Penn National Gaming (NASDAQ:PENN) PT Lowered to $70.00 at Truist Securities

Penn National Gaming (NASDAQ:PENN) had its price target decreased by Truist Securities from $95.00 to $70.00 in a research note published on Thursday morning, Stock Target Advisor reports. Truist Securities currently has a buy rating on the stock. Truist Securities also issued estimates for Penn National Gaming’s Q4 2021 earnings at $0.47 EPS, FY2021 earnings at $2.63 EPS, Q1 2022 earnings at $0.35 EPS, Q2 2022 earnings at $0.62 EPS, Q3 2022 earnings at $0.52 EPS, Q4 2022 earnings at $0.52 EPS and FY2023 earnings at $2.53 EPS.

Several other research firms also recently issued reports on PENN. Berenberg Bank started coverage on shares of Penn National Gaming in a research report on Tuesday, October 19th. They issued a buy rating and a $95.00 price target for the company.
Morgan Stanley reduced their price target on shares of Penn National Gaming from $85.00 to $69.00 and set an equal weight rating for the company in a research report on Monday, November 8th. The Goldman Sachs Group reduced their price target on shares of Penn National Gaming from $128.00 to $115.00 and set a buy rating for the company in a research report on Wednesday, October 27th. Truist dropped their price objective on Penn National Gaming from $95.00 to $70.00 and set a buy rating on the stock in a research note on Thursday. Finally, Wells Fargo & Company dropped their price objective on Penn National Gaming from $72.00 to $55.00 and set an equal weight rating on the stock in a research note on Friday, January 7th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Buy and a consensus target price of $93.50.

Shares of PENN stock opened at $44.45 on Thursday. The company has a market cap of $7.53 billion, a price-to-earnings ratio of 19.24 and a beta of 2.49. Penn National Gaming has a 52 week low of $43.36 and a 52 week high of $142.00. The company has a quick ratio of 2.82, a current ratio of 2.82 and a debt-to-equity ratio of 2.21. The firm has a 50 day moving average of $50.87 and a 200-day moving average of $65.78.

Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.32). Penn National Gaming had a net margin of 7.22% and a return on equity of 13.64%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business posted $0.93 EPS. The business’s revenue for the quarter was up 33.8% compared to the same quarter last year. Analysts anticipate that Penn National Gaming will post 2.64 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in Penn National Gaming by 8.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,906,532 shares of the company’s stock worth $210,282,000 after acquiring an additional 216,755 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Penn National Gaming by 20.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,387,730 shares of the company’s stock worth $173,016,000 after acquiring an additional 400,613 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Penn National Gaming by 39.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,424,679 shares of the company’s stock worth $108,974,000 after acquiring an additional 405,801 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Penn National Gaming by 14.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 806,266 shares of the company’s stock worth $58,422,000 after acquiring an additional 99,320 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Penn National Gaming in the 2nd quarter worth about $54,685,000. 78.52% of the stock is owned by institutional investors.

About Penn National Gaming

Penn National Gaming, Inc owns and manages gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. It operates through the following business segments: Northeast, South, West, and Midwest, and Other. The Northeast segment consists of properties including Ameristar East Chicago, Greektown Casino-Hotel, and Hollywood Casino Bangor.

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