Morgan Stanley Issues Pessimistic Forecast for PBF Energy (NYSE:PBF) Stock Price

PBF Energy (NYSE:PBF) had its price target dropped by equities research analysts at Morgan Stanley from $31.00 to $28.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective indicates a potential upside of 35.30% from the stock’s previous close.

A number of other research firms also recently issued reports on PBF. The Goldman Sachs Group cut their target price on shares of PBF Energy from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 10th. TD Cowen cut their target price on shares of PBF Energy from $19.00 to $17.00 and set a “sell” rating on the stock in a research report on Tuesday, March 11th. JPMorgan Chase & Co. cut their target price on shares of PBF Energy from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Mizuho downgraded shares of PBF Energy from a “neutral” rating to an “underperform” rating and cut their target price for the company from $33.00 to $31.00 in a research report on Monday, December 16th. Finally, Piper Sandler cut their target price on shares of PBF Energy from $24.00 to $23.00 and set an “underweight” rating on the stock in a research report on Friday, March 7th. Seven research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, PBF Energy currently has an average rating of “Hold” and an average target price of $27.36.

PBF Energy Price Performance

PBF Energy stock opened at $20.70 on Friday. The business’s 50-day simple moving average is $25.93 and its 200 day simple moving average is $29.08. The company has a quick ratio of 0.54, a current ratio of 1.25 and a debt-to-equity ratio of 0.26. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of -4.39 and a beta of 1.62. PBF Energy has a 12-month low of $18.97 and a 12-month high of $62.88.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, February 13th. The oil and gas company reported ($2.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.80) by ($1.02). PBF Energy had a negative net margin of 1.61% and a negative return on equity of 7.40%. The business had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.25 billion. As a group, research analysts anticipate that PBF Energy will post -1.12 earnings per share for the current year.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital purchased 341,500 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was bought at an average cost of $26.86 per share, with a total value of $9,172,690.00. Following the purchase, the insider now directly owns 28,814,998 shares of the company’s stock, valued at $773,970,846.28. The trade was a 1.20 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders have purchased 1,062,500 shares of company stock worth $28,442,290. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

Several hedge funds have recently made changes to their positions in the business. Xponance Inc. grew its stake in shares of PBF Energy by 2.6% during the 4th quarter. Xponance Inc. now owns 14,123 shares of the oil and gas company’s stock worth $375,000 after acquiring an additional 364 shares in the last quarter. Yousif Capital Management LLC grew its stake in shares of PBF Energy by 1.1% during the 4th quarter. Yousif Capital Management LLC now owns 40,836 shares of the oil and gas company’s stock worth $1,084,000 after acquiring an additional 459 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of PBF Energy by 0.7% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 72,672 shares of the oil and gas company’s stock valued at $1,931,000 after buying an additional 480 shares in the last quarter. Spire Wealth Management grew its stake in shares of PBF Energy by 28.2% in the fourth quarter. Spire Wealth Management now owns 2,660 shares of the oil and gas company’s stock valued at $71,000 after buying an additional 585 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of PBF Energy by 33.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,463 shares of the oil and gas company’s stock valued at $65,000 after buying an additional 614 shares in the last quarter. 96.29% of the stock is owned by 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.