institutional investors have recently modified their holdings of the business. Vanguard Group Inc increased its stake in shares of Penn National Gaming by 2.3% during the 3rd quarter. Vanguard Group Inc now owns 8,970,340 shares of the company’s stock worth $295,304,000 after purchasing an additional 205,577 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Penn National Gaming by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 8,970,340 shares of the company’s stock worth $295,304,000 after purchasing an additional 205,577 shares in the last quarter. BlackRock Inc. increased its stake in shares of Penn National Gaming by 1.4% during the 2nd quarter. BlackRock Inc. now owns 8,962,701 shares of the company’s stock worth $301,057,000 after purchasing an additional 121,216 shares in the last quarter. FMR LLC increased its stake in shares of Penn National Gaming by 9.3% during the 3rd quarter. FMR LLC now owns 6,392,396 shares of the company’s stock worth $210,438,000 after purchasing an additional 543,914 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its stake in shares of Penn National Gaming by 2.1% during the 3rd quarter. Eagle Asset Management Inc. now owns 3,328,954 shares of the company’s stock worth $109,589,000 after purchasing an additional 68,330 shares in the last quarter. 79.62% of the stock is owned by institutional investors.
Penn National Gaming declared that its Board of Directors has authorized a share buyback program on Wednesday, January 9th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to purchase up to 7.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
About Penn National Gaming
Penn National Gaming, Inc owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through Northeast, South/West, and Midwest segments. As of December 31, 2017, it operated 27 facilities in 17 jurisdictions, including California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada.
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