Penn National Gaming, Inc (PENN) Expected to Post Quarterly Sales of $1.15 Billion

Wall Street brokerages expect Penn National Gaming, Inc (NASDAQ:PENN) to post sales of $1.15 billion for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Penn National Gaming’s earnings. The lowest sales estimate is $1.14 billion and the highest is $1.16 billion. Penn National Gaming reported sales of $769.04 million during the same quarter last year, which indicates a positive year-over-year growth rate of 49.5%. The firm is expected to report its next quarterly earnings results on Thursday, February 14th.

According to Zacks, analysts expect that Penn National Gaming will report full-year sales of $3.57 billion for the current year, with estimates ranging from $3.53 billion to $3.59 billion. For the next year, analysts anticipate that the company will post sales of $5.32 billion, with estimates ranging from $5.21 billion to $5.48 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Penn National Gaming.

Penn National Gaming (NASDAQ:PENN) last issued its earnings results 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 analysts’ expectations 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 quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 EPS.

A number of equities research analysts recently commented on the company. Nomura upgraded Penn National Gaming from a “neutral” rating to a “buy” rating and set a $24.17 target price on the stock in a research report on Thursday. BidaskClub upgraded Penn National Gaming from a “hold” rating to a “buy” rating in a research report on Saturday, January 12th. ValuEngine lowered Penn National Gaming from a “hold” rating to a “sell” rating in a research report on Wednesday, January 2nd. Zacks Investment Research upgraded Penn National Gaming from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Finally, Morgan Stanley set a $23.00 price target on Penn National Gaming and gave the company a “hold” rating in a report on Thursday, December 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $33.46.

NASDAQ PENN traded up $0.25 during trading hours on Tuesday, reaching $24.60. The stock had a trading volume of 1,422,900 shares, compared to its average volume of 2,349,108. The firm has a market cap of $2.84 billion, a P/E ratio of 2.74, a P/E/G ratio of 1.52 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. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 63.61.

Penn National Gaming declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 9th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Large investors have recently made changes to their positions in the business. Quantbot Technologies LP acquired a new position in Penn National Gaming in the third quarter valued at approximately $129,000. Meeder Asset Management Inc. raised its stake in shares of Penn National Gaming by 350.5% during the 4th quarter. Meeder Asset Management Inc. now owns 8,996 shares of the company’s stock worth $169,000 after buying an additional 6,999 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Penn National Gaming during the 3rd quarter worth approximately $204,000. Virtu Financial LLC acquired a new position in shares of Penn National Gaming during the 4th quarter worth approximately $226,000. Finally, Wakefield Asset Management LLLP acquired a new position in shares of Penn National Gaming during the 3rd quarter worth approximately $253,000. 79.62% of the stock is owned by institutional investors.

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.

Featured Story: Why Net Income is Important to Investors

Get a free copy of the Zacks research report on Penn National Gaming (PENN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Penn National Gaming (NASDAQ:PENN)

Receive News & Ratings for Penn National Gaming Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penn National Gaming and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply