Bank of America Begins Coverage on PBF Energy (NYSE:PBF)

Bank of America initiated coverage on shares of PBF Energy (NYSE:PBF) in a report released on Thursday morning, Marketbeat reports. The brokerage issued an underperform rating and a $25.00 price target on the oil and gas company’s stock.

PBF has been the topic of several other reports. Piper Sandler lowered shares of PBF Energy from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $47.00 to $25.00 in a research report on Friday, September 20th. BMO Capital Markets cut PBF Energy from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $42.00 to $35.00 in a report on Friday, October 4th. Tudor Pickering upgraded PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. Wells Fargo & Company reduced their price target on PBF Energy from $51.00 to $39.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Finally, Tudor, Pickering, Holt & Co. downgraded PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, September 9th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $36.09.

PBF Energy Trading Up 0.2 %

Shares of NYSE:PBF opened at $33.70 on Thursday. PBF Energy has a 52-week low of $30.17 and a 52-week high of $62.88. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.75 and a current ratio of 1.42. The company has a market capitalization of $3.95 billion, a P/E ratio of 5.61 and a beta of 1.55. The company has a 50-day simple moving average of $33.12 and a 200 day simple moving average of $42.39.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, August 1st. The oil and gas company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.39). PBF Energy had a return on equity of 12.81% and a net margin of 2.09%. The business had revenue of $8.74 billion for the quarter, compared to the consensus estimate of $8.64 billion. During the same quarter in the prior year, the firm posted $2.29 earnings per share. The business’s revenue was down 4.6% compared to the same quarter last year. Sell-side analysts forecast that PBF Energy will post -0.48 earnings per share for the current year.

PBF Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.97%. The ex-dividend date was Thursday, August 15th. PBF Energy’s dividend payout ratio (DPR) is presently 16.64%.

Insiders Place Their Bets

In related news, insider Control Empresarial De Capital purchased 55,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average cost of $30.85 per share, with a total value of $1,696,750.00. Following the acquisition, the insider now owns 23,462,398 shares of the company’s stock, valued at $723,814,978.30. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders acquired 3,952,300 shares of company stock valued at $129,050,026. 6.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PBF Energy

Several hedge funds have recently modified their holdings of PBF. Hennessy Advisors Inc. increased its holdings in PBF Energy by 18.4% in the first quarter. Hennessy Advisors Inc. now owns 578,934 shares of the oil and gas company’s stock valued at $33,329,000 after purchasing an additional 89,900 shares during the period. Van ECK Associates Corp boosted its holdings in PBF Energy by 763.4% in the first quarter. Van ECK Associates Corp now owns 208,586 shares of the oil and gas company’s stock valued at $12,008,000 after acquiring an additional 184,426 shares during the last quarter. Acadian Asset Management LLC increased its position in PBF Energy by 4.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,054,399 shares of the oil and gas company’s stock valued at $60,689,000 after purchasing an additional 48,525 shares during the period. Magnetar Financial LLC bought a new position in PBF Energy during the 1st quarter worth approximately $1,394,000. Finally, Inspire Investing LLC acquired a new position in shares of PBF Energy in the 1st quarter worth approximately $905,000. Institutional investors and hedge funds own 96.29% of the company’s stock.

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.