PBF Energy (NYSE:PBF) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded PBF Energy from Hold to Strong-Buy, adding to a broader wave of bullish attention from recent Zacks rankings and stock screens.
• Despite the upgrade, Wall Street is still cautious overall: MarketBeat shows a consensus rating of Hold with an average price target of $45.62, even though some firms have raised targets sharply.
• PBF’s recent fundamentals were mixed—the company missed EPS expectations in its last quarterly report but beat revenue estimates, and the stock has also seen notable insider selling alongside heavy hedge fund ownership.

PBF Energy (NYSE:PBF - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Thursday,Zacks.com reports.

Several other research firms have also issued reports on PBF. Evercore started coverage on PBF Energy in a research note on Friday, July 17th. They set an "in-line" rating and a $58.00 price objective for the company. The Goldman Sachs Group upped their target price on PBF Energy from $51.00 to $71.00 and gave the stock a "neutral" rating in a research note on Thursday. Morgan Stanley raised their price target on PBF Energy from $34.00 to $38.00 and gave the company an "underweight" rating in a report on Friday, June 12th. Wall Street Zen upgraded PBF Energy from a "hold" rating to a "buy" rating in a research report on Wednesday. Finally, TD Cowen boosted their price objective on PBF Energy from $39.00 to $68.00 and gave the stock a "hold" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, PBF Energy currently has a consensus rating of "Hold" and an average target price of $45.62.

PBF Energy Stock Down 0.3%

Shares of NYSE:PBF opened at $61.74 on Thursday. The firm has a fifty day moving average price of $46.67 and a two-hundred day moving average price of $41.64. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.31 and a quick ratio of 0.62. PBF Energy has a one year low of $21.24 and a one year high of $68.33. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 0.10 and a beta of 0.11.

PBF Energy (NYSE:PBF - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing analysts' consensus estimates of ($0.79) by ($0.09). The firm had revenue of $7.90 billion for the quarter, compared to analysts' expectations of $7.32 billion. PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. The firm's revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the firm earned ($3.53) earnings per share. Analysts anticipate that PBF Energy will post 10.94 EPS for the current fiscal year.

Insider Transactions at PBF Energy

In related news, insider Control Empresarial De Capital sold 570,000 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $46.36, for a total value of $26,425,200.00. Following the transaction, the insider owned 17,142,128 shares of the company's stock, valued at $794,709,054.08. This represents a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 3,541,570 shares of company stock valued at $165,787,386 in the last ninety days. 5.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently modified their holdings of PBF. Goldman Sachs Group Inc. grew its position in PBF Energy by 127.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company's stock valued at $171,595,000 after acquiring an additional 3,550,820 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of PBF Energy by 81.7% in the 4th quarter. Hsbc Holdings PLC now owns 67,674 shares of the oil and gas company's stock worth $1,840,000 after acquiring an additional 30,430 shares during the last quarter. Brandywine Global Investment Management LLC lifted its holdings in shares of PBF Energy by 351.3% in the 4th quarter. Brandywine Global Investment Management LLC now owns 265,493 shares of the oil and gas company's stock worth $7,200,000 after acquiring an additional 206,666 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in shares of PBF Energy in the 4th quarter valued at $1,485,000. Finally, Jefferies Financial Group Inc. boosted its stake in shares of PBF Energy by 7,210.8% in the 4th quarter. Jefferies Financial Group Inc. now owns 628,215 shares of the oil and gas company's stock valued at $17,037,000 after purchasing an additional 619,622 shares in the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

More PBF Energy News

Here are the key news stories impacting PBF Energy this week:

• Positive Sentiment: PBF was added to multiple Zacks Rank #1 (Strong Buy) lists on July 24, including momentum, value, income, and general strong-buy screens, which can boost trader interest and signal improving analyst sentiment. Article Title
• Positive Sentiment: Several Zacks pieces highlighted PBF as a top-ranked growth, value, income, and momentum stock, reinforcing the idea that the name is screening well across multiple investment styles. Article Title
• Positive Sentiment: PBF was featured in a “Best Momentum Stocks” article and noted as being up strongly over the past week, suggesting short-term buying momentum remains intact. Article Title
• Neutral Sentiment: One article compared PBF’s year-to-date performance with peers like Phillips 66, which is mainly a relative-performance check and not a direct catalyst. Article Title
• Neutral Sentiment: Another note said PBF does not have the ideal setup for a likely earnings beat ahead of next week’s report, so investors may remain cautious until the company releases results. Article Title
• Negative Sentiment: Seeking Alpha published an earnings preview titled “Don’t Get Trapped At The Top”, which suggests some skepticism about upside after the recent run-up. Article Title

About PBF Energy

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.

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