JPMorgan Chase & Co. Cuts PBF Energy (NYSE:PBF) Price Target to $29.00

PBF Energy (NYSE:PBF) had its price objective lowered by JPMorgan Chase & Co. from $31.00 to $29.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas company’s stock.

Several other analysts also recently issued reports on the stock. The Goldman Sachs Group cut their target price on shares of PBF Energy from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. UBS Group dropped their price objective on shares of PBF Energy from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Mizuho lowered shares of PBF Energy from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $33.00 to $31.00 in a research note on Monday, December 16th. TD Cowen cut their price objective on PBF Energy from $19.00 to $17.00 and set a “sell” rating for the company in a report on Tuesday. Finally, Piper Sandler reduced their target price on shares of PBF Energy from $24.00 to $23.00 and set an “underweight” rating for the company in a research note on Friday, March 7th. Seven investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $28.27.

PBF Energy Trading Down 1.7 %

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

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, February 13th. The oil and gas company reported ($2.82) earnings per share (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 return on equity of 7.40% and a negative net margin of 1.61%. On average, research analysts predict that PBF Energy will post -1.12 EPS for the current fiscal year.

PBF Energy Dividend Announcement

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

Insider Activity

In other news, insider Control Empresarial De Capital bought 341,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was acquired at an average price of $26.86 per share, for a total transaction of $9,172,690.00. Following the transaction, the insider now directly owns 28,814,998 shares of the company’s stock, valued at $773,970,846.28. This trade represents a 1.20 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last three months, insiders have acquired 1,062,500 shares of company stock worth $28,442,290. Corporate insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of PBF. Farther Finance Advisors LLC grew its holdings in shares of PBF Energy by 27.9% during the third quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 573 shares during the last quarter. Verdence Capital Advisors LLC raised its holdings in shares of PBF Energy by 4.4% in the third quarter. Verdence Capital Advisors LLC now owns 12,915 shares of the oil and gas company’s stock valued at $400,000 after buying an additional 543 shares during the last quarter. Covestor Ltd lifted its position in PBF Energy by 64.6% during the 3rd quarter. Covestor Ltd now owns 2,780 shares of the oil and gas company’s stock worth $86,000 after buying an additional 1,091 shares in the last quarter. State of New Jersey Common Pension Fund D grew its holdings in PBF Energy by 44.1% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 59,424 shares of the oil and gas company’s stock worth $1,839,000 after acquiring an additional 18,173 shares during the last quarter. Finally, GSA Capital Partners LLP grew its holdings in PBF Energy by 76.8% during the 3rd quarter. GSA Capital Partners LLP now owns 44,618 shares of the oil and gas company’s stock worth $1,381,000 after acquiring an additional 19,375 shares during the last quarter. 96.29% of the stock is 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.