PBF Energy (NYSE:PBF) Given New $61.00 Price Target at Piper Sandler

PBF Energy (NYSE:PBF) had its price target upped by Piper Sandler from $50.00 to $61.00 in a report published on Friday, Benzinga reports. The firm currently has a neutral rating on the oil and gas company’s stock.

A number of other research firms have also issued reports on PBF. UBS Group decreased their target price on PBF Energy from $53.00 to $49.00 and set a neutral rating for the company in a report on Thursday, December 7th. Mizuho lowered shares of PBF Energy from a buy rating to a neutral rating and upped their target price for the stock from $53.00 to $58.00 in a research note on Friday, March 22nd. TD Cowen raised their target price on shares of PBF Energy from $35.00 to $41.00 and gave the company a market perform rating in a report on Friday, February 16th. Wells Fargo & Company raised their price objective on shares of PBF Energy from $64.00 to $65.00 and gave the company an overweight rating in a report on Wednesday, March 20th. Finally, Citigroup began coverage on PBF Energy in a report on Wednesday, January 24th. They set a neutral rating for the company. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, PBF Energy has an average rating of Hold and an average target price of $57.10.

PBF Energy Price Performance

PBF stock opened at $60.30 on Friday. The business’s fifty day moving average price is $52.62 and its 200 day moving average price is $48.01. PBF Energy has a 12-month low of $31.25 and a 12-month high of $62.88. The company has a current ratio of 1.56, a quick ratio of 0.81 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $7.21 billion, a PE ratio of 3.67 and a beta of 1.73.

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 (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.49). PBF Energy had a return on equity of 23.69% and a net margin of 5.59%. The business had revenue of $9.14 billion for the quarter, compared to analyst estimates of $8.65 billion. During the same period in the prior year, the company posted $4.41 EPS. The firm’s revenue for the quarter was down 15.7% compared to the same quarter last year. On average, sell-side analysts anticipate that PBF Energy will post 6.22 EPS for the current year.

PBF Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Thursday, February 29th were paid a $0.25 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.00 annualized dividend and a dividend yield of 1.66%. PBF Energy’s dividend payout ratio (DPR) is currently 6.08%.

Insider Activity

In other news, SVP Paul T. Davis sold 100,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $56.37, for a total value of $5,637,000.00. Following the completion of the sale, the senior vice president now owns 110,978 shares in the company, valued at approximately $6,255,829.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other PBF Energy news, SVP Paul T. Davis sold 100,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $56.37, for a total value of $5,637,000.00. Following the completion of the sale, the senior vice president now owns 110,978 shares of the company’s stock, valued at $6,255,829.86. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Control Empresarial De Capital bought 770,000 shares of the firm’s stock in a transaction on Tuesday, January 16th. The shares were bought at an average price of $42.95 per share, for a total transaction of $33,071,500.00. Following the completion of the transaction, the insider now directly owns 13,832,998 shares in the company, valued at approximately $594,127,264.10. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 1,268,200 shares of company stock valued at $54,251,872 and have sold 180,000 shares valued at $10,074,600. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in PBF Energy by 527.4% in the 3rd quarter. Victory Capital Management Inc. now owns 526,671 shares of the oil and gas company’s stock valued at $28,193,000 after purchasing an additional 442,730 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of PBF Energy in the fourth quarter valued at $1,829,000. HITE Hedge Asset Management LLC purchased a new stake in shares of PBF Energy in the 4th quarter worth about $3,936,000. Jump Financial LLC increased its holdings in PBF Energy by 199.3% during the 3rd quarter. Jump Financial LLC now owns 16,281 shares of the oil and gas company’s stock valued at $872,000 after acquiring an additional 10,842 shares in the last quarter. Finally, FMR LLC raised its position in PBF Energy by 91.3% during the third quarter. FMR LLC now owns 904,537 shares of the oil and gas company’s stock worth $48,420,000 after acquiring an additional 431,801 shares during the last quarter. 96.29% of the stock is currently owned by institutional investors and hedge funds.

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.