PBF Energy (NYSE:PBF) Given New $30.00 Price Target at The Goldman Sachs Group

Key Points

• Goldman Sachs raised its price target for PBF Energy from $25.00 to $30.00, indicating a potential upside of 6.06% from the stock's previous close.
• The stock has received mixed ratings from analysts, with one "buy," five "hold," and eight "sell" ratings, resulting in an average rating of "Reduce" and a price target of $26.75.
• PBF Energy's recent quarterly earnings showed a revenue of $7.48 billion, beating estimates, but it still reported a negative earnings per share of ($1.03).

PBF Energy (NYSE:PBF - Get Free Report) had its price objective lifted by investment analysts at The Goldman Sachs Group from $25.00 to $30.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas company's stock. The Goldman Sachs Group's price target suggests a potential upside of 6.06% from the company's previous close.

Other analysts also recently issued reports about the stock. UBS Group lifted their price objective on shares of PBF Energy from $28.00 to $37.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of PBF Energy in a report on Wednesday, October 8th. Tudor Pickering downgraded shares of PBF Energy from a "hold" rating to a "strong sell" rating in a report on Monday, September 15th. Tudor, Pickering, Holt & Co. downgraded shares of PBF Energy from a "hold" rating to a "sell" rating and set a $24.00 price objective for the company. in a report on Monday, September 15th. Finally, Bank of America boosted their price target on shares of PBF Energy from $16.00 to $21.00 and gave the stock an "underperform" rating in a research note on Wednesday, September 3rd. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat.com, PBF Energy currently has an average rating of "Reduce" and an average price target of $26.75.

PBF Energy Price Performance

Shares of PBF traded up $0.23 during mid-day trading on Wednesday, reaching $28.29. 1,102,076 shares of the stock traded hands, compared to its average volume of 3,216,931. The firm has a fifty day moving average price of $28.25 and a 200 day moving average price of $23.35. The company has a market cap of $3.27 billion, a price-to-earnings ratio of -3.29 and a beta of 0.85. The company has a current ratio of 1.31, a quick ratio of 0.55 and a debt-to-equity ratio of 0.46. PBF Energy has a 1 year low of $13.61 and a 1 year high of $34.29.

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) EPS for the quarter, beating analysts' consensus estimates of ($1.19) by $0.16. The firm had revenue of $7.48 billion during the quarter, compared to analyst estimates of $6.65 billion. PBF Energy had a negative net margin of 3.24% and a negative return on equity of 17.46%. The business's revenue for the quarter was down 14.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.54) EPS. As a group, equities research analysts predict that PBF Energy will post -1.12 earnings per share for the current year.

Insider Activity

In related news, SVP Connor Thomas L. O sold 30,000 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $34.00, for a total transaction of $1,020,000.00. Following the transaction, the senior vice president owned 207,984 shares in the company, valued at $7,071,456. The trade was a 12.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Trecia M. Canty sold 50,000 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $34.13, for a total transaction of $1,706,500.00. Following the transaction, the senior vice president owned 173,332 shares in the company, valued at $5,915,821.16. This represents a 22.39% decrease in their position. The disclosure for this sale can be found here. 6.70% of the stock is owned by insiders.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of PBF. T. Rowe Price Investment Management Inc. lifted its position in PBF Energy by 170.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,728,843 shares of the oil and gas company's stock valued at $109,364,000 after purchasing an additional 3,612,447 shares during the period. AQR Capital Management LLC lifted its position in PBF Energy by 230.7% during the second quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company's stock valued at $45,183,000 after purchasing an additional 1,454,500 shares during the period. Norges Bank bought a new position in PBF Energy during the second quarter valued at approximately $24,599,000. BNP Paribas Financial Markets lifted its position in PBF Energy by 276.2% during the second quarter. BNP Paribas Financial Markets now owns 1,028,799 shares of the oil and gas company's stock valued at $22,294,000 after purchasing an additional 755,310 shares during the period. Finally, Nuveen LLC bought a new position in PBF Energy during the first quarter valued at approximately $13,600,000. Hedge funds and other institutional investors own 96.29% of the company's stock.

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.

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