PBF Energy (NYSE:PBF) Price Target Cut to $27.00 by Analysts at TD Cowen

PBF Energy (NYSE:PBF) had its price objective trimmed by TD Cowen from $32.00 to $27.00 in a research note published on Friday morning, Marketbeat Ratings reports. The firm currently has a hold rating on the oil and gas company’s stock.

Several other research analysts have also recently issued reports on the company. Tudor Pickering raised PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. Morgan Stanley dropped their price objective on PBF Energy from $48.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. cut PBF Energy from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $53.00 to $40.00 in a research note on Wednesday, October 2nd. Bank of America began coverage on PBF Energy in a research report on Thursday, October 17th. They set an “underperform” rating and a $25.00 target price on the stock. Finally, Piper Sandler cut PBF Energy from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $47.00 to $25.00 in a research report on Friday, September 20th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued 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 $34.18.

PBF Energy Price Performance

Shares of NYSE PBF opened at $28.35 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average price is $32.05 and its 200-day moving average price is $40.05. PBF Energy has a fifty-two week low of $27.94 and a fifty-two week high of $62.88.

PBF Energy (NYSE:PBF) last issued its quarterly 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). PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The business had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the company posted $6.61 earnings per share. The company’s quarterly revenue was down 21.9% compared to the same quarter last year. As a group, equities research analysts forecast that PBF Energy will post -2.32 earnings per share for the current year.

PBF Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th will be given a $0.275 dividend. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.88%. PBF Energy’s dividend payout ratio (DPR) is presently -38.61%.

Insider Transactions at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital acquired 1,000,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was purchased at an average price of $31.75 per share, with a total value of $31,750,000.00. Following the transaction, the insider now directly owns 24,462,398 shares of the company’s stock, valued at $776,681,136.50. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders acquired 4,257,400 shares of company stock valued at $135,462,347 in the last quarter. 6.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PBF. National Bank of Canada FI purchased a new position in PBF Energy in the 2nd quarter worth $26,000. CWM LLC raised its stake in shares of PBF Energy by 108.6% during the 2nd quarter. CWM LLC now owns 1,093 shares of the oil and gas company’s stock valued at $50,000 after buying an additional 569 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of PBF Energy during the 3rd quarter valued at about $59,000. Blue Trust Inc. raised its stake in shares of 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 buying an additional 2,027 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of PBF Energy by 27.9% during 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 buying 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.