PBF Energy (NYSE:PBF) Price Target Raised to $24.00 at Morgan Stanley

PBF Energy (NYSE:PBF) had its price target lifted by Morgan Stanley from $20.00 to $24.00 in a research note released on Wednesday,Benzinga reports. They currently have an equal weight rating on the oil and gas company’s stock.

Several other research firms have also recently commented on PBF. Scotiabank restated a “sector perform” rating and set a $25.00 target price (up from $16.00) on shares of PBF Energy in a research report on Friday, July 11th. The Goldman Sachs Group reduced their target price on PBF Energy from $28.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, March 27th. Mizuho upped their price objective on PBF Energy from $22.00 to $23.00 and gave the stock an “underperform” rating in a report on Tuesday, May 13th. UBS Group upgraded PBF Energy from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $26.00 in a report on Tuesday, May 13th. Finally, Piper Sandler cut their price objective on PBF Energy from $23.00 to $20.00 and set an “underweight” rating for the company in a report on Friday, May 2nd. Seven investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $25.00.

PBF Energy Price Performance

Shares of NYSE PBF opened at $24.38 on Wednesday. The stock has a market cap of $2.82 billion, a PE ratio of -2.68 and a beta of 0.84. PBF Energy has a fifty-two week low of $13.62 and a fifty-two week high of $42.64. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.52 and a current ratio of 1.29. The stock has a fifty day moving average of $22.21 and a 200-day moving average of $22.23.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) EPS for the quarter, topping the consensus estimate of ($3.50) by $0.41. PBF Energy had a negative return on equity of 15.67% and a negative net margin of 3.30%. The business had revenue of $7.07 billion during the quarter, compared to analysts’ expectations of $6.27 billion. During the same period in the previous year, the business earned $0.85 earnings per share. The firm’s revenue was down 18.3% on a year-over-year basis. Equities research analysts anticipate that PBF Energy will post -1.12 earnings per share for the current year.

PBF Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Thursday, May 15th. PBF Energy’s dividend payout ratio (DPR) is presently -12.09%.

Insider Buying and Selling at PBF Energy

In related news, insider Control Empresarial De Capital bought 48,500 shares of the stock in a transaction dated Thursday, June 5th. The stock was bought at an average price of $17.99 per share, with a total value of $872,515.00. Following the purchase, the insider owned 30,823,498 shares in the company, valued at approximately $554,514,729.02. The trade was a 0.16% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. lifted its stake in shares of PBF Energy by 170.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,728,843 shares of the oil and gas company’s stock valued at $109,364,000 after acquiring an additional 3,612,447 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of PBF Energy by 14.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company’s stock valued at $40,504,000 after acquiring an additional 260,464 shares during the last quarter. American Century Companies Inc. raised its position in PBF Energy by 1.7% during the 1st quarter. American Century Companies Inc. now owns 1,897,910 shares of the oil and gas company’s stock valued at $36,231,000 after purchasing an additional 32,285 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in PBF Energy by 12.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,675,273 shares of the oil and gas company’s stock valued at $31,981,000 after purchasing an additional 182,456 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in PBF Energy by 12.6% during the 4th quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company’s stock valued at $43,690,000 after purchasing an additional 184,194 shares during the last quarter. Institutional investors own 96.29% of the company’s stock.

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.