PBF Energy (NYSE:PBF) Stock Price Expected to Rise, Piper Sandler Analyst Says

Key Points

• Analysts at Piper Sandler have raised their price target for PBF Energy from $22.00 to $29.00, indicating a potential upside of 1.44% from the current stock price.
• Multiple firms, including Bank of America and Citigroup, have also adjusted their price targets, with a range from $21.00 to $29.00, resulting in varied ratings from "underperform" to "neutral."
• PBF Energy's latest earnings report showed a revenue of $7.48 billion for the quarter, exceeding analysts' estimates, but the company's quarterly revenue was down 14.4% year-over-year.

PBF Energy (NYSE:PBF - Get Free Report) had its price objective boosted by analysts at Piper Sandler from $22.00 to $29.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "underweight" rating on the oil and gas company's stock. Piper Sandler's price objective would indicate a potential upside of 1.44% from the stock's current price.

Several other research firms have also issued reports on PBF. Bank of America increased their target price on PBF Energy from $16.00 to $21.00 and gave the stock an "underperform" rating in a report on Wednesday, September 3rd. Citigroup increased their target price on PBF Energy from $16.00 to $29.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Morgan Stanley raised their price objective on PBF Energy from $20.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Scotiabank reiterated a "sector perform" rating and issued a $25.00 target price (up from $16.00) on shares of PBF Energy in a report on Friday, July 11th. Finally, Wells Fargo & Company lifted their target price on PBF Energy from $21.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, PBF Energy has an average rating of "Reduce" and an average target price of $25.42.

PBF Energy Stock Performance

PBF stock traded up $0.42 during trading hours on Thursday, hitting $28.59. 279,375 shares of the stock were exchanged, compared to its average volume of 3,216,853. The company has a current ratio of 1.31, a quick ratio of 0.55 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $3.31 billion, a P/E ratio of -3.33 and a beta of 0.98. The company has a 50-day simple moving average of $25.02 and a two-hundred day simple moving average of $21.41. PBF Energy has a 12 month low of $13.61 and a 12 month high of $34.31.

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

Institutional Trading of PBF Energy

Hedge funds have recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB raised its stake in shares of 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 valued at $31,000 after purchasing an additional 1,248 shares during the period. Fifth Third Bancorp raised its stake in shares of 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 valued at $28,000 after purchasing an additional 803 shares during the period. Allworth Financial LP raised its holdings in shares of PBF Energy by 194.3% in the 1st quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company's stock valued at $32,000 after acquiring an additional 1,090 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of PBF Energy in the 1st quarter valued at about $35,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of PBF Energy in the 1st quarter valued at about $37,000. 96.29% of the stock is currently owned by institutional investors.

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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