TD Cowen Downgrades PBF Energy (NYSE:PBF) to Sell

PBF Energy (NYSE:PBF) was downgraded by TD Cowen from a “hold” rating to a “sell” rating in a report issued on Friday, Marketbeat reports. They currently have a $20.00 target price on the oil and gas company’s stock, down from their prior target price of $27.00. TD Cowen’s target price suggests a potential downside of 20.48% from the company’s current price.

Other analysts have also recently issued reports about the company. Tudor, Pickering, Holt & Co. cut PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, September 9th. Scotiabank decreased their target price on shares of PBF Energy from $45.00 to $31.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. The Goldman Sachs Group cut their target price on shares of PBF Energy from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, December 10th. StockNews.com cut shares of PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Finally, Wells Fargo & Company downgraded PBF Energy from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $39.00 to $34.00 in a research note on Monday, December 9th. Seven research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $32.45.

PBF Energy Stock Performance

NYSE:PBF opened at $25.15 on Friday. The firm has a market capitalization of $2.90 billion, a PE ratio of -9.71 and a beta of 1.57. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21. PBF Energy has a 12-month low of $24.21 and a 12-month high of $62.88. The firm has a 50-day moving average price of $30.63 and a 200 day moving average price of $35.23.

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). The firm had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.27 billion. PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The firm’s revenue for the quarter was down 21.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.61 EPS. Research analysts anticipate that PBF Energy will post -2.87 earnings per share for the current fiscal year.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital acquired 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was purchased at an average cost of $30.93 per share, for a total transaction of $1,237,200.00. Following the purchase, the insider now directly owns 23,407,398 shares of the company’s stock, valued at $723,990,820.14. This trade represents a 0.17 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. In the last 90 days, insiders have purchased 3,659,600 shares of company stock worth $112,411,021. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PBF. National Bank of Canada FI acquired a new position in PBF Energy in the 2nd quarter valued at $26,000. Quarry LP purchased a new position in shares of PBF Energy during the 3rd quarter worth approximately $48,000. Harbor Capital Advisors Inc. purchased a new stake in shares of PBF Energy in the 3rd quarter valued at $59,000. Blue Trust Inc. lifted its position in shares of PBF Energy by 1,291.1% during the third quarter. Blue Trust Inc. now owns 2,184 shares of the oil and gas company’s stock worth $68,000 after purchasing an additional 2,027 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in PBF Energy by 27.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock worth $81,000 after buying an additional 573 shares in 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.