Morgan Stanley Raises PBF Energy (NYSE:PBF) Price Target to $24.00

PBF Energy (NYSE:PBF - Free Report) had its price objective raised by Morgan Stanley from $20.00 to $24.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the oil and gas company's stock.

PBF has been the subject of several other research reports. Mizuho increased their price target on PBF Energy from $22.00 to $23.00 and gave the company an "underperform" rating in a research note on Tuesday, May 13th. UBS Group raised PBF Energy from a "neutral" rating to a "buy" rating and increased their price target for the company from $20.00 to $26.00 in a research note on Tuesday, May 13th. The Goldman Sachs Group decreased their price target on PBF Energy from $28.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday, March 27th. Piper Sandler cut their target price on PBF Energy from $23.00 to $20.00 and set an "underweight" rating on the stock in a research report on Friday, May 2nd. Finally, Wells Fargo & Company upped their target price on PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday. Seven analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $25.00.

PBF Energy Stock Performance

Shares of PBF stock traded down $0.44 on Wednesday, hitting $24.38. The company had a trading volume of 3,142,496 shares, compared to its average volume of 2,743,558. The stock's 50-day moving average is $22.21 and its two-hundred day moving average is $22.23. The company has a current ratio of 1.29, a quick ratio of 0.52 and a debt-to-equity ratio of 0.43. PBF Energy has a twelve month low of $13.62 and a twelve month high of $42.64.

PBF Energy (NYSE:PBF - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) earnings per share for the quarter, beating the consensus estimate of ($3.50) by $0.41. The company had revenue of $7.07 billion during the quarter, compared to analysts' expectations of $6.27 billion. PBF Energy had a negative return on equity of 15.67% and a negative net margin of 3.30%. The business's quarterly revenue was down 18.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 earnings per share. On average, analysts forecast that PBF Energy will post -1.12 earnings per share for the current year.

PBF Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were issued a $0.275 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.10 annualized dividend and a yield of 4.51%. PBF Energy's payout ratio is currently -12.09%.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital purchased 48,500 shares of the business's stock in a transaction on Thursday, June 5th. The shares were acquired at an average price of $17.99 per share, for a total transaction of $872,515.00. Following the completion of the acquisition, the insider owned 30,823,498 shares in the company, valued at approximately $554,514,729.02. The trade was a 0.16% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. boosted its holdings in PBF Energy by 170.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,728,843 shares of the oil and gas company's stock worth $109,364,000 after acquiring an additional 3,612,447 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of PBF Energy by 14.0% in the first quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company's stock valued at $40,504,000 after purchasing an additional 260,464 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of PBF Energy by 1.7% in the first quarter. American Century Companies Inc. now owns 1,897,910 shares of the oil and gas company's stock valued at $36,231,000 after purchasing an additional 32,285 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of PBF Energy by 12.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,675,273 shares of the oil and gas company's stock valued at $31,981,000 after purchasing an additional 182,456 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in shares of PBF Energy by 12.6% in the fourth quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company's stock valued at $43,690,000 after purchasing an additional 184,194 shares in the last quarter. Institutional investors 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.