FY2024 Earnings Estimate for PBF Energy Issued By Scotiabank

PBF Energy Inc. (NYSE:PBF) – Equities research analysts at Scotiabank lowered their FY2024 earnings per share (EPS) estimates for shares of PBF Energy in a report released on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the oil and gas company will post earnings of ($3.40) per share for the year, down from their prior forecast of ($3.35). Scotiabank currently has a “Sector Perform” rating and a $31.00 target price on the stock. The consensus estimate for PBF Energy’s current full-year earnings is ($2.87) per share. Scotiabank also issued estimates for PBF Energy’s FY2025 earnings at ($2.20) EPS and FY2026 earnings at ($1.85) EPS.

A number of other research analysts have also weighed in on PBF. Bank of America assumed coverage on PBF Energy in a report on Thursday, October 17th. They set an “underperform” rating and a $25.00 target price for the company. TD Cowen downgraded shares of PBF Energy from a “hold” rating to a “sell” rating and cut their price target for the company from $27.00 to $20.00 in a report on Friday, December 20th. Wells Fargo & Company downgraded PBF Energy from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $39.00 to $34.00 in a research report on Monday, December 9th. Morgan Stanley reduced their target price on PBF Energy from $48.00 to $38.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Finally, Mizuho lowered PBF Energy from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $33.00 to $31.00 in a report on Monday, December 16th. Seven investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $32.00.

PBF Energy Trading Up 3.6 %

Shares of PBF stock opened at $28.02 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.34 and a quick ratio of 0.65. PBF Energy has a 1 year low of $24.21 and a 1 year high of $62.88. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of -10.82 and a beta of 1.61. The company’s fifty day simple moving average is $29.12 and its two-hundred day simple moving average is $33.22.

PBF Energy (NYSE:PBF) last posted its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share 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 firm had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the previous year, the company posted $6.61 EPS. The firm’s revenue was down 21.9% compared to the same quarter last year.

PBF Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend was Wednesday, November 13th. This is a positive change from PBF Energy’s previous quarterly dividend of $0.25. PBF Energy’s payout ratio is -42.47%.

Insider Buying and Selling

In other news, insider Control Empresarial De Capital acquired 70,000 shares of the stock in a transaction dated Thursday, December 26th. The stock was purchased at an average cost of $25.56 per share, with a total value of $1,789,200.00. Following the completion of the purchase, the insider now owns 28,884,998 shares in the company, valued at approximately $738,300,548.88. The trade was a 0.24 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased a total of 3,369,600 shares of company stock worth $102,820,721 in the last ninety days. 5.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in PBF Energy by 391.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,540,000 shares of the oil and gas company’s stock valued at $47,663,000 after acquiring an additional 1,226,909 shares in the last quarter. American Century Companies Inc. boosted its stake in PBF Energy by 3.4% during the second quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock worth $45,712,000 after acquiring an additional 32,862 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of PBF Energy by 132.6% during the third quarter. BNP Paribas Financial Markets now owns 863,228 shares of the oil and gas company’s stock valued at $26,717,000 after purchasing an additional 492,053 shares during the last quarter. Private Management Group Inc. raised its stake in PBF Energy by 27.5% during the third quarter. Private Management Group Inc. now owns 848,696 shares of the oil and gas company’s stock valued at $26,267,000 after buying an additional 183,183 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of PBF Energy by 14.8% in the second quarter. AQR Capital Management LLC now owns 654,464 shares of the oil and gas company’s stock worth $29,883,000 after acquiring an additional 84,532 shares during 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.