PBF Energy (NYSE:PBF) Lowered to “Equal Weight” Rating by Wells Fargo & Company

Wells Fargo & Company downgraded shares of PBF Energy (NYSE:PBF) from an overweight rating to an equal weight rating in a research report sent to investors on Monday, Marketbeat.com reports. Wells Fargo & Company currently has $34.00 price objective on the oil and gas company’s stock, down from their previous price objective of $39.00.

Several other research analysts also recently commented on PBF. TD Cowen cut their target price on PBF Energy from $32.00 to $27.00 and set a “hold” rating for the company in a research note on Friday, November 1st. JPMorgan Chase & Co. cut PBF Energy from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $53.00 to $40.00 in a report on Wednesday, October 2nd. Tudor, Pickering, Holt & Co. cut PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, September 9th. Tudor Pickering raised PBF Energy to a “strong sell” rating in a report on Monday, September 9th. Finally, Bank of America initiated coverage on PBF Energy in a report on Thursday, October 17th. They issued an “underperform” rating and a $25.00 price target on the stock. Five investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, PBF Energy currently has an average rating of “Hold” and a consensus price target of $33.27.

PBF Energy Stock Up 1.0 %

Shares of NYSE PBF opened at $30.71 on Monday. PBF Energy has a 52 week low of $27.94 and a 52 week high of $62.88. The business has a 50-day simple moving average of $31.41 and a two-hundred day simple moving average of $36.17. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21. The company has a market cap of $3.54 billion, a P/E ratio of -11.86 and a beta of 1.57.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.41) by ($0.09). PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The company had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the business earned $6.61 EPS. The firm’s revenue for the quarter was down 21.9% compared to the same quarter last year. Research analysts anticipate that PBF Energy will post -2.86 earnings per share for the current fiscal year.

PBF Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.58%. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, November 13th. PBF Energy’s dividend payout ratio (DPR) is currently -42.47%.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital purchased 265,000 shares of PBF Energy stock in a transaction that occurred on Monday, September 23rd. The shares were acquired at an average cost of $31.87 per share, for a total transaction of $8,445,550.00. Following the transaction, the insider now directly owns 23,217,398 shares in the company, valued at $739,938,474.26. The trade was a 1.15 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have bought 3,568,100 shares of company stock valued at $111,183,331. Corporate insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI bought a new stake in shares of PBF Energy in the 2nd quarter worth approximately $26,000. Quarry LP bought a new stake in shares of PBF Energy in the 3rd quarter worth approximately $48,000. CWM LLC grew its position in shares of PBF Energy by 108.6% in the 2nd quarter. CWM LLC now owns 1,093 shares of the oil and gas company’s stock worth $50,000 after buying an additional 569 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of PBF Energy in the 3rd quarter worth approximately $59,000. Finally, Blue Trust Inc. grew its position in shares of PBF Energy by 1,291.1% in the 3rd quarter. Blue Trust Inc. now owns 2,184 shares of the oil and gas company’s stock worth $68,000 after buying an additional 2,027 shares during the last quarter. 96.29% of the stock is currently owned by institutional investors.

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.