PBF Energy (NYSE:PBF) Earns "Underweight" Rating from 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 reaffirmed by stock analysts at Piper Sandler in a report released on Monday, MarketBeat Ratings reports. They presently have a $22.00 price objective on the oil and gas company's stock, up from their previous price objective of $21.00. Piper Sandler's price objective points to a potential downside of 4.54% from the company's previous close.

Several other brokerages have also recently weighed in on PBF. Wells Fargo & Company increased their price target on PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Citigroup raised their target price on PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Mizuho lifted their price target on PBF Energy from $22.00 to $23.00 and gave the company an "underperform" rating in a research report on Tuesday, May 13th. 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. Finally, UBS Group raised PBF Energy from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $20.00 to $26.00 in a research note on Tuesday, May 13th. Seven analysts have rated the stock with a sell rating, seven have issued 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 a consensus price target of $25.17.

PBF Energy Stock Performance

Shares of PBF stock traded down $0.60 during trading on Monday, reaching $23.05. 1,251,320 shares of the company's stock were exchanged, compared to its average volume of 3,154,030. The company has a quick ratio of 0.55, a current ratio of 1.31 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $2.67 billion, a PE ratio of -2.68 and a beta of 0.92. PBF Energy has a twelve month low of $13.61 and a twelve month high of $37.99. The firm's fifty day moving average price is $22.83 and its 200-day moving average price is $21.82.

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 the consensus estimate of ($1.19) by $0.16. The business had revenue of $7.48 billion during the quarter, compared to the consensus estimate of $6.65 billion. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%. The firm's quarterly revenue was down 14.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.54) EPS. As a group, sell-side analysts anticipate that PBF Energy will post -1.12 EPS for the current year.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital purchased 48,500 shares of the stock in a transaction dated Thursday, June 5th. The shares were purchased at an average cost of $17.99 per share, with a total value of $872,515.00. Following the acquisition, the insider directly owned 30,823,498 shares of the company's stock, valued at $554,514,729.02. This represents a 0.16% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.70% of the company's stock.

Hedge Funds Weigh In On PBF Energy

A number of institutional investors have recently bought and sold shares of PBF. MassMutual Private Wealth & Trust FSB lifted 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 during the last quarter. Fifth Third Bancorp raised its stake 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 acquiring an additional 803 shares in the last quarter. Allworth Financial LP raised its stake in shares of PBF Energy by 194.3% during the first quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company's stock valued at $32,000 after acquiring an additional 1,090 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of PBF Energy during the first quarter valued at approximately $35,000. Finally, Neo Ivy Capital Management bought a new stake in shares of PBF Energy during the first quarter valued at approximately $37,000. 96.29% of the stock is owned by institutional investors.

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.