PBF Energy (NYSE:PBF) Stock Price Up 7.7% on Analyst Upgrade

Key Points

• PBF Energy's stock price surged 7.7% after UBS Group raised its price target from $28.00 to $37.00, maintaining a buy rating.
• Analysts have mixed views on PBF Energy, with one analyst giving a buy rating, while others have rated it as hold or sell, with a prevailing average target of $26.38.
• PBF Energy recently announced a quarterly dividend of $0.275 per share, resulting in an annualized yield of 3.4%.

Shares of PBF Energy Inc. (NYSE:PBF - Get Free Report) rose 7.7% during mid-day trading on Tuesday after UBS Group raised their price target on the stock from $28.00 to $37.00. UBS Group currently has a buy rating on the stock. PBF Energy traded as high as $32.90 and last traded at $32.99. Approximately 265,975 shares changed hands during trading, a decline of 92% from the average daily volume of 3,247,284 shares. The stock had previously closed at $30.64.

Other analysts have also issued research reports about the company. Tudor, Pickering, Holt & Co. lowered PBF Energy from a "hold" rating to a "sell" rating and set a $24.00 price objective for the company. in a research note on Monday, September 15th. Bank of America boosted their target price on PBF Energy from $16.00 to $21.00 and gave the company an "underperform" rating in a research note on Wednesday, September 3rd. Piper Sandler lifted their price target on shares of PBF Energy from $22.00 to $29.00 and gave the company an "underweight" rating in a report on Thursday, September 11th. Morgan Stanley raised their target price on shares of PBF Energy from $20.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Mizuho upped their target price on PBF Energy from $23.00 to $26.00 and gave the stock an "underperform" rating in a report on Monday, September 15th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $26.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp raised its holdings in PBF Energy by 125.7% in the 1st quarter. Fifth Third Bancorp now owns 1,442 shares of the oil and gas company's stock worth $28,000 after purchasing an additional 803 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in shares of PBF Energy by 761.0% in the second 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. Allworth Financial LP boosted its stake in 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 worth $32,000 after purchasing an additional 1,090 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of PBF Energy during the first quarter worth $35,000. Finally, Neo Ivy Capital Management bought a new position in shares of PBF Energy during the 1st quarter valued at about $37,000. Institutional investors own 96.29% of the company's stock.

PBF Energy Trading Up 6.5%

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 50-day moving average price of $25.60 and a two-hundred day moving average price of $21.87. The stock has a market cap of $3.77 billion, a PE ratio of -3.80 and a beta of 0.97.

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

PBF Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Thursday, August 14th. PBF Energy's payout ratio is presently -12.81%.

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.

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