PBF Energy (NYSE:PBF) Upgraded to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of PBF Energy (NYSE:PBFGet Rating) from a neutral rating to an overweight rating in a research note published on Wednesday morning, MarketBeat.com reports. JPMorgan Chase & Co. currently has $43.00 price objective on the oil and gas company’s stock.

PBF has been the topic of several other research reports. Credit Suisse Group lifted their target price on shares of PBF Energy to $37.00 in a research note on Thursday, June 9th. Wells Fargo & Company upgraded PBF Energy from an equal weight rating to an overweight rating and set a $57.00 price target on the stock in a report on Tuesday, June 14th. Cowen lifted their price target on PBF Energy from $25.00 to $32.00 in a report on Monday, August 1st. StockNews.com upgraded PBF Energy from a buy rating to a strong-buy rating in a report on Sunday. Finally, Cowen lifted their price target on PBF Energy to $32.00 in a report on Tuesday, August 9th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $34.15.

PBF Energy Price Performance

Shares of NYSE PBF opened at $29.60 on Wednesday. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 2.60 and a beta of 2.15. PBF Energy has a 12 month low of $10.44 and a 12 month high of $44.12. The firm’s 50 day simple moving average is $32.05 and its 200-day simple moving average is $30.17. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.08 and a quick ratio of 0.64.

PBF Energy (NYSE:PBFGet Rating) last issued its quarterly earnings data on Thursday, July 28th. The oil and gas company reported $10.58 EPS for the quarter, topping analysts’ consensus estimates of $7.36 by $3.22. PBF Energy had a net margin of 3.64% and a return on equity of 55.28%. The business had revenue of $14.08 billion for the quarter, compared to analysts’ expectations of $10.67 billion. During the same quarter last year, the company earned ($1.26) EPS. The business’s revenue was up 104.1% on a year-over-year basis. Analysts expect that PBF Energy will post 19.96 EPS for the current year.

Insider Transactions at PBF Energy

In other PBF Energy news, SVP Connor Thomas L. O sold 100,000 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $37.54, for a total value of $3,754,000.00. Following the completion of the transaction, the senior vice president now owns 80,000 shares in the company, valued at $3,003,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.60% of the company’s stock.

Institutional Trading of PBF Energy

A number of hedge funds have recently added to or reduced their stakes in PBF. Assenagon Asset Management S.A. raised its holdings in shares of PBF Energy by 195.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,756,230 shares of the oil and gas company’s stock worth $79,986,000 after purchasing an additional 1,822,773 shares during the period. Millennium Management LLC raised its holdings in shares of PBF Energy by 388.2% during the 2nd quarter. Millennium Management LLC now owns 1,989,509 shares of the oil and gas company’s stock valued at $57,736,000 after buying an additional 1,581,991 shares during the period. 140 Summer Partners LP purchased a new stake in shares of PBF Energy during the 2nd quarter valued at about $45,031,000. PointState Capital LP purchased a new stake in shares of PBF Energy during the 2nd quarter valued at about $36,372,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of PBF Energy by 1,942.7% during the 4th quarter. JPMorgan Chase & Co. now owns 1,182,780 shares of the oil and gas company’s stock valued at $15,341,000 after buying an additional 1,124,878 shares during the period. 87.50% of the stock is owned by institutional investors and hedge funds.

About PBF Energy

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PBF Energy Inc, together with 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.

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