PBF Energy (NYSE:PBF) Given New $28.00 Price Target at Scotiabank

Key Points

• Scotiabank has raised the price target for PBF Energy from $25.00 to $28.00, maintaining a "sector perform" rating, indicating a potential downside of 5.71% from the stock's previous close.
• Multiple analysts have mixed ratings on PBF Energy, with one "Buy", five "Hold", and eight "Sell" ratings, resulting in an average rating of "Reduce" and a consensus price target of $26.17.
• PBF Energy reported a loss of ($1.03) earnings per share in its last quarterly results, despite revenues of $7.48 billion surpassing analyst expectations.

PBF Energy (NYSE:PBF - Get Free Report) had its price objective raised by Scotiabank from $25.00 to $28.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "sector perform" rating on the oil and gas company's stock. Scotiabank's price objective points to a potential downside of 5.71% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. Tudor, Pickering, Holt & Co. cut PBF Energy from a "hold" rating to a "sell" rating and set a $24.00 price target for the company. in a report on Monday, September 15th. Wells Fargo & Company raised their target price on PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Mizuho raised their target price on PBF Energy from $23.00 to $26.00 and gave the company an "underperform" rating in a report on Monday, September 15th. Tudor Pickering cut PBF Energy from a "hold" rating to a "strong sell" rating in a report on Monday, September 15th. Finally, Citigroup raised their target price on PBF Energy from $16.00 to $29.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and eight have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $26.17.

PBF Energy Trading Down 0.3%

Shares of NYSE PBF traded down $0.09 during mid-day trading on Thursday, reaching $29.70. 241,252 shares of the company's stock were exchanged, compared to its average volume of 3,257,433. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of -3.45 and a beta of 0.85. 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 52-week low of $13.61 and a 52-week high of $34.29. The company's 50-day moving average is $27.12 and its 200-day moving average is $22.69.

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

Insider Transactions at PBF Energy

In other PBF Energy news, SVP Trecia M. Canty sold 50,000 shares of the stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $34.13, for a total value of $1,706,500.00. Following the sale, the senior vice president owned 173,332 shares of the company's stock, valued at $5,915,821.16. This trade represents a 22.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Connor Thomas L. O sold 30,000 shares of the stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $34.00, for a total value of $1,020,000.00. Following the completion of the sale, the senior vice president directly owned 207,984 shares in the company, valued at $7,071,456. This represents a 12.61% decrease in their position. The disclosure for this sale can be found here. 5.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in PBF Energy by 11.6% in the 3rd quarter. GAMMA Investing LLC now owns 5,041 shares of the oil and gas company's stock valued at $152,000 after purchasing an additional 525 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in PBF Energy by 14.0% in the second quarter. Corient Private Wealth LLC now owns 12,040 shares of the oil and gas company's stock valued at $261,000 after purchasing an additional 1,480 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in PBF Energy by 231.4% in the second quarter. Osaic Holdings Inc. now owns 6,399 shares of the oil and gas company's stock valued at $137,000 after purchasing an additional 4,468 shares in the last quarter. Nomura Holdings Inc. acquired a new position in PBF Energy in the second quarter valued at approximately $5,843,000. Finally, Kestra Investment Management LLC boosted its holdings in PBF Energy by 427.4% in the second quarter. Kestra Investment Management LLC now owns 4,599 shares of the oil and gas company's stock valued at $100,000 after purchasing an additional 3,727 shares in the last quarter. Institutional investors and hedge funds own 96.29% of the company's stock.

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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