PBF Energy (NYSE:PBF) Cut to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company cut shares of PBF Energy (NYSE:PBF) from an overweight rating to an equal weight rating in a research report report published on Monday morning, MarketBeat reports. Wells Fargo & Company currently has $34.00 target price on the oil and gas company’s stock, down from their prior target price of $39.00.

PBF has been the subject of a number of other research reports. BMO Capital Markets downgraded PBF Energy from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $42.00 to $35.00 in a report on Friday, October 4th. Morgan Stanley dropped their target price on PBF Energy from $48.00 to $38.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. 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 for the company. Scotiabank dropped their price target on PBF Energy from $45.00 to $31.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Finally, UBS Group dropped their price target on PBF Energy from $57.00 to $44.00 and set a “neutral” rating for the company in a research note on Tuesday, August 13th. Five equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $33.27.

PBF Energy Stock Performance

Shares of PBF stock opened at $30.71 on Monday. The company has a market capitalization of $3.54 billion, a P/E ratio of -11.86 and a beta of 1.57. PBF Energy has a 52 week low of $27.94 and a 52 week high of $62.88. The company’s 50 day moving average price is $31.41 and its two-hundred day moving average price is $36.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 1.34.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results 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). PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The business had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the business earned $6.61 earnings per share. PBF Energy’s revenue was down 21.9% compared to the same quarter last year. On average, analysts expect that PBF Energy will post -2.86 earnings per share for the current fiscal year.

PBF Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were paid a $0.275 dividend. The ex-dividend date was Wednesday, November 13th. This is a positive change from PBF Energy’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 3.58%. PBF Energy’s payout ratio is -42.47%.

Insider Buying and Selling at PBF Energy

In other news, insider Control Empresarial De Capital bought 250,000 shares of the stock in a transaction dated Friday, September 20th. The shares were bought at an average cost of $31.78 per share, with a total value of $7,945,000.00. Following the completion of the transaction, the insider now directly owns 22,952,398 shares of the company’s stock, valued at $729,427,208.44. This trade represents a 1.10 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have acquired 3,568,100 shares of company stock valued at $111,183,331. 6.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently bought and sold shares of PBF. CWM LLC raised its position in PBF Energy by 108.6% in the 2nd quarter. CWM LLC now owns 1,093 shares of the oil and gas company’s stock valued at $50,000 after buying an additional 569 shares during the last quarter. Wedge Capital Management L L P NC grew its stake in PBF Energy by 2.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 30,468 shares of the oil and gas company’s stock valued at $1,402,000 after purchasing an additional 609 shares during the period. Spirit of America Management Corp NY grew its stake in PBF Energy by 25.1% in the 2nd quarter. Spirit of America Management Corp NY now owns 59,750 shares of the oil and gas company’s stock valued at $2,750,000 after purchasing an additional 12,000 shares during the period. Highland Capital Management LLC grew its stake in PBF Energy by 14.2% in the 2nd quarter. Highland Capital Management LLC now owns 4,382 shares of the oil and gas company’s stock valued at $202,000 after purchasing an additional 546 shares during the period. Finally, Bailard Inc. bought a new position in PBF Energy in the 2nd quarter valued at $207,000. 96.29% of the stock is owned by hedge funds and other institutional investors.

PBF Energy Company Profile

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.