PBF Energy (NYSE:PBF) Price Target Cut to $45.00

PBF Energy (NYSE:PBF) had its price objective dropped by analysts at Scotiabank from $56.00 to $45.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “sector perform” rating on the oil and gas company’s stock. Scotiabank’s target price would indicate a potential upside of 10.51% from the stock’s previous close.

Several other research firms also recently commented on PBF. TD Cowen decreased their target price on shares of PBF Energy from $54.00 to $45.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. JPMorgan Chase & Co. decreased their price objective on shares of PBF Energy from $58.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Wells Fargo & Company cut their target price on PBF Energy from $67.00 to $66.00 and set an “overweight” rating on the stock in a report on Thursday, June 6th. Piper Sandler decreased their price target on PBF Energy from $54.00 to $47.00 and set a “neutral” rating for the company in a research note on Friday, June 14th. Finally, Mizuho cut their price objective on PBF Energy from $58.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, June 20th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, PBF Energy currently has a consensus rating of “Hold” and a consensus target price of $53.91.

PBF Energy Price Performance

Shares of NYSE:PBF opened at $40.72 on Friday. The business has a fifty day simple moving average of $46.22 and a 200 day simple moving average of $49.40. The company has a current ratio of 1.54, a quick ratio of 0.78 and a debt-to-equity ratio of 0.20. PBF Energy has a 1 year low of $39.46 and a 1 year high of $62.88. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of 2.82 and a beta of 1.60.

PBF Energy (NYSE:PBF) last posted its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.24. The company had revenue of $8.65 billion during the quarter, compared to the consensus estimate of $8.29 billion. PBF Energy had a return on equity of 18.47% and a net margin of 4.95%. As a group, sell-side analysts predict that PBF Energy will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at PBF Energy

In related news, insider Control Empresarial De Capital acquired 200,000 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was bought at an average cost of $45.37 per share, with a total value of $9,074,000.00. Following the completion of the acquisition, the insider now owns 14,824,198 shares in the company, valued at $672,573,863.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have purchased 2,091,100 shares of company stock worth $93,004,617 over the last three months. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in PBF Energy by 5.3% in the third quarter. Wellington Management Group LLP now owns 342,136 shares of the oil and gas company’s stock worth $18,315,000 after purchasing an additional 17,197 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of PBF Energy by 57.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 43,550 shares of the oil and gas company’s stock worth $2,331,000 after acquiring an additional 15,910 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of PBF Energy during the third quarter valued at $287,000. Diversified Trust Co lifted its stake in shares of PBF Energy by 10.8% during the fourth quarter. Diversified Trust Co now owns 5,464 shares of the oil and gas company’s stock valued at $240,000 after acquiring an additional 532 shares during the period. Finally, Fortitude Family Office LLC bought a new position in PBF Energy in the fourth quarter valued at about $44,000. 96.29% of the stock is owned by institutional investors and hedge funds.

About PBF Energy

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.