PBF Energy (NYSE:PBF) Lowered to Equal Weight Rating by Wells Fargo & Company

PBF Energy (NYSE:PBF) was downgraded by research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Monday, Marketbeat.com reports. They presently have a $34.00 target price on the oil and gas company’s stock, down from their prior target price of $39.00. Wells Fargo & Company‘s target price would suggest a potential upside of 11.77% from the stock’s current price.

A number of other research firms also recently issued reports on PBF. Piper Sandler downgraded shares of PBF Energy from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $47.00 to $25.00 in a report on Friday, September 20th. StockNews.com lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, November 4th. JPMorgan Chase & Co. downgraded 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 report on Wednesday, October 2nd. Tudor Pickering upgraded PBF Energy to a “strong sell” rating in a report on Monday, September 9th. Finally, The Goldman Sachs Group lowered their price target on PBF Energy from $45.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, October 4th. Five analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $33.27.

PBF Energy Price Performance

PBF stock opened at $30.42 on Monday. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of -11.75 and a beta of 1.57. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21. PBF Energy has a 52-week low of $27.94 and a 52-week high of $62.88. The stock’s fifty day simple moving average is $31.43 and its 200-day simple moving average is $36.34.

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 (EPS) for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.09). The business had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.27 billion. PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The firm’s quarterly revenue was down 21.9% on a year-over-year basis. During the same period in the previous year, the business posted $6.61 earnings per share. Equities research analysts expect that PBF Energy will post -2.86 EPS for the current year.

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital bought 250,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was acquired at an average cost of $31.78 per share, for a total transaction of $7,945,000.00. Following the completion of the purchase, the insider now owns 22,952,398 shares of the company’s stock, valued at $729,427,208.44. This trade represents a 1.10 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders have purchased 3,568,100 shares of company stock worth $111,183,331. 6.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PBF Energy

Institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC purchased a new stake in shares of PBF Energy during the third quarter worth about $1,642,000. Neo Ivy Capital Management acquired a new stake in PBF Energy during the 3rd quarter valued at approximately $2,404,000. Vestcor Inc grew its stake in PBF Energy by 1,513.2% during the 3rd quarter. Vestcor Inc now owns 14,712 shares of the oil and gas company’s stock valued at $455,000 after purchasing an additional 13,800 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in PBF Energy by 108.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 43,902 shares of the oil and gas company’s stock worth $1,359,000 after purchasing an additional 22,852 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of PBF Energy in the 3rd quarter valued at approximately $1,415,000. 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.