PBF Energy (NYSE:PBF) Price Target Raised to $29.00

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 target raised by equities research analysts at Piper Sandler from $22.00 to $29.00 in a research report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has an "underweight" rating on the oil and gas company's stock. Piper Sandler's target price indicates a potential downside of 4.30% from the company's previous close.

Several other research analysts also recently issued reports on PBF. Citigroup upped their price target on shares of PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Scotiabank reaffirmed a "sector perform" rating and issued a $25.00 price objective (up previously from $16.00) on shares of PBF Energy in a research note on Friday, July 11th. Bank of America raised their price objective on shares of PBF Energy from $16.00 to $21.00 and gave the company an "underperform" rating in a report on Wednesday, September 3rd. Morgan Stanley boosted their target price on shares of PBF Energy from $20.00 to $24.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company increased their price objective on PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $25.54.

PBF Energy Price Performance

Shares of PBF stock traded up $2.38 on Thursday, hitting $30.30. 2,039,725 shares of the company's stock were exchanged, compared to its average volume of 3,228,040. PBF Energy has a 12 month low of $13.61 and a 12 month high of $34.31. 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 company has a 50 day moving average of $25.25 and a 200 day moving average of $21.52. The stock has a market cap of $3.51 billion, a P/E ratio of -3.52 and a beta of 0.97.

PBF Energy (NYSE:PBF - Get Free Report) last posted its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, topping analysts' consensus estimates of ($1.19) by $0.16. The firm had revenue of $7.48 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.54) earnings per share. On average, equities research analysts predict that PBF Energy will post -1.12 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp grew its holdings in shares of PBF Energy by 125.7% during the first quarter. Fifth Third Bancorp now owns 1,442 shares of the oil and gas company's stock valued at $28,000 after buying an additional 803 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in PBF Energy by 761.0% in 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 acquiring an additional 1,248 shares in the last quarter. Allworth Financial LP boosted its stake 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 valued at $32,000 after purchasing an additional 1,090 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in PBF Energy during the 1st quarter worth approximately $35,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of PBF Energy in the first quarter worth approximately $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.