Evercore Begins Coverage on PBF Energy (NYSE:PBF)

Key Points

• Evercore initiated coverage on PBF Energy with an “in-line” rating and a $58 price target, implying about 4.77% downside from the stock’s current price.
• The broader analyst view remains cautious: PBF has a consensus rating of “Reduce” and an average price target of $40, with more Hold and Sell ratings than Buy ratings.
• PBF Energy’s stock was up 3.7% to $60.91, near its 52-week high, after reporting quarterly results that missed EPS estimates but beat revenue expectations.

Evercore started coverage on shares of PBF Energy (NYSE:PBF - Get Free Report) in a research note issued on Friday. The firm set an "in-line" rating and a $58.00 price target on the oil and gas company's stock. Evercore's target price indicates a potential downside of 4.77% from the company's current price.

A number of other brokerages have also issued reports on PBF. Wall Street Zen lowered PBF Energy from a "buy" rating to a "hold" rating in a research note on Tuesday. BMO Capital Markets upped their target price on shares of PBF Energy from $43.00 to $50.00 and gave the stock a "market perform" rating in a report on Thursday, April 2nd. Citigroup increased their target price on shares of PBF Energy from $36.00 to $43.00 and gave the company a "neutral" rating in a research report on Friday, May 1st. Zacks Research downgraded shares of PBF Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. Finally, Morgan Stanley lifted their price objective on PBF Energy from $34.00 to $38.00 and gave the stock an "underweight" rating in a research report on Friday, June 12th. Two equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $40.00.

PBF Energy Stock Up 3.7%

PBF stock opened at $60.91 on Friday. PBF Energy has a one year low of $21.24 and a one year high of $61.58. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.62 and a current ratio of 1.31. The firm's fifty day moving average is $44.05 and its 200 day moving average is $40.20. The firm has a market cap of $7.21 billion, a PE ratio of 16.42, a P/E/G ratio of 0.15 and a beta of 0.11.

PBF Energy (NYSE:PBF - Get Free Report) last announced its earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.79) by ($0.09). The business had revenue of $7.90 billion for the quarter, compared to analyst estimates of $7.32 billion. PBF Energy had a negative return on equity of 4.12% and a net margin of 1.46%.The company's quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($3.53) earnings per share. On average, research analysts forecast that PBF Energy will post 9.76 EPS for the current year.

Insider Buying and Selling

In other PBF Energy news, insider Control Empresarial De Capital sold 100,000 shares of PBF Energy stock in a transaction on Friday, July 10th. The stock was sold at an average price of $54.52, for a total value of $5,452,000.00. Following the sale, the insider owned 15,712,128 shares in the company, valued at $856,625,218.56. The trade was a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 3,541,570 shares of company stock valued at $165,787,386 in the last quarter. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its position in shares of PBF Energy by 127.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company's stock worth $171,595,000 after purchasing an additional 3,550,820 shares during the period. Hsbc Holdings PLC raised its position in PBF Energy by 81.7% in the fourth quarter. Hsbc Holdings PLC now owns 67,674 shares of the oil and gas company's stock valued at $1,840,000 after purchasing an additional 30,430 shares during the period. State of New Jersey Common Pension Fund D purchased a new stake in PBF Energy in the fourth quarter valued at approximately $1,485,000. Jefferies Financial Group Inc. lifted its stake in PBF Energy by 7,210.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 628,215 shares of the oil and gas company's stock worth $17,037,000 after purchasing an additional 619,622 shares in the last quarter. Finally, Brandywine Global Investment Management LLC raised its holdings in shares of PBF Energy by 351.3% in the 4th quarter. Brandywine Global Investment Management LLC now owns 265,493 shares of the oil and gas company's stock valued at $7,200,000 after buying an additional 206,666 shares during the period. Hedge funds and other institutional investors own 96.29% of the company's stock.

About PBF Energy

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.

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