TD Cowen Forecasts Strong Price Appreciation for PBF Energy (NYSE:PBF) Stock

PBF Energy (NYSE:PBF) had its price target increased by equities researchers at TD Cowen from $73.00 to $75.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “hold” rating on the oil and gas company’s stock. TD Cowen’s target price would suggest a potential downside of 6.11% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Evercore assumed coverage on shares of PBF Energy in a report on Friday, July 17th. They issued an “in-line” rating and a $58.00 price objective on the stock. Mizuho boosted their target price on shares of PBF Energy from $65.00 to $89.00 and gave the stock a “neutral” rating in a research note on Thursday, October 8th. The Goldman Sachs Group increased their target price on PBF Energy from $81.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, October 9th. BMO Capital Markets reissued a “market perform” rating on shares of PBF Energy in a report on Thursday, October 1st. Finally, Weiss Ratings upgraded PBF Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $66.18.

PBF Energy Stock Down 2.0%

Shares of PBF Energy stock traded down $1.66 on Thursday, reaching $79.88. 156,342 shares of the company were exchanged, compared to its average volume of 3,332,701. The stock’s 50 day moving average price is $76.93 and its 200-day moving average price is $58.06. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.33 and a quick ratio of 0.67. PBF Energy has a 1-year low of $25.62 and a 1-year high of $92.46. The company has a market cap of $9.47 billion, a P/E ratio of 7.04, a price-to-earnings-growth ratio of 0.06 and a beta of 0.18.

PBF Energy (NYSE:PBF) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 EPS for the quarter, topping the consensus estimate of $4.15 by $2.07. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The company had revenue of $11.68 billion during the quarter, compared to analysts’ expectations of $9.61 billion. During the same quarter in the previous year, the business posted ($1.03) EPS. The firm’s revenue was up 56.2% on a year-over-year basis. As a group, equities analysts forecast that PBF Energy will post 24.88 EPS for the current year.

Insider Buying and Selling at PBF Energy

In other news, insider Control Empresarial De Capital sold 490,000 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $71.26, for a total value of $34,917,400.00. Following the completion of the transaction, the insider owned 14,992,128 shares in the company, valued at approximately $1,068,339,041.28. This represents a 3.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas Nimbley sold 468,139 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $69.54, for a total transaction of $32,554,386.06. Following the completion of the transaction, the director owned 793,737 shares of the company’s stock, valued at approximately $55,196,470.98. The trade was a 37.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,146,374 shares of company stock worth $304,686,537 over the last three months. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

Several large investors have recently bought and sold shares of PBF. Mather Group LLC. purchased a new position in shares of PBF Energy during the third quarter worth about $37,000. Leonteq Securities AG purchased a new stake in shares of PBF Energy in the 1st quarter valued at about $33,000. SBI Securities Co. Ltd. boosted its position in shares of PBF Energy by 148.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,094 shares of the oil and gas company’s stock valued at $84,000 after purchasing an additional 653 shares during the period. IFP Advisors Inc boosted its position in shares of PBF Energy by 68.7% in the 2nd quarter. IFP Advisors Inc now owns 1,451 shares of the oil and gas company’s stock valued at $66,000 after purchasing an additional 591 shares during the period. Finally, Root Financial Partners LLC acquired a new stake in shares of PBF Energy in the 3rd quarter valued at about $163,000. Institutional investors and hedge funds own 96.29% of the company’s stock.

PBF Energy Company Profile

PBF Energy Inc (NYSE:PBF) is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other refined petroleum products. The company purchases crude oil and other feedstocks, processes them at its refineries, and sells the resulting products to branded and unbranded fuel retailers, distributors, wholesalers and commercial customers.

PBF operates refineries in several major U.S. refining regions, including the East Coast, Midwest, Gulf Coast and West Coast.