PBF Energy (NYSE:PBF) Cut to “Sell” at TD Cowen

PBF Energy (NYSE:PBF) was downgraded by TD Cowen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. They currently have a $20.00 price objective on the oil and gas company’s stock, down from their previous price objective of $27.00. TD Cowen’s price target suggests a potential downside of 21.45% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. JPMorgan Chase & Co. downgraded shares of PBF Energy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $53.00 to $40.00 in a research report on Wednesday, October 2nd. Mizuho downgraded shares of PBF Energy from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $33.00 to $31.00 in a research note on Monday. BMO Capital Markets lowered PBF Energy from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $42.00 to $35.00 in a report on Friday, October 4th. StockNews.com downgraded PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, November 4th. Finally, Tudor Pickering upgraded PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. Seven analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $32.45.

PBF Energy Stock Down 4.2 %

Shares of NYSE PBF opened at $25.46 on Friday. PBF Energy has a 52-week low of $25.42 and a 52-week high of $62.88. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -9.83 and a beta of 1.57. The stock has a 50 day moving average price of $30.79 and a 200 day moving average price of $35.44. 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 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). The firm had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $8.27 billion. PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. PBF Energy’s quarterly revenue was down 21.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $6.61 earnings per share. Sell-side analysts expect that PBF Energy will post -2.87 earnings per share for the current year.

Insider Activity

In other news, insider Control Empresarial De Capital bought 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were purchased at an average cost of $30.93 per share, with a total value of $1,237,200.00. Following the transaction, the insider now directly owns 23,407,398 shares in the company, valued at approximately $723,990,820.14. The trade was a 0.17 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have purchased a total of 3,318,100 shares of company stock worth $103,238,331 over the last 90 days. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of PBF Energy

Several large investors have recently added to or reduced their stakes in PBF. National Bank of Canada FI acquired a new stake in shares of PBF Energy during the second quarter worth about $26,000. Quarry LP purchased a new position in PBF Energy during the 3rd quarter worth approximately $48,000. Harbor Capital Advisors Inc. purchased a new position in PBF Energy during the 3rd quarter worth approximately $59,000. Blue Trust Inc. lifted its stake in PBF Energy by 1,291.1% during the 3rd quarter. Blue Trust Inc. now owns 2,184 shares of the oil and gas company’s stock valued at $68,000 after acquiring an additional 2,027 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in shares of PBF Energy by 27.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock valued at $81,000 after acquiring an additional 573 shares during the last quarter. Hedge funds and other 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.