Penn National Gaming (NASDAQ:PENN) Upgraded to “Buy” by BidaskClub

BidaskClub upgraded shares of Penn National Gaming (NASDAQ:PENN) from a hold rating to a buy rating in a research note published on Friday morning, BidAskClub reports.

A number of other brokerages have also issued reports on PENN. Deutsche Bank reaffirmed a buy rating and set a $27.00 target price on shares of Penn National Gaming in a research report on Sunday, August 4th. Susquehanna Bancshares assumed coverage on Penn National Gaming in a research report on Wednesday, July 24th. They set a positive rating and a $25.00 target price on the stock. Wolfe Research assumed coverage on Penn National Gaming in a research report on Friday, June 14th. They set a peer perform rating on the stock. Union Gaming Research raised Penn National Gaming from a hold rating to a buy rating in a research report on Friday, August 2nd. Finally, Morgan Stanley set a $27.00 target price on Penn National Gaming and gave the stock a buy rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. Penn National Gaming presently has an average rating of Buy and a consensus price target of $30.02.

PENN opened at $20.87 on Friday. Penn National Gaming has a one year low of $16.72 and a one year high of $34.72. The company has a debt-to-equity ratio of 5.89, a quick ratio of 0.71 and a current ratio of 0.71. The stock’s fifty day moving average is $18.90 and its 200-day moving average is $20.07. The company has a market capitalization of $2.42 billion, a PE ratio of 22.44, a P/E/G ratio of 1.33 and a beta of 1.72.

Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.10. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. Penn National Gaming had a return on equity of 7.61% and a net margin of 1.90%. The company’s quarterly revenue was up 60.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 EPS. On average, equities research analysts forecast that Penn National Gaming will post 1.55 EPS for the current fiscal year.

In other Penn National Gaming news, Director David A. Handler purchased 30,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average price of $17.68 per share, for a total transaction of $530,400.00. Following the completion of the acquisition, the director now owns 169,870 shares of the company’s stock, valued at approximately $3,003,301.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Saul Reibstein purchased 3,000 shares of the stock in a transaction dated Wednesday, August 14th. The shares were acquired at an average price of $17.30 per share, for a total transaction of $51,900.00. The disclosure for this purchase can be found here. 8.53% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the company. Bessemer Group Inc. purchased a new position in shares of Penn National Gaming during the second quarter valued at $29,000. MUFG Americas Holdings Corp purchased a new position in shares of Penn National Gaming during the second quarter valued at $34,000. Quantamental Technologies LLC purchased a new position in shares of Penn National Gaming during the second quarter valued at $57,000. Manchester Capital Management LLC purchased a new position in shares of Penn National Gaming during the first quarter valued at $63,000. Finally, Pearl River Capital LLC purchased a new position in shares of Penn National Gaming during the second quarter valued at $130,000. Institutional investors and hedge funds own 99.39% of the company’s stock.

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 four segments: Northeast, South, West, and Midwest. As of December 31, 2018, it owned, managed, or had ownership interests in 40 facilities in 18 jurisdictions.

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Analyst Recommendations for Penn National Gaming (NASDAQ:PENN)

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