PBF Energy (NYSE:PBF) Cut to Sell at TD Cowen

TD Cowen downgraded shares of PBF Energy (NYSE:PBF) from a hold rating to a sell rating in a report released on Friday, Marketbeat Ratings reports. TD Cowen currently has $20.00 target price on the oil and gas company’s stock, down from their previous target price of $27.00.

A number of other research firms have also recently commented on PBF. The Goldman Sachs Group decreased their price objective on PBF Energy from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Tuesday, December 10th. Bank of America began coverage on PBF Energy in a research note on Thursday, October 17th. They issued an “underperform” rating and a $25.00 price target on the stock. BMO Capital Markets downgraded PBF Energy from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $42.00 to $35.00 in a research report on Friday, October 4th. JPMorgan Chase & Co. cut shares of PBF Energy from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $53.00 to $40.00 in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company cut shares of PBF Energy from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $39.00 to $34.00 in a research report on Monday, December 9th. Seven equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $32.45.

PBF Energy Stock Down 1.2 %

Shares of PBF opened at $25.15 on Friday. PBF Energy has a 52-week low of $24.21 and a 52-week high of $62.88. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21. The stock has a fifty day simple moving average of $30.63 and a two-hundred day simple moving average of $35.16. The company has a market capitalization of $2.90 billion, a PE ratio of -9.71 and a beta of 1.57.

PBF Energy (NYSE:PBF) last released its quarterly earnings data on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.41) by ($0.09). The firm had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.27 billion. PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. PBF Energy’s revenue for the quarter was down 21.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.61 earnings per share. As a group, equities analysts forecast that PBF Energy will post -2.87 EPS for the current year.

PBF Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $1.10 dividend on an annualized basis and a yield of 4.37%. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. PBF Energy’s dividend payout ratio (DPR) is presently -42.47%.

Insider Activity

In other news, insider Control Empresarial De Capital purchased 341,500 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were bought at an average price of $26.86 per share, with a total value of $9,172,690.00. Following the completion of the transaction, the insider now directly owns 28,814,998 shares in the company, valued at approximately $773,970,846.28. This represents a 1.20 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders purchased 3,394,600 shares of company stock worth $103,965,471. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

Institutional investors have recently modified their holdings of the business. Highland Capital Management LLC grew its holdings in shares of PBF Energy by 14.2% during the second quarter. Highland Capital Management LLC now owns 4,382 shares of the oil and gas company’s stock worth $202,000 after buying an additional 546 shares during the last quarter. Bailard Inc. purchased a new stake in shares of PBF Energy during the second quarter worth approximately $207,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of PBF Energy by 12.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,662 shares of the oil and gas company’s stock worth $1,135,000 after purchasing an additional 2,638 shares during the period. Center For Asset Management LLC grew its position in PBF Energy by 96.3% in the 2nd quarter. Center For Asset Management LLC now owns 12,030 shares of the oil and gas company’s stock valued at $554,000 after buying an additional 5,903 shares during the last quarter. Finally, Innealta Capital LLC acquired a new position in PBF Energy in the 2nd quarter valued at $263,000. 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.