PBF Energy (NYSE:PBF) Price Target Raised to $24.00

PBF Energy (NYSE:PBF) had its price objective increased by equities researchers at Morgan Stanley from $20.00 to $24.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective suggests a potential downside of 10.91% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company boosted their target price on PBF Energy from $21.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday. The Goldman Sachs Group cut their price target on PBF Energy from $28.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, March 27th. UBS Group upgraded PBF Energy from a “neutral” rating to a “buy” rating and upped their target price for the company from $20.00 to $26.00 in a research note on Tuesday, May 13th. Scotiabank reiterated a “sector perform” rating and issued a $25.00 price target (up from $16.00) on shares of PBF Energy in a research report on Friday, July 11th. Finally, Mizuho upped their price target on PBF Energy from $22.00 to $23.00 and gave the company an “underperform” rating in a research report on Tuesday, May 13th. Seven analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $24.64.

PBF Energy Trading Down 0.1%

Shares of NYSE PBF opened at $26.94 on Wednesday. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of -2.96 and a beta of 0.84. The business has a 50 day simple moving average of $21.88 and a 200 day simple moving average of $22.23. PBF Energy has a 52 week low of $13.62 and a 52 week high of $42.64. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.52 and a current ratio of 1.29.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) earnings per share for the quarter, topping the consensus estimate of ($3.50) by $0.41. PBF Energy had a negative return on equity of 15.67% and a negative net margin of 3.30%. The firm had revenue of $7.07 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same period in the previous year, the company earned $0.85 EPS. The company’s revenue for the quarter was down 18.3% on a year-over-year basis. On average, research analysts predict that PBF Energy will post -1.12 earnings per share for the current fiscal year.

Insider Transactions at PBF Energy

In related news, insider Control Empresarial De Capital purchased 48,500 shares of the stock in a transaction on Thursday, June 5th. The shares were purchased at an average price of $17.99 per share, with a total value of $872,515.00. Following the transaction, the insider directly owned 30,823,498 shares of the company’s stock, valued at $554,514,729.02. This trade represents a 0.16% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. increased its position in shares of PBF Energy by 170.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,728,843 shares of the oil and gas company’s stock worth $109,364,000 after purchasing an additional 3,612,447 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of PBF Energy by 14.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company’s stock worth $40,504,000 after purchasing an additional 260,464 shares during the last quarter. American Century Companies Inc. increased its position in shares of PBF Energy by 1.7% during the 1st quarter. American Century Companies Inc. now owns 1,897,910 shares of the oil and gas company’s stock worth $36,231,000 after purchasing an additional 32,285 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of PBF Energy by 12.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,675,273 shares of the oil and gas company’s stock worth $31,981,000 after purchasing an additional 182,456 shares during the last quarter. Finally, Two Sigma Investments LP boosted its stake in shares of PBF Energy by 12.6% during the 4th quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company’s stock worth $43,690,000 after acquiring an additional 184,194 shares during the period. Institutional investors and hedge funds own 96.29% of the company’s stock.

PBF Energy Company Profile

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.