The Goldman Sachs Group Cuts PBF Energy (NYSE:PBF) Price Target to $23.00

PBF Energy (NYSE:PBF) had its price target cut by The Goldman Sachs Group from $28.00 to $23.00 in a research note published on Thursday,Benzinga reports. They currently have a neutral rating on the oil and gas company’s stock.

A number of other research firms have also issued reports on PBF. JPMorgan Chase & Co. dropped their price objective on shares of PBF Energy from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Piper Sandler cut their price objective on shares of PBF Energy from $24.00 to $23.00 and set an “underweight” rating on the stock in a report on Friday, March 7th. Wells Fargo & Company lowered their target price on PBF Energy from $25.00 to $22.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Morgan Stanley cut their price target on PBF Energy from $31.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, March 14th. Finally, TD Cowen reduced their price target on PBF Energy from $19.00 to $17.00 and set a “sell” rating for the company in a report on Tuesday, March 11th. Seven analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $26.36.

PBF Energy Stock Performance

NYSE:PBF opened at $19.33 on Thursday. PBF Energy has a twelve month low of $18.84 and a twelve month high of $62.88. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of -4.10 and a beta of 1.62. The company has a current ratio of 1.25, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26. The firm’s fifty day simple moving average is $24.52 and its 200 day simple moving average is $28.33.

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

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a $0.275 dividend. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.10 dividend on an annualized basis and a yield of 5.69%. PBF Energy’s dividend payout ratio is currently -23.35%.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital purchased 100,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was acquired at an average price of $29.60 per share, for a total transaction of $2,960,000.00. Following the completion of the transaction, the insider now owns 29,084,998 shares of the company’s stock, valued at approximately $860,915,940.80. The trade was a 0.35 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have purchased 651,000 shares of company stock worth $17,480,400. 5.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. increased its position in PBF Energy by 150.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company’s stock valued at $56,191,000 after acquiring an additional 1,272,254 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of PBF Energy by 391.9% in the third 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 purchasing an additional 1,226,909 shares in the last quarter. Norges Bank acquired a new position in shares of PBF Energy during the fourth quarter valued at $20,896,000. Recurrent Investment Advisors LLC increased its holdings in shares of PBF Energy by 154.0% during the fourth quarter. Recurrent Investment Advisors LLC now owns 945,239 shares of the oil and gas company’s stock valued at $25,096,000 after purchasing an additional 573,161 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of PBF Energy by 60.4% during the fourth quarter. JPMorgan Chase & Co. now owns 1,492,573 shares of the oil and gas company’s stock valued at $39,628,000 after purchasing an additional 562,287 shares in the last quarter. 96.29% of the stock is owned by institutional investors and hedge funds.

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.