PBF Energy (NYSE:PBF) Shares Up 7.1% After Analyst Upgrade

PBF Energy Inc. (NYSE:PBF) was up 7.1% on Tuesday after Mizuho raised their price target on the stock from $23.00 to $26.00. Mizuho currently has an underperform rating on the stock. PBF Energy traded as high as $29.82 and last traded at $29.90. Approximately 355,118 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 3,218,772 shares. The stock had previously closed at $27.92.

PBF has been the subject of a number of other reports. Scotiabank reaffirmed a “sector perform” rating and issued a $25.00 price objective (up from $16.00) on shares of PBF Energy in a research note on Friday, July 11th. Morgan Stanley lifted their price objective on PBF Energy from $20.00 to $24.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Wells Fargo & Company lifted their price objective on PBF Energy from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 15th. Tudor, Pickering, Holt & Co. cut PBF Energy from a “hold” rating to a “sell” rating and set a $24.00 price objective for the company. in a research note on Monday. Finally, Bank of America lifted their price objective on PBF Energy from $16.00 to $21.00 and gave the company an “underperform” rating in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $25.54.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Osaic Holdings Inc. boosted its holdings in PBF Energy by 231.4% in the second quarter. Osaic Holdings Inc. now owns 6,399 shares of the oil and gas company’s stock valued at $137,000 after purchasing an additional 4,468 shares during the period. Nomura Holdings Inc. purchased a new stake in PBF Energy during the 2nd quarter worth about $5,843,000. Kestra Investment Management LLC lifted its holdings in PBF Energy by 427.4% during the 2nd quarter. Kestra Investment Management LLC now owns 4,599 shares of the oil and gas company’s stock worth $100,000 after buying an additional 3,727 shares during the last quarter. Caxton Associates LLP lifted its holdings in PBF Energy by 308.5% during the 2nd quarter. Caxton Associates LLP now owns 282,434 shares of the oil and gas company’s stock worth $6,120,000 after buying an additional 213,290 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in PBF Energy by 14.0% during the 2nd quarter. Corient Private Wealth LLC now owns 12,040 shares of the oil and gas company’s stock worth $261,000 after buying an additional 1,480 shares during the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

PBF Energy Price Performance

The company has a market capitalization of $3.54 billion, a PE ratio of -3.56 and a beta of 0.98. The company has a current ratio of 1.31, a quick ratio of 0.55 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $25.35 and a 200-day simple moving average of $21.58.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.16. The company had revenue of $7.48 billion during the quarter, compared to the consensus estimate of $6.65 billion. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%.PBF Energy’s revenue for the quarter was down 14.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.54) EPS. Equities analysts anticipate that PBF Energy Inc. will post -1.12 earnings per share for the current year.

PBF Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were given a dividend of $0.275 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.6%. PBF Energy’s payout ratio is -12.81%.

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.