Wells Fargo & Company Trims PBF Energy (NYSE:PBF) Target Price to $51.00

PBF Energy (NYSE:PBF) had its target price lowered by Wells Fargo & Company from $52.00 to $51.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

Several other equities analysts have also recently weighed in on PBF. UBS Group lowered their price target on PBF Energy from $57.00 to $44.00 and set a neutral rating on the stock in a report on Tuesday, August 13th. Piper Sandler reduced their price objective on PBF Energy from $54.00 to $47.00 and set a neutral rating for the company in a research note on Friday, June 14th. JPMorgan Chase & Co. reduced their price objective on PBF Energy from $58.00 to $53.00 and set an overweight rating for the company in a research note on Tuesday, July 2nd. Mizuho reduced their price objective on PBF Energy from $58.00 to $54.00 and set a neutral rating for the company in a research note on Thursday, June 20th. Finally, Scotiabank reduced their price objective on PBF Energy from $56.00 to $45.00 and set a sector perform rating for the company in a research note on Friday, July 12th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $52.30.

PBF Energy Price Performance

NYSE PBF opened at $32.33 on Tuesday. The business’s fifty day moving average price is $37.87 and its 200-day moving average price is $46.62. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 2.24 and a beta of 1.57. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.75. PBF Energy has a 1-year low of $31.78 and a 1-year high of $62.88.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.39). The firm had revenue of $8.74 billion for the quarter, compared to the consensus estimate of $8.64 billion. PBF Energy had a net margin of 2.09% and a return on equity of 12.81%. PBF Energy’s quarterly revenue was down 4.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.29 earnings per share. On average, equities analysts predict that PBF Energy will post 1.61 earnings per share for the current year.

PBF Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were paid a $0.25 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.00 dividend on an annualized basis and a yield of 3.09%. PBF Energy’s payout ratio is presently 6.92%.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital purchased 403,400 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average price of $44.36 per share, for a total transaction of $17,894,824.00. Following the purchase, the insider now owns 15,286,098 shares of the company’s stock, valued at approximately $678,091,307.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders acquired 2,623,100 shares of company stock worth $108,540,627. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PBF. Norges Bank purchased a new position in shares of PBF Energy during the fourth quarter valued at about $54,832,000. Janus Henderson Group PLC grew its position in shares of PBF Energy by 957.8% during the first quarter. Janus Henderson Group PLC now owns 604,674 shares of the oil and gas company’s stock valued at $34,811,000 after purchasing an additional 547,509 shares in the last quarter. SG Americas Securities LLC grew its position in shares of PBF Energy by 14,785.7% during the first quarter. SG Americas Securities LLC now owns 543,029 shares of the oil and gas company’s stock valued at $31,262,000 after purchasing an additional 539,381 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of PBF Energy by 246.5% during the second quarter. Hsbc Holdings PLC now owns 499,456 shares of the oil and gas company’s stock valued at $22,881,000 after purchasing an additional 355,329 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of PBF Energy by 32.9% during the second quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company’s stock valued at $64,489,000 after purchasing an additional 347,268 shares in the last quarter. Hedge funds and other institutional investors own 96.29% of the company’s stock.

About PBF Energy

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.