PBF Energy (NYSE:PBF) Cut to "Strong Sell" at Tudor Pickering

Key Points

• PBF Energy has been downgraded from a "hold" rating to a "strong sell" rating by Tudor Pickering, indicating a significant shift in analyst sentiment regarding the stock.
• Despite the downgrade, several firms have raised their price targets for PBF Energy, with Mizuho increasing theirs from $23 to $26 and Piper Sandler raising it from $22 to $29.
• The company's stock opened at $27.90, and PBF Energy reported a net loss of ($1.03) per share for the last quarter, although it surpassed analyst expectations.

PBF Energy (NYSE:PBF - Get Free Report) was downgraded by investment analysts at Tudor Pickering from a "hold" rating to a "strong sell" rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research firms have also recently weighed in on PBF. Mizuho upped their price target on PBF Energy from $23.00 to $26.00 and gave the stock an "underperform" rating in a report on Monday. Piper Sandler increased their target price on PBF Energy from $22.00 to $29.00 and gave the company an "underweight" rating in a research note on Thursday, September 11th. Tudor, Pickering, Holt & Co. cut PBF Energy from a "hold" rating to a "sell" rating and set a $24.00 price objective on the stock. in a research note on Monday. Citigroup raised their price objective on PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company raised their price objective on PBF Energy from $21.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $25.54.

PBF Energy Stock Up 1.6%

Shares of NYSE:PBF opened at $27.90 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.55 and a current ratio of 1.31. PBF Energy has a 1 year low of $13.61 and a 1 year high of $34.31. The stock has a market capitalization of $3.23 billion, a P/E ratio of -3.25 and a beta of 0.97. The stock has a 50-day simple moving average of $25.25 and a 200-day simple moving average of $21.52.

PBF Energy (NYSE:PBF - Get Free Report) last issued its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.19) by $0.16. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%.The business had revenue of $7.48 billion during the quarter, compared to analysts' expectations of $6.65 billion. During the same quarter in the previous year, the business earned ($0.54) EPS. The company's revenue for the quarter was down 14.4% on a year-over-year basis. Equities analysts forecast that PBF Energy will post -1.12 earnings per share for the current year.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in PBF. Fifth Third Bancorp raised its stake in shares of PBF Energy by 125.7% during the 1st quarter. Fifth Third Bancorp now owns 1,442 shares of the oil and gas company's stock worth $28,000 after purchasing an additional 803 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of PBF Energy by 761.0% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,412 shares of the oil and gas company's stock valued at $31,000 after acquiring an additional 1,248 shares in the last quarter. Allworth Financial LP raised its stake in shares of PBF Energy by 194.3% in the 1st quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company's stock valued at $32,000 after acquiring an additional 1,090 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of PBF Energy in the 1st quarter valued at approximately $35,000. Finally, Neo Ivy Capital Management bought a new position in shares of PBF Energy in the 1st quarter valued at approximately $37,000. 96.29% of the stock is owned by hedge funds and other institutional investors.

PBF Energy Company Profile

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.

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