PBF Energy (NYSE:PBF) Stock Price Expected to Rise, Scotiabank Analyst Says

PBF Energy (NYSE:PBF) had its price objective increased by investment analysts at Scotiabank from $28.00 to $34.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the oil and gas company’s stock. Scotiabank’s price target points to a potential downside of 17.04% from the stock’s previous close.

PBF has been the subject of a number of other research reports. Weiss Ratings restated a “sell (d)” rating on shares of PBF Energy in a report on Monday, December 29th. Zacks Research upgraded PBF Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Mizuho upped their target price on PBF Energy from $38.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Citigroup upped their target price on PBF Energy from $29.00 to $36.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Piper Sandler upped their target price on PBF Energy from $41.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $34.00.

PBF Energy Stock Performance

Shares of NYSE:PBF opened at $40.98 on Wednesday. The company has a market cap of $4.79 billion, a price-to-earnings ratio of -27.88, a price-to-earnings-growth ratio of 0.26 and a beta of 0.25. The company has a 50-day moving average price of $41.77 and a 200-day moving average price of $35.47. The company has a current ratio of 1.21, a quick ratio of 0.51 and a debt-to-equity ratio of 0.40. PBF Energy has a 12 month low of $15.72 and a 12 month high of $52.18.

PBF Energy (NYSE:PBF) last issued its quarterly earnings data on Thursday, February 12th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.15) by $0.64. The firm had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.17 billion. PBF Energy had a negative net margin of 0.54% and a negative return on equity of 8.86%. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($2.82) earnings per share. As a group, equities analysts anticipate that PBF Energy will post 3.94 EPS for the current year.

Insider Transactions at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital sold 1,100,000 shares of the 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 11,051,825 shares of company stock valued at $486,676,087 in the last ninety days. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently made changes to their positions in PBF. Goldman Sachs Group Inc. increased its stake in shares of PBF Energy by 127.9% during the fourth 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 purchasing an additional 3,550,820 shares in the last quarter. Invesco Ltd. increased its holdings in shares of PBF Energy by 147.4% during the third 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 increased its holdings in shares of PBF Energy by 230.7% during the second quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company’s stock valued at $45,183,000 after acquiring an additional 1,454,500 shares in the last quarter. Norges Bank purchased a new position in PBF Energy in the fourth quarter worth about $34,243,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of PBF Energy by 2,198.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,212,368 shares of the oil and gas company’s stock worth $36,577,000 after buying an additional 1,159,628 shares in the last quarter. Institutional investors own 96.29% of the company’s stock.

About PBF Energy

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.