PBF Energy (NYSE:PBF) Price Target Cut to $38.00

20 Sep 2024, 07:07 by Mitch Edgeman · The Markets Daily

PBF Energy (NYSE:PBF – Free Report) had its price objective lowered by Morgan Stanley from $48.00 to $38.00 in a research report released on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the oil and gas company’s stock.

Other equities analysts have also issued reports about the company. Tudor Pickering upgraded PBF Energy to a strong sell rating in a research note on Monday, September 9th. Scotiabank dropped their price target on PBF Energy from $56.00 to $45.00 and set a sector perform rating on the stock in a research report on Friday, July 12th. JPMorgan Chase & Co. reduced their price objective on PBF Energy from $58.00 to $53.00 and set an overweight rating for the company in a research report on Tuesday, July 2nd. Tudor, Pickering, Holt & Co. downgraded shares of PBF Energy from a hold rating to a sell rating in a research note on Monday, September 9th. Finally, The Goldman Sachs Group cut their target price on shares of PBF Energy from $57.00 to $50.00 and set a neutral rating for the company in a research note on Monday, July 1st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, PBF Energy currently has an average rating of Hold and an average target price of $49.91.

Read Our Latest Stock Report on PBF

PBF Energy Stock Up 2.0 %

Shares of PBF Energy stock opened at $33.88 on Monday. PBF Energy has a 12-month low of $30.61 and a 12-month high of $62.88. The company has a quick ratio of 0.75, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. The stock has a 50 day moving average price of $35.87 and a two-hundred day moving average price of $45.70. The stock has a market capitalization of $4.02 billion, a P/E ratio of 2.34 and a beta of 1.56.

PBF Energy (NYSE:PBF – Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The oil and gas company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.39). The firm had revenue of $8.74 billion for the quarter, compared to the consensus estimate of $8.64 billion. PBF Energy had a return on equity of 12.81% and a net margin of 2.09%. PBF Energy’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.29 earnings per share. Equities analysts expect that PBF Energy will post 1.25 earnings per share for the current year.

PBF Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.00 dividend on an annualized basis and a yield of 2.95%. PBF Energy’s payout ratio is currently 6.92%.

Insiders Place Their Bets

In related news, insider Control Empresarial De Capital purchased 100,000 shares of the stock in a transaction on Monday, June 24th. The shares were purchased at an average cost of $44.31 per share, for a total transaction of $4,431,000.00. Following the completion of the transaction, the insider now directly owns 17,307,598 shares of the company’s stock, valued at approximately $766,899,667.38. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders acquired a total of 2,684,300 shares of company stock worth $93,389,546 over the last quarter. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PBF. Vanguard Group Inc. raised its holdings in shares of PBF Energy by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 11,700,449 shares of the oil and gas company’s stock valued at $514,352,000 after buying an additional 69,422 shares during the last quarter. Acadian Asset Management LLC increased its position in PBF Energy by 32.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company’s stock valued at $64,489,000 after acquiring an additional 347,268 shares in the last quarter. LSV Asset Management raised its stake in shares of PBF Energy by 2.7% in the second quarter. LSV Asset Management now owns 1,290,947 shares of the oil and gas company’s stock worth $59,409,000 after acquiring an additional 34,470 shares during the last quarter. Norges Bank acquired a new position in shares of PBF Energy during the fourth quarter worth approximately $54,832,000. Finally, American Century Companies Inc. increased its holdings 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 in the last quarter. 96.29% of the stock is currently owned by institutional investors and hedge funds.

PBF Energy Company Profile

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