PBF Energy (NYSE:PBF) Price Target Raised to $34.00

PBF Energy (NYSE:PBF) had its price target increased by equities researchers at Scotiabank from $28.00 to $34.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the oil and gas company’s stock. Scotiabank’s price target points to a potential downside of 16.05% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of PBF Energy in a report on Monday, December 29th. BMO Capital Markets increased their price target on shares of PBF Energy from $43.00 to $50.00 and gave the company a “market perform” rating in a report on Thursday, April 2nd. Piper Sandler increased their price target on shares of PBF Energy from $41.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, February 13th. Wall Street Zen cut shares of PBF Energy from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Citigroup increased their price target on shares of PBF Energy from $29.00 to $36.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, PBF Energy has an average rating of “Reduce” and an average target price of $34.00.

PBF Energy Stock Performance

NYSE:PBF traded down $0.19 during mid-day trading on Wednesday, hitting $40.50. The stock had a trading volume of 1,401,183 shares, compared to its average volume of 3,714,859. PBF Energy has a twelve month low of $15.58 and a twelve month high of $52.18. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of -27.48, a PEG ratio of 0.19 and a beta of 0.25. The company’s 50 day simple moving average is $41.53 and its 200 day simple moving average is $35.40. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.51 and a current ratio of 1.21.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.64. The business 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%. PBF Energy’s revenue was down 2.9% on a year-over-year basis. During the same period last year, the business posted ($2.82) EPS. On average, equities research analysts forecast that PBF Energy will post 4.53 earnings per share for the current year.

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital sold 1,100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $46.21, for a total transaction of $50,831,000.00. Following the transaction, the insider directly owned 22,996,898 shares of the company’s stock, valued at approximately $1,062,686,656.58. This trade represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 11,091,825 shares of company stock worth $488,027,687 over the last quarter. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new position in PBF Energy in the third quarter valued at approximately $10,207,000. First Eagle Investment Management LLC increased its stake in PBF Energy by 7.9% in the third quarter. First Eagle Investment Management LLC now owns 547,546 shares of the oil and gas company’s stock valued at $16,519,000 after acquiring an additional 40,129 shares during the last quarter. Allianz Asset Management GmbH increased its stake in PBF Energy by 1,232.0% in the third quarter. Allianz Asset Management GmbH now owns 267,091 shares of the oil and gas company’s stock valued at $8,058,000 after acquiring an additional 247,039 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of PBF Energy in the 3rd quarter valued at $823,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of PBF Energy by 264.9% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 96,856 shares of the oil and gas company’s stock valued at $2,922,000 after purchasing an additional 70,312 shares during the last quarter. 96.29% of the stock is owned by institutional investors.

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.