PBF Energy (NYSE:PBF) Price Target Lowered to $23.00 at The Goldman Sachs Group

PBF Energy (NYSE:PBF) had its target price lowered by The Goldman Sachs Group from $28.00 to $23.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas company’s stock.

A number of other brokerages also recently issued reports on PBF. Morgan Stanley cut their price target on shares of PBF Energy from $31.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, March 14th. Piper Sandler dropped their target price on shares of PBF Energy from $24.00 to $23.00 and set an “underweight” rating for the company in a report on Friday, March 7th. Mizuho lowered PBF Energy from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $33.00 to $31.00 in a research note on Monday, December 16th. TD Cowen dropped their price objective on PBF Energy from $19.00 to $17.00 and set a “sell” rating for the company in a research note on Tuesday, March 11th. Finally, UBS Group decreased their target price on PBF Energy from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 19th. Seven research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $26.36.

PBF Energy Stock Performance

NYSE PBF opened at $19.33 on Thursday. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of -4.10 and a beta of 1.62. The business’s 50 day moving average is $24.52 and its two-hundred day moving average is $28.33. PBF Energy has a 12-month low of $18.84 and a 12-month high of $62.88. The company has a current ratio of 1.25, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26.

PBF Energy (NYSE:PBF) last announced its quarterly earnings data on Thursday, February 13th. The oil and gas company reported ($2.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.80) by ($1.02). PBF Energy had a negative return on equity of 7.40% and a negative net margin of 1.61%. The business had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.25 billion. Research analysts expect that PBF Energy will post -1.12 EPS for the current year.

PBF Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 5.69%. The ex-dividend date was Thursday, February 27th. PBF Energy’s dividend payout ratio is presently -23.35%.

Insider Activity at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital bought 100,000 shares of PBF Energy stock in a transaction that occurred on Wednesday, January 22nd. The shares were purchased at an average cost of $29.60 per share, for a total transaction of $2,960,000.00. Following the completion of the transaction, the insider now owns 29,084,998 shares of the company’s stock, valued at $860,915,940.80. This represents a 0.35 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have bought 651,000 shares of company stock valued at $17,480,400. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Citigroup Inc. increased its position in PBF Energy by 30.8% during the third quarter. Citigroup Inc. now owns 158,963 shares of the oil and gas company’s stock worth $4,920,000 after purchasing an additional 37,400 shares during the last quarter. Hancock Whitney Corp increased its holdings in shares of PBF Energy by 9.6% during the 3rd quarter. Hancock Whitney Corp now owns 11,030 shares of the oil and gas company’s stock worth $341,000 after buying an additional 968 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of PBF Energy by 132.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 863,228 shares of the oil and gas company’s stock worth $26,717,000 after buying an additional 492,053 shares during the period. Bridgewater Associates LP raised its position in shares of PBF Energy by 40.5% in the 3rd quarter. Bridgewater Associates LP now owns 93,566 shares of the oil and gas company’s stock worth $2,896,000 after buying an additional 26,952 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in PBF Energy by 391.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,540,000 shares of the oil and gas company’s stock valued at $47,663,000 after acquiring an additional 1,226,909 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.