Morgan Stanley Cuts PBF Energy (NYSE:PBF) Price Target to $28.00

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

PBF has been the subject of several other reports. Piper Sandler dropped their price target on PBF Energy from $24.00 to $23.00 and set an “underweight” rating for the company in a report on Friday, March 7th. UBS Group reduced their target price on shares of PBF Energy from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. Wells Fargo & Company lowered their price target on shares of PBF Energy from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday. The Goldman Sachs Group decreased their target price on shares of PBF Energy from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 10th. Finally, Mizuho downgraded shares of PBF Energy from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $33.00 to $31.00 in a research report on Monday, December 16th. Seven research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.36.

PBF Energy Price Performance

Shares of PBF opened at $20.70 on Friday. The company’s 50-day moving average is $25.93 and its 200-day moving average is $29.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 0.54. The firm has a market capitalization of $2.39 billion, a PE ratio of -4.39 and a beta of 1.62. PBF Energy has a fifty-two week low of $18.97 and a fifty-two week high of $62.88.

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

PBF Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 5.32%. PBF Energy’s dividend payout ratio (DPR) is currently -23.35%.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital acquired 341,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was acquired at an average price of $26.86 per share, with a total value of $9,172,690.00. Following the purchase, the insider now directly owns 28,814,998 shares in the company, valued at approximately $773,970,846.28. This trade represents a 1.20 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have acquired 1,062,500 shares of company stock valued at $28,442,290 over the last ninety days. 5.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. grew its position 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 worth $56,191,000 after acquiring an additional 1,272,254 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of 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. Norges Bank bought a new stake in shares of PBF Energy during the fourth quarter worth about $20,896,000. Recurrent Investment Advisors LLC increased its stake in shares of PBF Energy by 154.0% in the fourth quarter. Recurrent Investment Advisors LLC now owns 945,239 shares of the oil and gas company’s stock valued at $25,096,000 after buying an additional 573,161 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in PBF Energy by 60.4% in the 4th quarter. JPMorgan Chase & Co. now owns 1,492,573 shares of the oil and gas company’s stock valued at $39,628,000 after buying an additional 562,287 shares during the last quarter. 96.29% of the stock is currently 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.