The Goldman Sachs Group Begins Coverage on PBF Energy (NYSE:PBF)

Investment analysts at The Goldman Sachs Group assumed coverage on shares of PBF Energy (NYSE:PBF) in a research report issued to clients and investors on Friday, Marketbeat reports. The firm set a “neutral” rating and a $49.00 price target on the oil and gas company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 20.61% from the company’s previous close.

PBF has been the subject of several other reports. Citigroup upped their target price on shares of PBF Energy from $29.00 to $36.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Weiss Ratings reiterated a “sell (d)” rating on shares of PBF Energy in a research note on Monday, December 29th. Piper Sandler lifted their target price on PBF Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 13th. Tudor Pickering raised PBF Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, February 13th. Finally, Mizuho lifted their target price on PBF Energy from $38.00 to $45.00 and gave the stock a “neutral” rating in a research report 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’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $33.54.

PBF Energy Stock Performance

PBF opened at $40.63 on Friday. The firm has a market capitalization of $4.75 billion, a P/E ratio of -27.64, a price-to-earnings-growth ratio of 0.33 and a beta of 0.25. The stock’s 50 day moving average price is $40.80 and its two-hundred day moving average price is $34.95. The company has a quick ratio of 0.51, a current ratio of 1.21 and a debt-to-equity ratio of 0.40. PBF Energy has a 12-month low of $14.35 and a 12-month high of $52.18.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.64. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.17 billion. PBF Energy had a negative return on equity of 8.86% and a negative net margin of 0.54%.The company’s revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the firm posted ($2.82) EPS. On average, equities analysts forecast that PBF Energy will post -1.12 earnings per share for the current year.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital sold 1,100,000 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $46.21, for a total value of $50,831,000.00. Following the completion of the transaction, the insider directly owned 22,996,898 shares in the company, valued at approximately $1,062,686,656.58. This represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 11,466,825 shares of company stock valued at $500,523,457 in the last three months. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of PBF Energy

Several institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its position in shares of PBF Energy by 127.9% during 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 acquiring an additional 3,550,820 shares in the last quarter. State Street Corp boosted its position in shares of PBF Energy by 1.3% during 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 acquiring an additional 60,294 shares in the last quarter. Invesco Ltd. boosted its position in shares of PBF Energy by 147.4% during 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 acquiring an additional 1,651,516 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of 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 worth $75,524,000 after buying an additional 418,223 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of 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 worth $65,108,000 after buying an additional 331,404 shares in the last quarter. 96.29% of the stock is currently owned by institutional investors and hedge funds.

PBF Energy Company Profile

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.