PBF Energy (NYSE:PBF) Given "Underweight" Rating at Piper Sandler

Key Points

• Piper Sandler has raised its price target for PBF Energy from $21.00 to $22.00, although it maintains an "underweight" rating, indicating a potential downside of 4.34% from the current price.
• Other analysts have also increased their price targets significantly, with Wells Fargo and Morgan Stanley both setting targets at $24.00, while Citigroup has a more optimistic target of $29.00.
• PBF Energy's recent quarterly earnings report showed a loss of ($1.03) per share but exceeded analyst expectations, with revenues reported at $7.48 billion, surpassing estimates of $6.65 billion.

PBF Energy (NYSE:PBF - Get Free Report)'s stock had its "underweight" rating reissued by equities research analysts at Piper Sandler in a report released on Monday, MarketBeat.com reports. They currently have a $22.00 target price on the oil and gas company's stock, up from their previous target price of $21.00. Piper Sandler's target price would suggest a potential downside of 1.98% from the stock's current price.

PBF has been the subject of several other reports. Citigroup increased their price objective on 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 set a $25.00 price target (up from $16.00) on shares of PBF Energy in a research note on Friday, July 11th. Morgan Stanley boosted their price target on PBF Energy from $20.00 to $24.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Wells Fargo & Company raised their price objective on shares of PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Finally, UBS Group upgraded shares of PBF Energy from a "neutral" rating to a "buy" rating and lifted their target price for the company from $20.00 to $26.00 in a research note on Tuesday, May 13th. Seven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $25.17.

PBF Energy Trading Up 0.7%

PBF Energy stock traded up $0.15 during midday trading on Monday, reaching $22.45. The stock had a trading volume of 599,960 shares, compared to its average volume of 3,147,491. The firm's fifty day simple moving average is $22.96 and its two-hundred day simple moving average is $21.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.31 and a quick ratio of 0.55. PBF Energy has a twelve month low of $13.61 and a twelve month high of $37.99. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of -2.62 and a beta of 0.92.

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, topping the consensus estimate of ($1.19) by $0.16. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%. The business had revenue of $7.48 billion during the quarter, compared to analysts' expectations of $6.65 billion. During the same quarter last year, the firm posted ($0.54) earnings per share. PBF Energy's revenue was down 14.4% compared to the same quarter last year. Equities analysts anticipate that PBF Energy will post -1.12 EPS for the current fiscal year.

Insider Activity at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital bought 48,500 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were acquired at an average cost of $17.99 per share, for a total transaction of $872,515.00. Following the transaction, the insider owned 30,823,498 shares in the company, valued at approximately $554,514,729.02. The trade was a 0.16% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PBF. MassMutual Private Wealth & Trust FSB grew its holdings in shares of 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. Fifth Third Bancorp boosted its holdings in shares of 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 valued at $28,000 after buying an additional 803 shares during the last quarter. Allworth Financial LP grew its stake in shares of PBF Energy by 194.3% in the first quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company's stock valued at $32,000 after buying an additional 1,090 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in PBF Energy during the first quarter worth $35,000. Finally, Neo Ivy Capital Management bought a new stake in PBF Energy during the first quarter worth $37,000. Institutional investors 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.