PBF Energy (NYSE:PBF) Price Target Raised to $75.00

PBF Energy (NYSE:PBF) had its price target upped by TD Cowen from $73.00 to $75.00 in a research note published on Thursday,Benzinga reports. They currently have a hold rating on the oil and gas company’s stock.

Several other brokerages have also recently commented on PBF. Morgan Stanley boosted their price objective on shares of PBF Energy from $38.00 to $76.00 and gave the company an “underweight” rating in a research note on Monday, September 14th. Zacks Research upgraded shares of PBF Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 23rd. Wall Street Zen raised shares of PBF Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Mizuho raised their price target on shares of PBF Energy from $65.00 to $89.00 and gave the company a “neutral” rating in a report on Thursday, October 8th. Finally, Evercore assumed coverage on shares of PBF Energy in a research report on Friday, July 17th. They set an “in-line” rating and a $58.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, PBF Energy currently has a consensus rating of “Hold” and an average target price of $66.18.

PBF Energy Stock Down 4.1%

Shares of NYSE PBF opened at $76.00 on Thursday. PBF Energy has a 52 week low of $25.62 and a 52 week high of $92.46. The business has a 50-day simple moving average of $77.11 and a two-hundred day simple moving average of $58.43. The company has a quick ratio of 0.67, a current ratio of 1.33 and a debt-to-equity ratio of 0.27. The company has a market cap of $9.01 billion, a P/E ratio of 6.73, a P/E/G ratio of 0.08 and a beta of 0.18.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share for the quarter, beating the consensus estimate of $4.15 by $2.07. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%. The firm had revenue of $11.68 billion for the quarter, compared to analysts’ expectations of $9.61 billion. During the same period in the prior year, the business posted ($1.03) earnings per share. The company’s revenue was up 56.2% on a year-over-year basis. Research analysts anticipate that PBF Energy will post 24.95 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.2750 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Friday, August 14th. PBF Energy’s dividend payout ratio (DPR) is 9.73%.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital sold 490,000 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $71.26, for a total transaction of $34,917,400.00. Following the completion of the transaction, the insider owned 14,992,128 shares of the company’s stock, valued at approximately $1,068,339,041.28. The trade was a 3.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Nimbley sold 468,139 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $69.54, for a total transaction of $32,554,386.06. Following the completion of the transaction, the director owned 793,737 shares in the company, valued at approximately $55,196,470.98. This trade represents a 37.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 4,146,374 shares of company stock valued at $304,686,537. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PBF Energy

Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its holdings in shares of PBF Energy by 11.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company’s stock worth $207,953,000 after acquiring an additional 454,731 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in PBF Energy by 54.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company’s stock worth $153,452,000 after acquiring an additional 1,137,533 shares in the last quarter. Sei Investments Co. grew its position in PBF Energy by 41.4% in the first quarter. Sei Investments Co. now owns 364,700 shares of the oil and gas company’s stock worth $17,367,000 after acquiring an additional 106,819 shares in the last quarter. Empowered Funds LLC increased its stake in PBF Energy by 198.0% in the first quarter. Empowered Funds LLC now owns 355,820 shares of the oil and gas company’s stock valued at $16,944,000 after acquiring an additional 236,418 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in PBF Energy by 4.7% in the first quarter. Principal Financial Group Inc. now owns 186,598 shares of the oil and gas company’s stock valued at $8,886,000 after acquiring an additional 8,361 shares during the last quarter. Institutional investors own 96.29% of the company’s stock.

About PBF Energy

PBF Energy Inc (NYSE:PBF) is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other refined petroleum products. The company purchases crude oil and other feedstocks, processes them at its refineries, and sells the resulting products to branded and unbranded fuel retailers, distributors, wholesalers and commercial customers.

PBF operates refineries in several major U.S. refining regions, including the East Coast, Midwest, Gulf Coast and West Coast.