PBF Energy (NYSE:PBF) Upgraded to Buy by Bank of America

PBF Energy (NYSE:PBF) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Monday, January 6th, Marketbeat Ratings reports.

Other analysts have also issued research reports about the company. Raymond James reaffirmed an “outperform” rating and issued a $39.00 price target (up previously from $34.00) on shares of PBF Energy in a research note on Friday, November 1st. Royal Bank of Canada reissued a “hold” rating and issued a $32.00 price objective on shares of PBF Energy in a research note on Sunday, December 22nd. Wells Fargo & Co boosted their target price on PBF Energy from $39.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. set a $30.00 target price on PBF Energy and gave the stock a “sell” rating in a research report on Friday, November 1st. Finally, Tudor Pickering upgraded PBF Energy from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Monday, December 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. PBF Energy has a consensus rating of “Buy” and an average price target of $37.30.

Shares of NYSE PBF opened at $31.52 on Monday. The company has a market cap of $3.79 billion, a P/E ratio of 9.67, a P/E/G ratio of 1.06 and a beta of 1.58. The company has a quick ratio of 0.64, a current ratio of 1.56 and a debt-to-equity ratio of 0.65. PBF Energy has a 12 month low of $21.09 and a 12 month high of $37.03. The business’s 50 day moving average is $31.33 and its two-hundred day moving average is $28.49.

PBF Energy (NYSE:PBF) last released its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.29 billion. PBF Energy had a positive return on equity of 4.77% and a negative net margin of 0.36%. PBF Energy’s quarterly revenue was down 15.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.13 earnings per share. Sell-side analysts expect that PBF Energy will post 0.87 earnings per share for the current fiscal year.

In other news, insider Carso S.A. De C.V. Inversora acquired 5,028 shares of PBF Energy stock in a transaction dated Monday, November 11th. The stock was bought at an average cost of $32.56 per share, with a total value of $163,711.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 2,292,385 shares of company stock valued at $71,434,520 over the last ninety days. 3.50% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PBF. Advisor Group Inc. increased its stake in shares of PBF Energy by 58.2% during the second quarter. Advisor Group Inc. now owns 2,932 shares of the oil and gas company’s stock worth $92,000 after purchasing an additional 1,079 shares during the period. Russell Investments Group Ltd. increased its stake in shares of PBF Energy by 0.4% during the second quarter. Russell Investments Group Ltd. now owns 376,809 shares of the oil and gas company’s stock worth $11,779,000 after purchasing an additional 1,407 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of PBF Energy by 1.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 894,728 shares of the oil and gas company’s stock worth $28,005,000 after purchasing an additional 16,104 shares during the period. Quantamental Technologies LLC bought a new position in shares of PBF Energy during the second quarter worth approximately $108,000. Finally, Pitcairn Co. bought a new position in PBF Energy during the 2nd quarter worth $284,000. 79.91% of the stock is owned by institutional investors.

PBF Energy Company Profile

PBF Energy, Inc engages in the operation of a petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. It operates through the Refining and Logistics segments. The Refining segment refines crude oil and other feedstocks into petroleum products.

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Analyst Recommendations for PBF Energy (NYSE:PBF)

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