Morgan Stanley Issues Pessimistic Forecast for PBF Energy (NYSE:PBF) Stock Price

PBF Energy (NYSE:PBF) had its price objective reduced by Morgan Stanley from $28.00 to $20.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price target would indicate a potential upside of 22.85% from the stock’s previous close.

Several other equities analysts have also recently weighed in on PBF. Piper Sandler lowered their target price on PBF Energy from $24.00 to $23.00 and set an “underweight” rating on the stock in a research note on Friday, March 7th. TD Cowen lowered their price objective on shares of PBF Energy from $19.00 to $17.00 and set a “sell” rating on the stock in a research report on Tuesday, March 11th. Mizuho cut their target price on shares of PBF Energy from $28.00 to $22.00 and set an “underperform” rating for the company in a research report on Tuesday, April 1st. JPMorgan Chase & Co. lowered their price target on shares of PBF Energy from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, UBS Group cut their price objective on PBF Energy from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Seven equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $23.45.

PBF Energy Stock Up 1.4 %

Shares of NYSE:PBF opened at $16.28 on Thursday. The firm has a 50 day simple moving average of $18.83 and a 200 day simple moving average of $25.81. PBF Energy has a 52 week low of $13.62 and a 52 week high of $58.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 1.25. The company has a market cap of $1.88 billion, a PE ratio of -3.46 and a beta of 1.15.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, February 13th. The oil and gas company reported ($2.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.80) by ($1.02). PBF Energy had a negative net margin of 1.61% and a negative return on equity of 7.40%. The business had revenue of $7.35 billion during the quarter, compared to analysts’ expectations of $7.25 billion. As a group, research analysts expect that PBF Energy will post -1.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Control Empresarial De Capital bought 60,000 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was purchased at an average price of $29.29 per share, with a total value of $1,757,400.00. Following the transaction, the insider now directly owns 29,144,998 shares in the company, valued at approximately $853,656,991.42. The trade was a 0.21 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders purchased 627,000 shares of company stock valued at $14,602,580 over the last 90 days. 6.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PBF Energy

A number of institutional investors have recently made changes to their positions in PBF. Fifth Third Bancorp grew its holdings in PBF Energy by 125.7% in the 1st quarter. Fifth Third Bancorp now owns 1,442 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 803 shares during the last quarter. Fortitude Family Office LLC boosted its position in shares of PBF Energy by 968.8% in the fourth quarter. Fortitude Family Office LLC now owns 1,165 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 1,056 shares during the period. Parallel Advisors LLC grew its stake in shares of PBF Energy by 80.4% in the first quarter. Parallel Advisors LLC now owns 2,434 shares of the oil and gas company’s stock worth $46,000 after acquiring an additional 1,085 shares during the last quarter. Golden State Wealth Management LLC bought a new position in PBF Energy during the fourth quarter worth $61,000. Finally, EverSource Wealth Advisors LLC raised its stake in PBF Energy by 33.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,463 shares of the oil and gas company’s stock valued at $65,000 after purchasing an additional 614 shares during the last quarter. 96.29% of the stock is currently owned by institutional investors.

About PBF Energy

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.