PBF Energy (NYSE:PBF) Price Target Cut to $28.00 by Analysts at Morgan Stanley

PBF Energy (NYSE:PBF) had its price target lowered by Morgan Stanley from $31.00 to $28.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the oil and gas company’s stock.

PBF has been the topic of a number of other research reports. Mizuho cut shares of PBF Energy from a “neutral” rating to an “underperform” rating and cut their price target for the company from $33.00 to $31.00 in a research report on Monday, December 16th. TD Cowen cut their target price on PBF Energy from $19.00 to $17.00 and set a “sell” rating on the stock in a research report on Tuesday, March 11th. UBS Group lowered their target price on PBF Energy from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Piper Sandler cut their price target on PBF Energy from $24.00 to $23.00 and set an “underweight” rating on the stock in a report on Friday, March 7th. Finally, Wells Fargo & Company lowered their price objective on shares of PBF Energy from $25.00 to $22.00 and set an “equal weight” rating for the company in a research note on Thursday. Seven analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat.com, PBF Energy has an average rating of “Hold” and a consensus price target of $27.36.

PBF Energy Price Performance

PBF Energy stock opened at $20.70 on Friday. The stock’s 50 day moving average is $25.93 and its 200 day moving average is $29.05. PBF Energy has a one year low of $18.97 and a one year high of $62.88. The firm has a market cap of $2.39 billion, a P/E ratio of -4.39 and a beta of 1.62. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 0.54.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results on Thursday, February 13th. The oil and gas company reported ($2.82) earnings per share (EPS) 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 firm had revenue of $7.35 billion during the quarter, compared to analyst estimates of $7.25 billion. As a group, research analysts expect that PBF Energy will post -1.12 EPS for the current year.

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 5.32%. The ex-dividend date was Thursday, February 27th. PBF Energy’s payout ratio is presently -23.35%.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital acquired 341,500 shares of the stock in a transaction dated Wednesday, December 18th. The stock was purchased at an average cost of $26.86 per share, with a total value of $9,172,690.00. Following the completion of the purchase, the insider now directly owns 28,814,998 shares in the company, valued at $773,970,846.28. This trade represents a 1.20 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have acquired 1,062,500 shares of company stock valued at $28,442,290. 5.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PBF Energy

Several institutional investors have recently bought and sold shares of PBF. T. Rowe Price Investment Management Inc. lifted its stake in PBF Energy by 150.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company’s stock valued at $56,191,000 after acquiring an additional 1,272,254 shares in the last quarter. American Century Companies Inc. lifted its position in shares of PBF Energy by 11.2% during the fourth quarter. American Century Companies Inc. now owns 1,865,625 shares of the oil and gas company’s stock valued at $49,532,000 after purchasing an additional 187,351 shares in the last quarter. Two Sigma Investments LP boosted its holdings in PBF Energy by 12.6% during the fourth quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company’s stock worth $43,690,000 after purchasing an additional 184,194 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in PBF Energy by 391.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,540,000 shares of the oil and gas company’s stock worth $47,663,000 after purchasing an additional 1,226,909 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in PBF Energy by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,492,817 shares of the oil and gas company’s stock worth $39,634,000 after purchasing an additional 78,045 shares in the last quarter. Institutional investors own 96.29% of the company’s stock.

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.