JPMorgan Chase & Co. Cuts PBF Energy (NYSE:PBF) Price Target to $53.00

PBF Energy (NYSE:PBF) had its price target cut by JPMorgan Chase & Co. from $58.00 to $53.00 in a report published on Tuesday, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

A number of other brokerages have also recently weighed in on PBF. Mizuho reduced their price target on shares of PBF Energy from $58.00 to $54.00 and set a neutral rating for the company in a research report on Thursday, June 20th. TD Cowen decreased their target price on PBF Energy from $54.00 to $45.00 and set a hold rating for the company in a research report on Friday, May 3rd. Piper Sandler cut their price target on PBF Energy from $54.00 to $47.00 and set a neutral rating on the stock in a research report on Friday, June 14th. Bank of America raised PBF Energy from a neutral rating to a buy rating and increased their price objective for the company from $52.00 to $74.00 in a report on Friday, March 15th. Finally, Wells Fargo & Company decreased their price target on shares of PBF Energy from $67.00 to $66.00 and set an overweight rating for the company in a research note on Thursday, June 6th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $54.91.

PBF Energy Price Performance

Shares of PBF opened at $45.75 on Tuesday. The firm has a market capitalization of $5.42 billion, a price-to-earnings ratio of 3.17 and a beta of 1.60. The firm’s fifty day simple moving average is $47.99 and its 200-day simple moving average is $49.57. PBF Energy has a twelve month low of $39.18 and a twelve month high of $62.88. The company has a current ratio of 1.54, a quick ratio of 0.78 and a debt-to-equity ratio of 0.20.

PBF Energy (NYSE:PBF) last released its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.24. The business had revenue of $8.65 billion during the quarter, compared to analysts’ expectations of $8.29 billion. PBF Energy had a return on equity of 18.47% and a net margin of 4.95%. Equities analysts forecast that PBF Energy will post 5.26 EPS for the current fiscal year.

PBF Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Thursday, May 16th were given a $0.25 dividend. The ex-dividend date was Wednesday, May 15th. This represents a $1.00 dividend on an annualized basis and a yield of 2.19%. PBF Energy’s payout ratio is currently 6.92%.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital purchased 51,000 shares of PBF Energy stock in a transaction dated Friday, June 7th. The stock was acquired at an average cost of $46.19 per share, with a total value of $2,355,690.00. Following the acquisition, the insider now directly owns 14,875,198 shares of the company’s stock, valued at $687,085,395.62. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have acquired 2,091,100 shares of company stock worth $93,004,617. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

A number of large investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its position in PBF Energy by 152.9% during the first quarter. EverSource Wealth Advisors LLC now owns 2,071 shares of the oil and gas company’s stock worth $110,000 after buying an additional 1,252 shares during the period. Boston Partners purchased a new stake in shares of PBF Energy during the 1st quarter worth approximately $1,393,000. Invst LLC acquired a new stake in shares of PBF Energy in the 1st quarter worth approximately $913,000. EMC Capital Management purchased a new position in PBF Energy in the 1st quarter valued at approximately $652,000. Finally, Comerica Bank raised its holdings in PBF Energy by 13.9% during the first quarter. Comerica Bank now owns 50,951 shares of the oil and gas company’s stock worth $2,933,000 after purchasing an additional 6,219 shares during the last quarter. 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.