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

PBF Energy (NYSE:PBF) had its target price raised by Morgan Stanley from $20.00 to $24.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the oil and gas company’s stock.

Other equities analysts also recently issued reports about the company. The Goldman Sachs Group dropped their target price on PBF Energy from $28.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, March 27th. Piper Sandler dropped their target price on PBF Energy from $23.00 to $20.00 and set an “underweight” rating for the company in a research report on Friday, May 2nd. Wells Fargo & Company increased their target price on PBF Energy from $21.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday. Scotiabank reiterated a “sector perform” rating and issued a $25.00 target price (up from $16.00) on shares of PBF Energy in a research report on Friday, July 11th. Finally, UBS Group upgraded PBF Energy from a “neutral” rating to a “buy” rating and increased their target price for the company from $20.00 to $26.00 in a research report on Tuesday, May 13th. Seven analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $25.00.

PBF Energy Stock Performance

NYSE:PBF opened at $24.38 on Wednesday. The stock has a fifty day moving average price of $22.21 and a 200-day moving average price of $22.23. The company has a market cap of $2.82 billion, a price-to-earnings ratio of -2.68 and a beta of 0.84. 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 has a fifty-two week low of $13.62 and a fifty-two week high of $42.64.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $6.27 billion. During the same period in the prior year, the company posted $0.85 EPS. The company’s revenue was down 18.3% compared to the same quarter last year. As a group, equities analysts anticipate that PBF Energy will post -1.12 EPS for the current fiscal year.

PBF Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Thursday, May 15th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date of this dividend was Thursday, May 15th. PBF Energy’s payout ratio is currently -12.09%.

Insider Buying and Selling

In related news, insider Control Empresarial De Capital purchased 48,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was acquired at an average cost of $17.99 per share, with a total value of $872,515.00. Following the transaction, the insider owned 30,823,498 shares of the company’s stock, valued at $554,514,729.02. This represents a 0.16% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Signaturefd LLC boosted its position in PBF Energy by 8.1% in the second quarter. Signaturefd LLC now owns 8,872 shares of the oil and gas company’s stock worth $192,000 after purchasing an additional 664 shares during the last quarter. Bfsg LLC boosted its position in PBF Energy by 17.6% in the second quarter. Bfsg LLC now owns 9,715 shares of the oil and gas company’s stock worth $211,000 after purchasing an additional 1,451 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of PBF Energy in the second quarter valued at $428,000. GAMMA Investing LLC raised its stake in shares of PBF Energy by 289.3% in the second quarter. GAMMA Investing LLC now owns 4,516 shares of the oil and gas company’s stock valued at $98,000 after buying an additional 3,356 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in shares of PBF Energy by 25.0% in the second quarter. Farther Finance Advisors LLC now owns 2,609 shares of the oil and gas company’s stock valued at $57,000 after buying an additional 522 shares during the period. Hedge funds and other institutional investors own 96.29% of the company’s stock.

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.