PBF Energy (NYSE:PBF) Trading 7.1% Higher on Analyst Upgrade

Key Points

• PBF Energy's stock rose by 7.1% following an upgrade from Mizuho, which increased its price target from $23.00 to $26.00, despite still holding an underperform rating on the stock.
• Institutional interest is high, with 96.29% of the stock currently owned by institutional investors, including significant increases in holdings by T. Rowe Price and AQR Capital Management.
• PBF Energy reported a loss of $1.03 per share for the last quarter but exceeded analysts' expectations for revenue, which totaled $7.48 billion, down 14.4% year-over-year.

PBF Energy Inc. (NYSE:PBF - Get Free Report) shares traded up 7.1% on Tuesday after Mizuho raised their price target on the stock from $23.00 to $26.00. Mizuho currently has an underperform rating on the stock. PBF Energy traded as high as $29.82 and last traded at $29.90. 355,118 shares traded hands during trading, a decline of 89% from the average session volume of 3,218,772 shares. The stock had previously closed at $27.92.

Several other research firms have also recently weighed in on PBF. Piper Sandler boosted their price objective 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 boosted their price objective on shares of PBF Energy from $20.00 to $24.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Bank of America boosted 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. Wells Fargo & Company boosted their price objective on shares of PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, Scotiabank restated a "sector perform" rating and set a $25.00 target price (up from $16.00) on shares of PBF Energy in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $25.54.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds have recently modified their holdings of PBF. T. Rowe Price Investment Management Inc. boosted its position in shares of 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 purchasing an additional 3,612,447 shares during the period. AQR Capital Management LLC boosted its position in shares of PBF Energy by 230.7% in the second quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company's stock worth $45,183,000 after purchasing an additional 1,454,500 shares during the period. Norges Bank bought a new position in shares of PBF Energy in the second quarter worth approximately $24,599,000. BNP Paribas Financial Markets boosted its position in shares of PBF Energy by 276.2% in the second quarter. BNP Paribas Financial Markets now owns 1,028,799 shares of the oil and gas company's stock worth $22,294,000 after purchasing an additional 755,310 shares during the period. Finally, Nuveen LLC bought a new position in shares of PBF Energy in the first quarter worth approximately $13,600,000. 96.29% of the stock is currently owned by institutional investors.

PBF Energy Trading Up 9.2%

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's 50-day simple moving average is $25.25 and its two-hundred day simple moving average is $21.52. The firm has a market capitalization of $3.53 billion, a P/E ratio of -3.55 and a beta of 0.97.

PBF Energy (NYSE:PBF - Get Free Report) last issued its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share for the quarter, topping 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 firm had revenue of $7.48 billion during the quarter, compared to analyst estimates of $6.65 billion. During the same quarter in the prior year, the business earned ($0.54) earnings per share. PBF Energy's revenue for the quarter was down 14.4% on a year-over-year basis. Equities research analysts expect that PBF Energy Inc. will post -1.12 EPS for the current year.

PBF Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Thursday, August 14th were given a dividend of $0.275 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.6%. PBF Energy's dividend payout ratio is currently -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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