PBF Energy (NYSE:PBF) Given New $34.00 Price Target at Scotiabank

PBF Energy (NYSE:PBF) had its price objective upped by Scotiabank from $28.00 to $34.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a sector perform rating on the oil and gas company’s stock.

PBF has been the subject of a number of other research reports. Tudor Pickering raised shares of PBF Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, February 13th. Wall Street Zen cut shares of PBF Energy from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Mizuho increased their price objective on shares of PBF Energy from $38.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Zacks Research raised shares of PBF Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Finally, Citigroup increased their price objective on shares of PBF Energy from $29.00 to $36.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, PBF Energy presently has a consensus rating of “Reduce” and a consensus price target of $34.00.

PBF Energy Stock Performance

PBF Energy stock opened at $40.36 on Wednesday. The firm has a 50 day simple moving average of $41.62 and a 200-day simple moving average of $35.43. PBF Energy has a 1-year low of $15.58 and a 1-year high of $52.18. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.21 and a quick ratio of 0.51. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of -27.46, a price-to-earnings-growth ratio of 0.25 and a beta of 0.25.

PBF Energy (NYSE:PBF) last posted its quarterly earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.64. PBF Energy had a negative net margin of 0.54% and a negative return on equity of 8.86%. The business had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $7.17 billion. During the same quarter in the prior year, the company posted ($2.82) EPS. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts expect that PBF Energy will post 4.15 EPS for the current year.

PBF Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 11th. Stockholders of record on Wednesday, February 25th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Wednesday, February 25th. PBF Energy’s dividend payout ratio (DPR) is presently -74.83%.

Insider Buying and Selling

In other news, insider Control Empresarial De Capital sold 70,000 shares of the stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $47.10, for a total value of $3,297,000.00. Following the sale, the insider directly owned 19,253,698 shares in the company, valued at approximately $906,849,175.80. This trade represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas J. Nimbley sold 50,000 shares of the stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $50.62, for a total value of $2,531,000.00. Following the completion of the sale, the director owned 790,716 shares in the company, valued at approximately $40,026,043.92. The trade was a 5.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,051,825 shares of company stock valued at $486,676,087 in the last three months. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PBF Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC raised its holdings in shares of PBF Energy by 197.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 887 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 589 shares in the last quarter. Torren Management LLC acquired a new stake in shares of PBF Energy in the 4th quarter valued at $30,000. Deseret Mutual Benefit Administrators raised its holdings in shares of PBF Energy by 62.3% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,146 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 440 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of PBF Energy in the 4th quarter valued at $31,000. Finally, Hantz Financial Services Inc. raised its holdings in shares of PBF Energy by 235.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,299 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 912 shares in the last quarter. 96.29% of the stock is currently owned by institutional investors and hedge funds.

PBF Energy Company Profile

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.