PBF Energy (NYSE:PBF) Price Target Cut to $38.00 by Analysts at Morgan Stanley

PBF Energy (NYSE:PBF) had its price target trimmed by Morgan Stanley from $48.00 to $38.00 in a research note released on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the oil and gas company’s stock.

A number of other analysts also recently issued reports on PBF. Wells Fargo & Company lowered their price target on shares of PBF Energy from $52.00 to $51.00 and set an overweight rating on the stock in a report on Tuesday, September 3rd. Wolfe Research assumed coverage on shares of PBF Energy in a research note on Thursday, July 18th. They set a peer perform rating on the stock. JPMorgan Chase & Co. cut their price target on PBF Energy from $58.00 to $53.00 and set an overweight rating for the company in a research note on Tuesday, July 2nd. The Goldman Sachs Group lowered their price target on PBF Energy from $57.00 to $50.00 and set a neutral rating on the stock in a research report on Monday, July 1st. Finally, Piper Sandler cut their price objective on PBF Energy from $54.00 to $47.00 and set a neutral rating for the company in a research report on Friday, June 14th. Two investment 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. According to data from MarketBeat.com, PBF Energy currently has an average rating of Hold and a consensus target price of $49.91.

PBF Energy Stock Performance

NYSE PBF opened at $32.52 on Monday. The firm has a market capitalization of $3.86 billion, a P/E ratio of 2.25 and a beta of 1.56. The stock has a 50-day simple moving average of $36.31 and a two-hundred day simple moving average of $45.98. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.75 and a current ratio of 1.42. PBF Energy has a fifty-two week low of $30.61 and a fifty-two week high of $62.88.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.39). PBF Energy had a net margin of 2.09% and a return on equity of 12.81%. The company had revenue of $8.74 billion for the quarter, compared to analysts’ expectations of $8.64 billion. During the same quarter in the prior year, the business posted $2.29 earnings per share. The firm’s revenue was down 4.6% compared to the same quarter last year. On average, equities analysts forecast that PBF Energy will post 1.25 earnings per share for the current year.

PBF Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.08%. The ex-dividend date was Thursday, August 15th. PBF Energy’s payout ratio is currently 6.92%.

Insider Activity

In other PBF Energy news, insider Control Empresarial De Capital bought 140,000 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was acquired at an average cost of $45.73 per share, with a total value of $6,402,200.00. Following the purchase, the insider now owns 17,772,598 shares in the company, valued at approximately $812,740,906.54. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have purchased 3,049,500 shares of company stock valued at $109,399,914. Company insiders own 5.30% of the company’s stock.

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. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of PBF Energy during the 2nd quarter worth approximately $275,000. Sanctuary Advisors LLC acquired a new position in shares of PBF Energy in the second quarter worth $1,176,000. Invst LLC lifted its position in shares of PBF Energy by 6.2% in the second quarter. Invst LLC now owns 16,554 shares of the oil and gas company’s stock valued at $770,000 after acquiring an additional 965 shares in the last quarter. Sunbelt Securities Inc. boosted its stake 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. Finally, Creative Planning boosted its stake in shares of PBF Energy by 7.0% during the second quarter. Creative Planning now owns 17,895 shares of the oil and gas company’s stock valued at $824,000 after acquiring an additional 1,165 shares during the last quarter. 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.