PBF Energy (NYSE:PBF) Trading Up 10% Following Analyst Upgrade

Key Points

• PBF Energy's stock surged by 10% after Goldman Sachs raised its price target from $25.00 to $30.00, currently rated as neutral.
• Several analysts have expressed varying sentiments on the company, with UBS Group raising its target to $37.00 and Weiss Ratings issuing a "sell" recommendation.
• The company's recent quarterly earnings showed a loss of ($1.03) EPS, although it exceeded consensus estimates, with revenues of $7.48 billion for the quarter.

Shares of PBF Energy Inc. (NYSE:PBF - Get Free Report) were up 10% during trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $25.00 to $30.00. The Goldman Sachs Group currently has a neutral rating on the stock. PBF Energy traded as high as $32.71 and last traded at $32.43. Approximately 562,535 shares were traded during trading, a decline of 82% from the average daily volume of 3,211,209 shares. The stock had previously closed at $29.48.

A number of other analysts have also recently issued reports on PBF. UBS Group lifted their target price on shares of PBF Energy from $28.00 to $37.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Wells Fargo & Company lifted their target price on shares of PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Weiss Ratings reiterated a "sell (d+)" rating on shares of PBF Energy in a research note on Wednesday, October 8th. Citigroup lifted their target price on shares of PBF Energy from $16.00 to $29.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Finally, Piper Sandler lifted their target price on shares of PBF Energy from $22.00 to $29.00 and gave the company an "underweight" rating in a research note on Thursday, September 11th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and eight have issued a Sell rating to the stock. According to data from MarketBeat, PBF Energy currently has an average rating of "Reduce" and an average price target of $26.75.

Insiders Place Their Bets

In related news, SVP Trecia M. Canty sold 50,000 shares of the business's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $34.13, for a total transaction of $1,706,500.00. Following the transaction, the senior vice president owned 173,332 shares of the company's stock, valued at approximately $5,915,821.16. The trade was a 22.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Connor Thomas L. O sold 30,000 shares of the business's stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $34.00, for a total transaction of $1,020,000.00. Following the transaction, the senior vice president directly owned 207,984 shares in the company, valued at $7,071,456. This trade represents a 12.61% decrease in their position. The disclosure for this sale can be found here. Insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently bought and sold shares of PBF. Farther Finance Advisors LLC boosted its stake in shares of PBF Energy by 25.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,609 shares of the oil and gas company's stock valued at $57,000 after purchasing an additional 522 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of PBF Energy by 11.6% in the 3rd quarter. GAMMA Investing LLC now owns 5,041 shares of the oil and gas company's stock valued at $152,000 after purchasing an additional 525 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of PBF Energy by 4.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 13,220 shares of the oil and gas company's stock valued at $286,000 after purchasing an additional 527 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of PBF Energy by 5.7% in the 2nd quarter. Bank of Montreal Can now owns 11,734 shares of the oil and gas company's stock valued at $254,000 after purchasing an additional 629 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in shares of PBF Energy by 8.1% in the 2nd quarter. Signaturefd LLC now owns 8,872 shares of the oil and gas company's stock valued at $192,000 after purchasing an additional 664 shares in the last quarter. Institutional investors own 96.29% of the company's stock.

PBF Energy Price Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.55 and a current ratio of 1.31. The company's 50 day moving average price is $28.38 and its 200 day moving average price is $23.39. The company has a market cap of $3.82 billion, a price-to-earnings ratio of -3.82 and a beta of 0.85.

PBF Energy (NYSE:PBF - Get Free Report) last issued its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, beating the consensus estimate 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 previous year, the company earned ($0.54) EPS. The firm's revenue for the quarter was down 14.4% compared to the same quarter last year. On average, equities research analysts predict that PBF Energy Inc. will post -1.12 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Thursday, August 14th. PBF Energy's payout ratio is currently -12.81%.

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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