PBF Energy (NYSE:PBF) Price Target Lowered to $23.00 at The Goldman Sachs Group

PBF Energy (NYSE:PBF) had its price objective cut by investment analysts at The Goldman Sachs Group from $28.00 to $23.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 20.04% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. Mizuho cut shares of PBF Energy from a “neutral” rating to an “underperform” rating and cut their target price for the company from $33.00 to $31.00 in a report on Monday, December 16th. Morgan Stanley reduced their target price on PBF Energy from $31.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, March 14th. Wells Fargo & Company decreased their price target on shares of PBF Energy from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. 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, March 11th. Finally, Piper Sandler lowered their target price on shares of PBF Energy from $24.00 to $23.00 and set an “underweight” rating for the company in a report on Friday, March 7th. Seven research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $26.36.

PBF Energy Stock Down 1.0 %

PBF Energy stock traded down $0.19 during midday trading on Thursday, reaching $19.16. The company’s stock had a trading volume of 590,829 shares, compared to its average volume of 2,096,905. PBF Energy has a fifty-two week low of $18.84 and a fifty-two week high of $62.88. The company has a market cap of $2.21 billion, a P/E ratio of -4.08 and a beta of 1.62. The company has a quick ratio of 0.54, a current ratio of 1.25 and a debt-to-equity ratio of 0.26. The business has a 50-day simple moving average of $24.74 and a 200-day simple moving average of $28.39.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, February 13th. The oil and gas company reported ($2.82) EPS for the quarter, missing the consensus estimate of ($1.80) by ($1.02). The company had revenue of $7.35 billion during the quarter, compared to analysts’ expectations of $7.25 billion. PBF Energy had a negative net margin of 1.61% and a negative return on equity of 7.40%. On average, research analysts expect that PBF Energy will post -1.12 earnings per share for the current fiscal year.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital purchased 155,000 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were bought at an average price of $20.20 per share, with a total value of $3,131,000.00. Following the completion of the acquisition, the insider now owns 30,249,998 shares of the company’s stock, valued at approximately $611,049,959.60. This represents a 0.52 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders bought 651,000 shares of company stock valued at $17,480,400 over the last 90 days. 5.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds have recently modified their holdings of PBF. T. Rowe Price Investment Management Inc. increased its stake in PBF Energy by 150.7% in the 4th 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 lifted its holdings in shares of 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 valued at $47,663,000 after purchasing an additional 1,226,909 shares in the last quarter. Norges Bank acquired a new stake in shares of PBF Energy in the fourth quarter worth $20,896,000. Recurrent Investment Advisors LLC grew its holdings in shares of PBF Energy by 154.0% during the fourth quarter. Recurrent Investment Advisors LLC now owns 945,239 shares of the oil and gas company’s stock valued at $25,096,000 after buying an additional 573,161 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in PBF Energy by 60.4% in the 4th quarter. JPMorgan Chase & Co. now owns 1,492,573 shares of the oil and gas company’s stock worth $39,628,000 after acquiring 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.