Zacks Investment Research Upgrades PBF Energy Inc (NYSE:PBF) to “Hold”
PBF Energy Inc (NYSE:PBF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “PBF Energy Inc. operates as a petroleum refiner and supplier. The Company offers unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. Its refineries are located in Toledo, Ohio, Delaware City, Delaware and Paulsboro, New Jersey. The company sells its products in the northeast and Midwest United States, as well as in other regions of the United States and Canada. PBF Energy Inc. is based in Parsippany, New Jersey. “
Several other research firms have also recently weighed in on PBF. Scotiabank set a $24.00 target price on PBF Energy and gave the stock a “buy” rating in a research note on Monday, June 26th. Citigroup Inc. decreased their target price on PBF Energy from $37.50 to $33.50 and set a “buy” rating for the company in a research note on Monday. Credit Suisse Group cut PBF Energy from a “neutral” rating to an “underperform” rating and set a $18.00 target price for the company. in a research note on Tuesday, June 20th. BidaskClub upgraded PBF Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $20.00 target price on shares of PBF Energy in a research note on Friday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. PBF Energy currently has an average rating of “Hold” and a consensus price target of $23.39.
PBF Energy (NYSE:PBF) opened at 22.35 on Tuesday. PBF Energy has a 12-month low of $18.48 and a 12-month high of $30.98. The firm has a market cap of $2.45 billion, a P/E ratio of 13.38 and a beta of 1.39. The stock’s 50 day moving average is $21.39 and its 200 day moving average is $22.95.
PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, May 4th. The oil and gas company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.26. The firm had revenue of $4.75 billion during the quarter, compared to analysts’ expectations of $4.29 billion. PBF Energy had a negative return on equity of 6.30% and a negative net margin of 0.42%. The firm’s revenue was up 69.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.65) earnings per share. On average, equities research analysts expect that PBF Energy will post $0.60 EPS for the current year.
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In other news, insider Connor Thomas L. O purchased 10,000 shares of the business’s stock in a transaction on Friday, May 26th. The shares were bought at an average price of $20.17 per share, with a total value of $201,700.00. Following the completion of the transaction, the insider now directly owns 105,135 shares in the company, valued at approximately $2,120,572.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas J. Nimbley purchased 50,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were purchased at an average cost of $19.69 per share, for a total transaction of $984,500.00. Following the transaction, the chief executive officer now owns 290,000 shares of the company’s stock, valued at $5,710,100. The disclosure for this purchase can be found here. Insiders own 2.55% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PBF. Nomura Asset Management Co. Ltd. raised its position in PBF Energy by 50.0% in the first quarter. Nomura Asset Management Co. Ltd. now owns 4,740 shares of the oil and gas company’s stock worth $105,000 after buying an additional 1,580 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. bought a new position in PBF Energy during the first quarter worth about $113,000. Creative Planning raised its position in PBF Energy by 92.7% in the second quarter. Creative Planning now owns 5,203 shares of the oil and gas company’s stock worth $116,000 after buying an additional 2,503 shares during the last quarter. US Bancorp DE raised its position in PBF Energy by 35.6% in the first quarter. US Bancorp DE now owns 8,928 shares of the oil and gas company’s stock worth $198,000 after buying an additional 2,346 shares during the last quarter. Finally, IMS Capital Management bought a new position in PBF Energy during the first quarter worth about $207,000.
PBF Energy Company Profile
PBF Energy Inc (PBF Energy) is a holding company. The Company is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company operates through two segments: Refining and Logistics.
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