PBF Energy (NYSE:PBF) Price Target Raised to $21.00

Key Points

• Bank of America has raised its price target for PBF Energy from $16.00 to $21.00, maintaining an "underperform" rating, indicating a potential downside of 26.23% from the stock's previous close.
• Other analysts like Wells Fargo and Scotiabank have also increased their price targets for PBF Energy, with a consensus target price of $24.83 among analysts.
• PBF Energy recently reported a quarterly earnings per share of ($1.03), beating estimates, but experienced a revenue decline of 14.4% year-over-year.

PBF Energy (NYSE:PBF - Get Free Report) had its price target increased by investment analysts at Bank of America from $16.00 to $21.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "underperform" rating on the oil and gas company's stock. Bank of America's price target would suggest a potential downside of 26.23% from the stock's previous close.

Other analysts also recently issued reports about the company. Wells Fargo & Company upped their price objective on PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Scotiabank reiterated a "sector perform" rating and set a $25.00 target price (up from $16.00) on shares of PBF Energy in a research report on Friday, July 11th. UBS Group upgraded PBF Energy from a "neutral" rating to a "buy" rating and increased their target price for the stock from $20.00 to $26.00 in a research report on Tuesday, May 13th. Citigroup increased their target price on PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Finally, Piper Sandler reiterated an "underweight" rating and set a $22.00 target price (up from $21.00) on shares of PBF Energy in a research report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, PBF Energy currently has an average rating of "Reduce" and a consensus target price of $24.83.

PBF Energy Price Performance

PBF Energy stock traded down $0.02 during trading hours on Wednesday, hitting $28.47. The stock had a trading volume of 965,499 shares, compared to its average volume of 3,198,654. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.31 and a quick ratio of 0.55. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of -3.31 and a beta of 0.98. PBF Energy has a 1-year low of $13.61 and a 1-year high of $34.31. The stock's fifty day moving average is $24.25 and its two-hundred day moving average is $21.19.

PBF Energy (NYSE:PBF - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $6.65 billion. During the same period in the prior year, the business earned ($0.54) earnings per share. The business's revenue was down 14.4% on a year-over-year basis. As a group, analysts predict that PBF Energy will post -1.12 earnings per share for the current fiscal year.

Insider Transactions at PBF Energy

In related news, insider Control Empresarial De Capital acquired 48,500 shares of PBF Energy stock in a transaction that occurred on Thursday, June 5th. The stock was acquired at an average price of $17.99 per share, for a total transaction of $872,515.00. Following the transaction, the insider directly owned 30,823,498 shares of the company's stock, valued at $554,514,729.02. This trade represents a 0.16% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB boosted its position in PBF Energy by 761.0% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,412 shares of the oil and gas company's stock worth $31,000 after acquiring an additional 1,248 shares during the period. Fifth Third Bancorp boosted its position in 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 acquiring an additional 803 shares during the period. Allworth Financial LP boosted its position in PBF Energy by 194.3% during the 1st quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company's stock worth $32,000 after acquiring an additional 1,090 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in PBF Energy during the 1st quarter worth $35,000. Finally, Neo Ivy Capital Management acquired a new position in PBF Energy during the 1st quarter worth $37,000. Institutional investors and hedge funds 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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