PBF Energy (NYSE:PBF) Shares Down 9.8%

PBF Energy Inc (NYSE:PBF) shares dropped 9.8% during mid-day trading on Wednesday . The company traded as low as $6.19 and last traded at $6.19. Approximately 6,208,235 shares traded hands during mid-day trading, an increase of 43% from the average daily volume of 4,349,640 shares. The stock had previously closed at $6.86.

PBF has been the topic of a number of research reports. Royal Bank of Canada dropped their price objective on shares of PBF Energy from $10.00 to $9.00 and set a “sector perform” rating on the stock in a report on Monday, August 3rd. Mizuho cut their price objective on PBF Energy from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. cut their price objective on PBF Energy from $8.00 to $6.00 and set an “underweight” rating for the company in a research report on Friday, September 11th. Goldman Sachs Group downgraded PBF Energy from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $12.00 to $10.00 in a research report on Tuesday, June 23rd. Finally, Morgan Stanley cut their price objective on PBF Energy from $12.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 11th. Seven investment analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.80.

The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.87 and a current ratio of 1.66. The business has a fifty day simple moving average of $8.33 and a 200 day simple moving average of $9.40. The company has a market cap of $744.92 million, a P/E ratio of -1.32 and a beta of 2.58.

PBF Energy (NYSE:PBF) last released its earnings results on Friday, July 31st. The oil and gas company reported ($3.19) EPS for the quarter, missing analysts’ consensus estimates of ($2.00) by ($1.19). PBF Energy had a negative return on equity of 11.97% and a negative net margin of 2.70%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.89 billion. During the same period in the prior year, the business earned $0.83 EPS. The company’s quarterly revenue was down 61.6% on a year-over-year basis. Equities research analysts expect that PBF Energy Inc will post -7.78 EPS for the current year.

In other news, insider Control Empresarial De Capital bought 150,000 shares of the stock in a transaction on Wednesday, September 9th. The stock was purchased at an average price of $7.26 per share, for a total transaction of $1,089,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders purchased 353,500 shares of company stock valued at $2,619,140. 4.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC lifted its position in shares of PBF Energy by 53.7% in the 1st quarter. Acadian Asset Management LLC now owns 10,806 shares of the oil and gas company’s stock worth $77,000 after purchasing an additional 3,774 shares during the period. AGF Investments Inc. purchased a new stake in PBF Energy in the first quarter worth about $84,000. Levin Capital Strategies L.P. purchased a new stake in PBF Energy in the first quarter worth about $88,000. Teza Capital Management LLC purchased a new stake in PBF Energy in the second quarter worth about $111,000. Finally, Vident Investment Advisory LLC purchased a new stake in PBF Energy in the first quarter worth about $115,000. Institutional investors and hedge funds own 79.39% of the company’s stock.

About PBF Energy (NYSE:PBF)

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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