The Goldman Sachs Group Cuts PBF Energy (NYSE:PBF) Price Target to $23.00

PBF Energy (NYSE:PBF) had its price objective reduced by The Goldman Sachs Group from $28.00 to $23.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the oil and gas company’s stock.

A number of other analysts have also issued reports on the stock. Wells Fargo & Company cut their price target on shares of PBF Energy from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Piper Sandler lowered their price objective on PBF Energy from $24.00 to $23.00 and set an “underweight” rating for the company in a research report on Friday, March 7th. Mizuho lowered shares of PBF Energy from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $33.00 to $31.00 in a research note on Monday, December 16th. Morgan Stanley cut their price target on shares of PBF Energy from $31.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, March 14th. Finally, JPMorgan Chase & Co. reduced their price objective on PBF Energy from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Seven research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $26.36.

PBF Energy Stock Down 1.9 %

Shares of NYSE PBF opened at $18.98 on Thursday. The company has a 50 day simple moving average of $24.28 and a 200-day simple moving average of $28.21. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 0.54. The company has a market capitalization of $2.19 billion, a P/E ratio of -4.03 and a beta of 1.62. PBF Energy has a 1 year low of $18.82 and a 1 year high of $62.88.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, February 13th. The oil and gas company reported ($2.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.80) by ($1.02). PBF Energy had a negative net margin of 1.61% and a negative return on equity of 7.40%. The company had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.25 billion. On average, equities research analysts predict that PBF Energy will post -1.12 earnings per share for the current year.

PBF Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date of this dividend was Thursday, February 27th. PBF Energy’s dividend payout ratio is presently -23.35%.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital purchased 155,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average price of $20.20 per share, for a total transaction of $3,131,000.00. Following the acquisition, the insider now directly owns 30,249,998 shares in the company, valued at approximately $611,049,959.60. The trade was a 0.52 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders acquired 651,000 shares of company stock valued at $17,480,400. Corporate insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp lifted its position in shares of PBF Energy by 2,119.6% in the fourth quarter. Van ECK Associates Corp now owns 411,307 shares of the oil and gas company’s stock valued at $10,920,000 after acquiring an additional 392,776 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in PBF Energy during the third quarter worth approximately $2,404,000. Wealthfront Advisers LLC purchased a new stake in PBF Energy in the 4th quarter worth approximately $4,515,000. Bridgewater Associates LP raised its holdings in PBF Energy by 40.5% in the 3rd quarter. Bridgewater Associates LP now owns 93,566 shares of the oil and gas company’s stock valued at $2,896,000 after acquiring an additional 26,952 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its stake in shares of PBF Energy by 16.6% during the 4th quarter. First Eagle Investment Management LLC now owns 449,017 shares of the oil and gas company’s stock worth $11,921,000 after purchasing an additional 64,000 shares during the period. 96.29% of the stock is currently owned by hedge funds and other 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.