Wells Fargo & Company Has Lowered Expectations for PBF Energy (NYSE:PBF) Stock Price

PBF Energy (NYSE:PBF) had its target price cut by analysts at Wells Fargo & Company from $22.00 to $18.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 2.68% from the stock’s current price.

PBF has been the topic of several other research reports. The Goldman Sachs Group lowered their target price on shares of PBF Energy from $28.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, March 27th. Mizuho lowered their price objective on shares of PBF Energy from $28.00 to $22.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 1st. Morgan Stanley cut their target price on PBF Energy from $28.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Piper Sandler lowered their price target on PBF Energy from $23.00 to $20.00 and set an “underweight” rating on the stock in a research report on Friday. Finally, Scotiabank dropped their price objective on PBF Energy from $25.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Friday, April 11th. Seven analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat, PBF Energy has a consensus rating of “Hold” and a consensus price target of $22.82.

PBF Energy Stock Performance

Shares of NYSE PBF opened at $17.53 on Friday. PBF Energy has a 12-month low of $13.62 and a 12-month high of $52.90. The company has a market cap of $2.02 billion, a PE ratio of -3.72 and a beta of 0.76. The stock has a 50 day simple moving average of $18.20 and a 200-day simple moving average of $25.23. The company has a current ratio of 1.25, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.50) by $0.41. The company had revenue of $7.07 billion during the quarter, compared to analyst estimates of $6.27 billion. PBF Energy had a negative return on equity of 7.40% and a negative net margin of 1.61%. The firm’s quarterly revenue was down 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.85 EPS. On average, equities research analysts forecast that PBF Energy will post -1.12 EPS for the current year.

Insider Buying and Selling at PBF Energy

In other news, insider Control Empresarial De Capital acquired 155,000 shares of the stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $20.20 per share, for a total transaction of $3,131,000.00. Following the transaction, the insider now owns 30,249,998 shares in the company, valued at approximately $611,049,959.60. This trade represents a 0.52 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders bought 521,000 shares of company stock valued at $11,478,980. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of PBF Energy

A number of hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp raised its position in PBF Energy by 14.0% during the first quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company’s stock valued at $40,504,000 after buying an additional 260,464 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in PBF Energy by 150.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company’s stock valued at $56,191,000 after acquiring an additional 1,272,254 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of PBF Energy by 11.2% in the 4th quarter. American Century Companies Inc. now owns 1,865,625 shares of the oil and gas company’s stock valued at $49,532,000 after purchasing an additional 187,351 shares during the period. Two Sigma Investments LP lifted its position in shares of PBF Energy by 12.6% in the fourth quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company’s stock worth $43,690,000 after purchasing an additional 184,194 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of PBF Energy by 5.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,492,817 shares of the oil and gas company’s stock worth $39,634,000 after purchasing an additional 78,045 shares during the period. Hedge funds and other institutional investors 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.