Penn National Gaming (NASDAQ:PENN) Releases Earnings Results, Misses Expectations By $0.35 EPS

Penn National Gaming (NASDAQ:PENN – Get Rating) announced its earnings results on Thursday. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.35), Briefing.com reports. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.60 billion. Penn National Gaming had a return on equity of 10.91% and a net margin of 6.16%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the firm earned $1.17 earnings per share. Penn National Gaming updated its FY 2022 guidance to EPS.

Penn National Gaming Stock Down 2.8 %

Shares of PENN traded down $0.99 during trading hours on Friday, hitting $34.15. 4,003,166 shares of the company were exchanged, compared to its average volume of 4,181,852. The company has a market cap of $5.70 billion, a PE ratio of 15.25, a PEG ratio of 3.83 and a beta of 2.23. The firm’s 50 day moving average is $31.90 and its 200-day moving average is $37.86. Penn National Gaming has a 52 week low of $26.46 and a 52 week high of $86.40. The company has a debt-to-equity ratio of 3.22, a quick ratio of 1.88 and a current ratio of 1.88.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PENN shares. Barclays boosted their target price on Penn National Gaming from $37.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday. Morgan Stanley raised Penn National Gaming from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $55.00 to $51.00 in a research report on Monday, April 25th. JMP Securities assumed coverage on Penn National Gaming in a research report on Tuesday, June 28th. They set an “outperform” rating and a $52.00 price target on the stock. Jefferies Financial Group raised Penn National Gaming from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Wednesday, May 18th. Finally, Truist Financial dropped their price target on Penn National Gaming from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, July 20th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $64.15.

Institutional Trading of Penn National Gaming

Large investors have recently made changes to their positions in the stock. Cetera Advisor Networks LLC boosted its stake in Penn National Gaming by 21.5% during the 1st quarter. Cetera Advisor Networks LLC now owns 7,719 shares of the company’s stock valued at $327,000 after purchasing an additional 1,365 shares during the period. PNC Financial Services Group Inc. boosted its stake in Penn National Gaming by 92.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 15,883 shares of the company’s stock valued at $674,000 after purchasing an additional 7,612 shares during the period. Natixis Advisors L.P. bought a new stake in Penn National Gaming during the 1st quarter valued at approximately $556,000. MetLife Investment Management LLC boosted its stake in Penn National Gaming by 24.3% during the 1st quarter. MetLife Investment Management LLC now owns 45,633 shares of the company’s stock valued at $1,936,000 after purchasing an additional 8,931 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Penn National Gaming by 6.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,228 shares of the company’s stock valued at $943,000 after purchasing an additional 1,377 shares during the period. Institutional investors own 81.28% of the company’s stock.

Penn National Gaming Company Profile

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Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals. It operates through five segments: Northeast, South, West, Midwest, Interactive. The company offers casino gaming, online gaming, live racing, sports betting, and digital sports content.