Piper Sandler Cuts PBF Energy (NYSE:PBF) Price Target to $23.00

PBF Energy (NYSE:PBF) had its price target reduced by Piper Sandler from $24.00 to $23.00 in a research note released on Friday,Benzinga reports. Piper Sandler currently has an underweight rating on the oil and gas company’s stock.

A number of other equities analysts have also recently issued reports on PBF. TD Cowen cut shares of PBF Energy from a “hold” rating to a “sell” rating and dropped their price target for the stock from $27.00 to $20.00 in a research note on Friday, December 20th. Mizuho downgraded shares of PBF Energy from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $33.00 to $31.00 in a research note on Monday, December 16th. Wells Fargo & Company cut their price target on shares of PBF Energy from $34.00 to $25.00 and set an “equal weight” rating on the stock in a report on Friday, February 14th. The Goldman Sachs Group decreased their price objective on shares of PBF Energy from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Tuesday, December 10th. Finally, UBS Group cut their target price on PBF Energy from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Seven research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat.com, PBF Energy presently has an average rating of “Hold” and a consensus target price of $29.36.

PBF Energy Price Performance

Shares of PBF opened at $21.26 on Friday. The firm’s 50-day simple moving average is $26.55 and its two-hundred day simple moving average is $29.51. PBF Energy has a fifty-two week low of $18.97 and a fifty-two week high of $62.88. The stock has a market cap of $2.45 billion, a PE ratio of -4.51 and a beta of 1.62. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 1.25.

PBF Energy (NYSE:PBF) last posted its quarterly earnings data 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 the consensus estimate of $7.25 billion. Analysts anticipate that PBF Energy will post -1.12 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date is Thursday, February 27th. PBF Energy’s dividend payout ratio (DPR) is presently -23.35%.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital bought 155,000 shares of PBF Energy stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $20.20 per share, with a total value of $3,131,000.00. Following the completion of the acquisition, the insider now owns 30,249,998 shares in the company, valued at approximately $611,049,959.60. This represents a 0.52 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have bought 1,062,500 shares of company stock valued at $28,442,290. Insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PBF. T. Rowe Price Investment Management Inc. raised its holdings in PBF Energy by 150.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company’s stock worth $56,191,000 after purchasing an additional 1,272,254 shares during the period. American Century Companies Inc. increased its position in PBF Energy by 11.2% in the fourth quarter. American Century Companies Inc. now owns 1,865,625 shares of the oil and gas company’s stock worth $49,532,000 after buying an additional 187,351 shares in the last quarter. Two Sigma Investments LP raised its stake in shares of PBF Energy by 12.6% in the fourth quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company’s stock worth $43,690,000 after buying an additional 184,194 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of PBF Energy by 391.9% during the 3rd 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 buying an additional 1,226,909 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of PBF Energy by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,492,817 shares of the oil and gas company’s stock valued at $39,634,000 after acquiring an additional 78,045 shares during the period. Hedge funds and other institutional investors own 96.29% of the company’s stock.

PBF Energy Company Profile

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.