JPMorgan Chase & Co. Boosts PBF Energy (NYSE:PBF) Price Target to $59.00

PBF Energy (NYSE:PBF) had its price target hoisted by JPMorgan Chase & Co. from $54.00 to $59.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

A number of other brokerages have also recently commented on PBF. Wells Fargo & Company upped their price target on PBF Energy from $64.00 to $65.00 and gave the stock an overweight rating in a research report on Wednesday, March 20th. Piper Sandler restated a neutral rating and set a $50.00 price objective (down from $65.00) on shares of PBF Energy in a research report on Monday, January 8th. UBS Group dropped their target price on shares of PBF Energy from $53.00 to $49.00 and set a neutral rating for the company in a report on Thursday, December 7th. Bank of America raised PBF Energy from a neutral rating to a buy rating and raised their price target for the company from $52.00 to $74.00 in a report on Friday, March 15th. Finally, Citigroup started coverage on PBF Energy in a research note on Wednesday, January 24th. They issued a neutral rating for the company. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $56.00.

PBF Energy Price Performance

NYSE PBF opened at $61.28 on Monday. The company has a 50-day moving average price of $51.82 and a 200-day moving average price of $47.89. The company has a quick ratio of 0.81, a current ratio of 1.56 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $7.33 billion, a P/E ratio of 3.73 and a beta of 1.73. PBF Energy has a 52 week low of $31.25 and a 52 week high of $61.83.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results on Thursday, February 15th. The oil and gas company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.49). The business had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $8.65 billion. PBF Energy had a return on equity of 23.69% and a net margin of 5.59%. The company’s revenue was down 15.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.41 EPS. Equities research analysts anticipate that PBF Energy will post 6.13 earnings per share for the current year.

PBF Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Thursday, February 29th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.00 annualized dividend and a yield of 1.63%. PBF Energy’s dividend payout ratio is currently 6.08%.

Insider Activity

In related news, insider Control Empresarial De Capital bought 770,000 shares of the business’s stock in a transaction dated Tuesday, January 16th. The shares were purchased at an average price of $42.95 per share, with a total value of $33,071,500.00. Following the transaction, the insider now owns 13,832,998 shares in the company, valued at approximately $594,127,264.10. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Connor Thomas L. O sold 40,000 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $55.87, for a total value of $2,234,800.00. Following the sale, the senior vice president now directly owns 160,338 shares in the company, valued at $8,958,084.06. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Control Empresarial De Capital acquired 770,000 shares of the business’s stock in a transaction on Tuesday, January 16th. The stock was acquired at an average cost of $42.95 per share, for a total transaction of $33,071,500.00. Following the transaction, the insider now directly owns 13,832,998 shares in the company, valued at $594,127,264.10. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 1,268,200 shares of company stock valued at $54,251,872 and sold 180,000 shares valued at $10,074,600. Corporate insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PBF. Quadrature Capital Ltd bought a new position in PBF Energy in the 4th quarter worth about $497,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in PBF Energy by 205.8% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 231,800 shares of the oil and gas company’s stock worth $10,190,000 after purchasing an additional 156,000 shares during the period. Vanguard Group Inc. raised its position in PBF Energy by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 11,700,449 shares of the oil and gas company’s stock valued at $514,352,000 after purchasing an additional 69,422 shares in the last quarter. Creekmur Asset Management LLC purchased a new stake in shares of PBF Energy in the 4th quarter worth $29,000. Finally, Neo Ivy Capital Management bought a new position in shares of PBF Energy during the 4th quarter worth $571,000. 96.29% of the stock is currently 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.