PBF Energy (NYSE:PBF) Lowered to Sell Rating by TD Cowen

TD Cowen lowered shares of PBF Energy (NYSE:PBF) from a hold rating to a sell rating in a research report report published on Friday morning, MarketBeat reports. The brokerage currently has $20.00 price objective on the oil and gas company’s stock, down from their prior price objective of $27.00.

A number of other research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of PBF Energy from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $53.00 to $40.00 in a report on Wednesday, October 2nd. The Goldman Sachs Group dropped their price objective on PBF Energy from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, December 10th. Bank of America assumed coverage on PBF Energy in a report on Thursday, October 17th. They set an “underperform” rating and a $25.00 price objective for the company. Scotiabank lowered their target price on PBF Energy from $45.00 to $31.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. Finally, BMO Capital Markets downgraded PBF Energy from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $42.00 to $35.00 in a research note on Friday, October 4th. Seven research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $32.45.

PBF Energy Stock Down 1.2 %

PBF Energy stock opened at $25.15 on Friday. The stock’s 50 day moving average price is $30.63 and its 200 day moving average price is $35.16. PBF Energy has a 1-year low of $24.21 and a 1-year high of $62.88. The company has a market cap of $2.90 billion, a PE ratio of -9.71 and a beta of 1.57. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.34 and a quick ratio of 0.65.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.41) by ($0.09). The company had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $8.27 billion. PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. PBF Energy’s revenue for the quarter was down 21.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.61 earnings per share. On average, sell-side analysts predict that PBF Energy will post -2.87 EPS for the current fiscal year.

PBF Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were paid a dividend of $0.275 per share. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend was Wednesday, November 13th. PBF Energy’s dividend payout ratio (DPR) is currently -42.47%.

Insider Transactions at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital acquired 55,000 shares of the stock in a transaction dated Monday, September 30th. The stock was acquired at an average price of $30.85 per share, with a total value of $1,696,750.00. Following the completion of the transaction, the insider now directly owns 23,462,398 shares in the company, valued at approximately $723,814,978.30. This trade represents a 0.23 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders bought a total of 3,394,600 shares of company stock worth $103,965,471 over the last ninety days. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of PBF Energy

A number of hedge funds have recently added to or reduced their stakes in PBF. National Bank of Canada FI acquired a new stake in shares of PBF Energy in the second quarter worth approximately $26,000. Quarry LP acquired a new position in shares of PBF Energy in the 3rd quarter valued at $48,000. Harbor Capital Advisors Inc. purchased a new stake in shares of PBF Energy during the 3rd quarter valued at $59,000. Blue Trust Inc. increased its holdings 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 worth $68,000 after buying an additional 2,027 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of PBF Energy by 27.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock worth $81,000 after buying an additional 573 shares during the period. 96.29% of the stock is owned by institutional investors and hedge funds.

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.