PBF Energy (NYSE:PBF) Price Target Raised to $34.00

PBF Energy (NYSE:PBF) had its price target lifted by analysts at Scotiabank from $28.00 to $34.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the oil and gas company’s stock. Scotiabank’s target price would suggest a potential downside of 16.05% from the company’s previous close.

PBF has been the subject of a number of other reports. Piper Sandler upped their target price on shares of PBF Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, February 13th. Citigroup upped their target price on shares of PBF Energy from $29.00 to $36.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of PBF Energy in a research note on Monday, December 29th. Tudor Pickering raised shares of PBF Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Finally, Mizuho increased their price objective on shares of PBF Energy from $38.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 17th. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, PBF Energy currently has a consensus rating of “Reduce” and an average price target of $34.00.

PBF Energy Stock Down 0.5%

NYSE PBF traded down $0.19 on Wednesday, reaching $40.50. The company had a trading volume of 1,401,183 shares, compared to its average volume of 3,714,859. The firm has a market capitalization of $4.74 billion, a price-to-earnings ratio of -27.48, a price-to-earnings-growth ratio of 0.19 and a beta of 0.25. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.51 and a current ratio of 1.21. PBF Energy has a 1-year low of $15.58 and a 1-year high of $52.18. The company’s fifty day moving average is $41.53 and its 200-day moving average is $35.40.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.64. The firm had revenue of $7.14 billion during the quarter, compared to analyst estimates of $7.17 billion. PBF Energy had a negative net margin of 0.54% and a negative return on equity of 8.86%. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($2.82) EPS. On average, research analysts forecast that PBF Energy will post 4.53 earnings per share for the current fiscal year.

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital sold 1,100,000 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $46.21, for a total transaction of $50,831,000.00. Following the completion of the transaction, the insider directly owned 22,996,898 shares in the company, valued at $1,062,686,656.58. This represents a 4.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 11,091,825 shares of company stock worth $488,027,687. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

A number of large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its stake in PBF Energy by 127.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock valued at $171,595,000 after purchasing an additional 3,550,820 shares during the last quarter. State Street Corp lifted its stake in PBF Energy by 1.3% in the 4th quarter. State Street Corp now owns 4,854,750 shares of the oil and gas company’s stock valued at $131,661,000 after purchasing an additional 60,294 shares during the last quarter. Invesco Ltd. lifted its stake in PBF Energy by 147.4% in the 3rd quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company’s stock valued at $83,639,000 after purchasing an additional 1,651,516 shares during the last quarter. AQR Capital Management LLC lifted its stake in PBF Energy by 20.1% in the 3rd quarter. AQR Capital Management LLC now owns 2,503,283 shares of the oil and gas company’s stock valued at $75,524,000 after purchasing an additional 418,223 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in PBF Energy by 16.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,400,702 shares of the oil and gas company’s stock valued at $65,108,000 after purchasing an additional 331,404 shares during the last quarter. 96.29% of the stock is currently owned by institutional investors and hedge funds.

About PBF Energy

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.