Pinnacle Entertainment Inc (PNK) is Initiated by BofA/Merrill to Buy

Pinnacle Entertainment Inc (PNK) was Initiated by BofA/Merrill to “Buy”. BofA/Merrill advised their investors in a research report released on Aug 22, 2016.

On the company’s financial health, Pinnacle Entertainment Inc reported $-8.04 EPS for the quarter, missing the analyst consensus estimate by $ -8.17 based on the information available during the earnings call on Aug 9, 2016. Analyst had a consensus of $0.13. The company had revenue of $566.20 million for the quarter, compared to analysts expectations of $578.07 million. The company’s revenue was down -2.7 % compared to the same quarter last year.

Pinnacle Entertainment Inc opened for trading at $11.64 and hit $11.84 on the upside on Friday, eventually ending the session at $11.79, with a gain of 1.11% or 0.13 points. The heightened volatility saw the trading volume jump to 8,43,633 shares. Company has a market cap of $674 M.

In a different news, on Jun 15, 2016, Anthony Michael Sanfilippo (CEO) purchased 153,500 shares at $11.11 per share price. According to the SEC, on Jun 15, 2016, Troy A Stremming (EVP, Gov’t Relations) purchased 15,000 shares at $11.40 per share price. On Jun 7, 2016, Carlos Ruisanchez (CFO) purchased 30,000 shares at $11.02 per share price, according to the Form-4 filing with the securities and exchange commission.

Pinnacle Entertainment Inc. (Pinnacle) is an owner operator and developer of casinos and related hospitality and entertainment facilities. The key properties in the Company’s Midwest segment include Ameristar Council Bluffs Ameristar East Chicago Ameristar Kansas City Ameristar St. Charles Belterra River City and Belterra Park. The key properties in the Company’s South segment include Ameristar Vicksburg Boomtown Bossier City Boomtown New Orleans L’Auberge Baton Rouge and L’Auberge Lake Charles. The key properties in the Company’s West segment include Ameristar Black Hawk and Cactus Petes and Horseshu. The Company owns and operates around 15 gaming entertainment properties in Colorado Indiana Iowa Louisiana Mississippi Missouri Nevada and Ohio. It also holds a majority interest in the racing license owner as well as a management contract for Retama Park Racetrack located outside of San Antonio Texas.

Pinnacle Entertainment Inc

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