Wells Fargo & Company Cuts PBF Energy (NYSE:PBF) Price Target to $22.00

PBF Energy (NYSE:PBF) had its price objective decreased by Wells Fargo & Company from $25.00 to $22.00 in a report released on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the oil and gas company’s stock.

A number of other brokerages have also recently commented on PBF. JPMorgan Chase & Co. dropped their price target on PBF Energy from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Mizuho downgraded PBF Energy from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $33.00 to $31.00 in a research report on Monday, December 16th. The Goldman Sachs Group cut their price target on PBF Energy from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Piper Sandler lowered their price objective on PBF Energy from $24.00 to $23.00 and set an “underweight” rating for the company in a research note on Friday, March 7th. Finally, TD Cowen cut their target price on shares of PBF Energy from $19.00 to $17.00 and set a “sell” rating on the stock in a research report on Tuesday, March 11th. Seven research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.36.

PBF Energy Stock Up 5.2 %

Shares of NYSE PBF opened at $20.70 on Thursday. The stock has a 50-day moving average price of $25.93 and a two-hundred day moving average price of $29.08. PBF Energy has a 12 month low of $18.97 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. The company has a market cap of $2.39 billion, a price-to-earnings ratio of -4.39 and a beta of 1.62.

PBF Energy (NYSE:PBF) last released its quarterly earnings data 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). The company had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.25 billion. PBF Energy had a negative return on equity of 7.40% and a negative net margin of 1.61%. As a group, analysts forecast that PBF Energy will post -1.12 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 5.32%. 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 46,000 shares of the stock in a transaction on Thursday, January 30th. The stock was acquired at an average cost of $29.70 per share, for a total transaction of $1,366,200.00. Following the completion of the acquisition, the insider now owns 29,190,998 shares in the company, valued at $866,972,640.60. This trade represents a 0.16 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders have bought a total of 1,062,500 shares of company stock worth $28,442,290 over the last quarter. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently modified their holdings of PBF. Fortitude Family Office LLC raised its holdings in shares of PBF Energy by 968.8% during the fourth quarter. Fortitude Family Office LLC now owns 1,165 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,056 shares during the period. Quarry LP acquired a new stake in shares of PBF Energy in the 3rd quarter valued at about $48,000. Golden State Wealth Management LLC bought a new stake in PBF Energy in the 4th quarter valued at about $61,000. EverSource Wealth Advisors LLC raised its stake in PBF Energy by 33.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,463 shares of the oil and gas company’s stock worth $65,000 after buying an additional 614 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in PBF Energy in the fourth quarter worth approximately $68,000. 96.29% of the stock is currently owned by institutional investors.

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.