FY2024 Earnings Forecast for PBF Energy Issued By Scotiabank

PBF Energy Inc. (NYSE:PBF) – Equities research analysts at Scotiabank dropped their FY2024 EPS estimates for PBF Energy in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the oil and gas company will post earnings per share of ($3.40) for the year, down from their previous forecast of ($3.35). Scotiabank currently has a “Sector Perform” rating and a $31.00 price target on the stock. The consensus estimate for PBF Energy’s current full-year earnings is ($2.87) per share. Scotiabank also issued estimates for PBF Energy’s FY2025 earnings at ($2.20) EPS and FY2026 earnings at ($1.85) EPS.

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 for the quarter, missing the consensus estimate of ($1.41) by ($0.09). The firm had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $8.27 billion. PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The business’s revenue for the quarter was down 21.9% on a year-over-year basis. During the same period in the previous year, the business earned $6.61 earnings per share.

A number of other brokerages have also recently issued reports on PBF. BMO Capital Markets cut shares of PBF Energy from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $42.00 to $35.00 in a research report on Friday, October 4th. The Goldman Sachs Group decreased their price target 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. Mizuho lowered shares of PBF Energy from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $33.00 to $31.00 in a research report on Monday, December 16th. Piper Sandler lowered shares of PBF Energy from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $47.00 to $25.00 in a research report on Friday, September 20th. Finally, StockNews.com cut shares of PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Seven investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. Based on data from MarketBeat, PBF Energy currently has a consensus rating of “Hold” and an average target price of $32.00.

PBF Energy Trading Up 5.0 %

Shares of PBF stock opened at $29.39 on Monday. The stock has a market cap of $3.38 billion, a P/E ratio of -11.35 and a beta of 1.61. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21. PBF Energy has a fifty-two week low of $24.21 and a fifty-two week high of $62.88. The business has a fifty day simple moving average of $29.14 and a 200-day simple moving average of $33.11.

PBF Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were issued a dividend of $0.275 per share. The ex-dividend date was Wednesday, November 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.74%. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. PBF Energy’s payout ratio is presently -42.47%.

Insider Buying and Selling

In related news, insider Control Empresarial De Capital acquired 70,000 shares of PBF Energy stock in a transaction on Thursday, December 26th. The shares were bought at an average price of $25.56 per share, for a total transaction of $1,789,200.00. Following the completion of the purchase, the insider now directly owns 28,884,998 shares in the company, valued at $738,300,548.88. This trade represents a 0.24 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders acquired 2,369,600 shares of company stock valued at $71,070,721. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PBF Energy

Several hedge funds have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in PBF Energy by 391.9% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,540,000 shares of the oil and gas company’s stock worth $47,663,000 after acquiring an additional 1,226,909 shares during the period. American Century Companies Inc. boosted its stake in shares of PBF Energy by 3.4% in the second quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock valued at $45,712,000 after purchasing an additional 32,862 shares during the period. BNP Paribas Financial Markets grew its holdings in PBF Energy by 132.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 863,228 shares of the oil and gas company’s stock valued at $26,717,000 after purchasing an additional 492,053 shares in the last quarter. Private Management Group Inc. grew its holdings in PBF Energy by 27.5% during the 3rd quarter. Private Management Group Inc. now owns 848,696 shares of the oil and gas company’s stock valued at $26,267,000 after purchasing an additional 183,183 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in PBF Energy by 14.8% during the 2nd quarter. AQR Capital Management LLC now owns 654,464 shares of the oil and gas company’s stock worth $29,883,000 after buying an additional 84,532 shares during the period. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

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.