PBF Energy (NYSE:PBF) Given New $22.00 Price Target at Wells Fargo & Company

PBF Energy (NYSE:PBF) had its price objective trimmed by Wells Fargo & Company from $25.00 to $22.00 in a report published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the oil and gas company’s stock.

A number of other research analysts have also weighed in on PBF. The Goldman Sachs Group reduced their price target on PBF Energy from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Mizuho lowered PBF Energy from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $33.00 to $31.00 in a research note on Monday, December 16th. Piper Sandler reduced their price target on PBF Energy from $24.00 to $23.00 and set an “underweight” rating on the stock in a research note on Friday, March 7th. UBS Group reduced their price target on PBF Energy from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Finally, TD Cowen reduced their price target on PBF Energy from $19.00 to $17.00 and set a “sell” rating on the stock in a research note on Tuesday. Seven equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, PBF Energy has a consensus rating of “Hold” and a consensus price target of $28.27.

PBF Energy Stock Performance

PBF opened at $19.69 on Thursday. The stock’s 50 day simple moving average is $26.06 and its 200 day simple moving average is $29.19. The stock has a market cap of $2.27 billion, a P/E ratio of -4.18 and a beta of 1.62. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 0.54. PBF Energy has a 1-year low of $18.97 and a 1-year high of $62.88.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, February 13th. The oil and gas company reported ($2.82) EPS for the quarter, missing analysts’ consensus estimates of ($1.80) by ($1.02). The company had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.25 billion. PBF Energy had a negative net margin of 1.61% and a negative return on equity of 7.40%. As a group, equities analysts anticipate that PBF Energy will post -1.12 EPS for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, February 27th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $1.10 annualized dividend and a dividend yield of 5.59%. PBF Energy’s dividend payout ratio is presently -23.35%.

Insider Activity

In other PBF Energy news, insider Control Empresarial De Capital bought 341,500 shares of the stock in a transaction dated Wednesday, December 18th. The stock was bought at an average cost of $26.86 per share, for a total transaction of $9,172,690.00. Following the completion of the purchase, the insider now directly owns 28,814,998 shares of the company’s stock, valued at approximately $773,970,846.28. The trade was a 1.20 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders acquired 1,062,500 shares of company stock worth $28,442,290 over the last ninety days. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds have recently bought and sold shares of PBF. T. Rowe Price Investment Management Inc. grew its stake in PBF Energy by 150.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company’s stock worth $56,191,000 after purchasing an additional 1,272,254 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in PBF Energy by 391.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,540,000 shares of the oil and gas company’s stock worth $47,663,000 after purchasing an additional 1,226,909 shares in the last quarter. Norges Bank acquired a new position in PBF Energy in the fourth quarter worth about $20,896,000. Recurrent Investment Advisors LLC grew its stake in PBF Energy by 154.0% in the fourth quarter. Recurrent Investment Advisors LLC now owns 945,239 shares of the oil and gas company’s stock worth $25,096,000 after purchasing an additional 573,161 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in PBF Energy by 60.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,492,573 shares of the oil and gas company’s stock worth $39,628,000 after purchasing an additional 562,287 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, 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.