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

PBF Energy (NYSE:PBF) was downgraded by analysts at TD Cowen from a “hold” rating to a “sell” rating in a report released on Friday, Marketbeat Ratings reports. They currently have a $20.00 price objective on the oil and gas company’s stock, down from their prior price objective of $27.00. TD Cowen’s price target would indicate a potential downside of 20.48% from the company’s previous close.

A number of other brokerages have also issued reports on PBF. StockNews.com lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Bank of America began coverage on PBF Energy in a research note on Thursday, October 17th. They issued an “underperform” rating and a $25.00 price target for the company. Mizuho cut PBF Energy from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $33.00 to $31.00 in a research note on Monday, December 16th. Scotiabank decreased their target price on PBF Energy from $45.00 to $31.00 and set a “sector perform” rating for the company in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. lowered PBF Energy from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $53.00 to $40.00 in a research report on Wednesday, October 2nd. Seven research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. Based on data from MarketBeat.com, PBF Energy currently has a consensus rating of “Hold” and a consensus target price of $32.45.

PBF Energy Trading Down 1.2 %

Shares of PBF stock opened at $25.15 on Friday. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -9.71 and a beta of 1.57. The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $30.63 and a 200 day moving average price of $35.23. PBF Energy has a twelve month low of $24.21 and a twelve month high of $62.88.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.09). PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The company had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the business earned $6.61 EPS. The firm’s revenue for the quarter was down 21.9% compared to the same quarter last year. Research analysts forecast that PBF Energy will post -2.87 earnings per share for the current fiscal year.

Insider Transactions at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital purchased 341,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was acquired 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 approximately $773,970,846.28. This represents a 1.20 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have purchased 3,659,600 shares of company stock worth $112,411,021. Corporate insiders own 5.30% of the company’s stock.

Institutional Trading of PBF Energy

A number of hedge funds have recently modified their holdings of PBF. National Bank of Canada FI acquired a new position in shares of PBF Energy in the 2nd quarter valued at $26,000. Quarry LP bought a new position in PBF Energy during the third quarter worth about $48,000. Harbor Capital Advisors Inc. acquired a new position in PBF Energy in the third quarter valued at about $59,000. Blue Trust Inc. increased its holdings in shares of PBF Energy by 1,291.1% in the third quarter. Blue Trust Inc. now owns 2,184 shares of the oil and gas company’s stock worth $68,000 after acquiring an additional 2,027 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of PBF Energy by 27.9% during the third quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 573 shares during the period. 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.