PBF Energy (NYSE:PBF) Downgraded to “Underperform” Rating by Mizuho

Mizuho cut shares of PBF Energy (NYSE:PBF) from a neutral rating to an underperform rating in a research note published on Monday morning, Marketbeat Ratings reports. They currently have $31.00 target price on the oil and gas company’s stock, down from their previous target price of $33.00.

Several other equities research analysts also recently weighed in on the company. BMO Capital Markets downgraded PBF Energy from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $42.00 to $35.00 in a report on Friday, October 4th. Bank of America initiated coverage on PBF Energy in a report on Thursday, October 17th. They set an “underperform” rating and a $25.00 price target on the stock. Tudor, Pickering, Holt & Co. downgraded PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, September 9th. Piper Sandler cut PBF Energy from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $47.00 to $25.00 in a research report on Friday, September 20th. Finally, TD Cowen lowered their price objective on PBF Energy from $32.00 to $27.00 and set a “hold” rating for the company in a research report on Friday, November 1st. Six research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $33.09.

PBF Energy Price Performance

PBF stock opened at $27.83 on Monday. The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $3.20 billion, a PE ratio of -10.75 and a beta of 1.57. PBF Energy has a 12-month low of $27.68 and a 12-month high of $62.88. The business’s fifty day moving average price is $31.14 and its 200 day moving average price is $35.71.

PBF Energy (NYSE:PBF) last issued 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 company had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter last year, the company earned $6.61 EPS. PBF Energy’s revenue for the quarter was down 21.9% compared to the same quarter last year. On average, sell-side analysts anticipate that PBF Energy will post -2.87 EPS for the current year.

PBF Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were given a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.95%. PBF Energy’s dividend payout ratio is -42.47%.

Insider Activity at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital bought 250,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was acquired at an average cost of $31.78 per share, with a total value of $7,945,000.00. Following the purchase, the insider now owns 22,952,398 shares in the company, valued at approximately $729,427,208.44. This represents a 1.10 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders bought a total of 3,568,100 shares of company stock valued at $111,183,331 in the last three months. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PBF Energy

Large investors have recently modified their holdings of the business. National Bank of Canada FI purchased a new position in PBF Energy in the 2nd quarter valued at approximately $26,000. Quarry LP purchased a new position in PBF Energy in the 3rd quarter valued at approximately $48,000. CWM LLC increased its stake in PBF Energy by 108.6% in the 2nd quarter. CWM LLC now owns 1,093 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 569 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in PBF Energy in the 3rd quarter valued at approximately $59,000. Finally, Blue Trust Inc. increased its stake in 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 valued at $68,000 after purchasing an additional 2,027 shares in the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.

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.