PBF Energy (NYSE:PBF) Given New $38.00 Price Target at Morgan Stanley

PBF Energy (NYSE:PBF) had its price objective reduced by equities researchers at Morgan Stanley from $48.00 to $38.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective points to a potential upside of 17.76% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company dropped their target price on shares of PBF Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their target price on PBF Energy from $58.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Piper Sandler lowered their target price on PBF Energy from $54.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, June 14th. The Goldman Sachs Group lowered their price objective on shares of PBF Energy from $57.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, July 1st. Finally, Mizuho reduced their price objective on shares of PBF Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research report on Monday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $49.91.

PBF Energy Price Performance

Shares of NYSE:PBF traded down $0.34 on Monday, reaching $32.27. 760,388 shares of the company traded hands, compared to its average volume of 2,111,262. PBF Energy has a fifty-two week low of $30.61 and a fifty-two week high of $62.88. The company’s 50 day moving average is $36.51 and its 200-day moving average is $46.08. The stock has a market capitalization of $3.78 billion, a PE ratio of 2.23 and a beta of 1.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.75.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, August 1st. The oil and gas company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.39). PBF Energy had a net margin of 2.09% and a return on equity of 12.81%. The business had revenue of $8.74 billion during the quarter, compared to analyst estimates of $8.64 billion. During the same quarter last year, the firm earned $2.29 earnings per share. PBF Energy’s revenue was down 4.6% compared to the same quarter last year. As a group, analysts anticipate that PBF Energy will post 1.62 earnings per share for the current fiscal year.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital purchased 100,000 shares of PBF Energy stock in a transaction dated Monday, June 24th. The stock was purchased at an average cost of $44.31 per share, with a total value of $4,431,000.00. Following the transaction, the insider now owns 17,307,598 shares in the company, valued at approximately $766,899,667.38. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders bought 3,049,500 shares of company stock worth $109,399,914. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

A number of institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new stake in shares of PBF Energy during the second quarter worth approximately $1,176,000. Invst LLC grew its holdings in shares of PBF Energy by 6.2% during the 2nd quarter. Invst LLC now owns 16,554 shares of the oil and gas company’s stock worth $770,000 after purchasing an additional 965 shares during the period. Sunbelt Securities Inc. increased its position in shares of PBF Energy by 11.9% during the second quarter. Sunbelt Securities Inc. now owns 13,540 shares of the oil and gas company’s stock valued at $623,000 after acquiring an additional 1,436 shares during the last quarter. Creative Planning raised its position in PBF Energy by 7.0% in the second quarter. Creative Planning now owns 17,895 shares of the oil and gas company’s stock valued at $824,000 after purchasing an additional 1,165 shares during the period. Finally, Ascent Group LLC acquired a new position in PBF Energy during the 2nd quarter worth about $204,000. 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.