Wells Fargo & Company Downgrades PBF Energy (NYSE:PBF) to Equal Weight

PBF Energy (NYSE:PBF) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Monday,Finviz reports. They currently have a $34.00 target price on the oil and gas company’s stock, down from their prior target price of $39.00. Wells Fargo & Company‘s price objective points to a potential upside of 12.51% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group lowered their target price on PBF Energy from $45.00 to $39.00 and set a “neutral” rating on the stock in a research note on Friday, October 4th. StockNews.com lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Piper Sandler lowered shares of PBF Energy from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $47.00 to $25.00 in a research note on Friday, September 20th. BMO Capital Markets downgraded shares of PBF Energy from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $42.00 to $35.00 in a research note on Friday, October 4th. Finally, Scotiabank cut their price objective on PBF Energy from $45.00 to $31.00 and set a “sector perform” rating for the company in a report on Thursday, October 10th. Five equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $33.73.

PBF Energy Trading Down 1.9 %

PBF Energy stock opened at $30.22 on Monday. PBF Energy has a 52 week low of $27.94 and a 52 week high of $62.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 1.34. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of -11.67 and a beta of 1.57. The company has a 50 day moving average price of $31.44 and a 200 day moving average price of $36.47.

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 business had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.27 billion. PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The business’s quarterly revenue was down 21.9% on a year-over-year basis. During the same period last year, the business earned $6.61 EPS. Research analysts forecast that PBF Energy will post -2.86 EPS for the current year.

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital bought 250,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average cost of $31.78 per share, for a total transaction of $7,945,000.00. Following the purchase, the insider now owns 22,952,398 shares of the company’s stock, valued at $729,427,208.44. This represents a 1.10 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have purchased 4,238,100 shares of company stock valued at $132,147,631. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds have recently bought and sold shares of PBF. Leavell Investment Management Inc. increased its position in PBF Energy by 3.0% during the third quarter. Leavell Investment Management Inc. now owns 15,770 shares of the oil and gas company’s stock worth $488,000 after acquiring an additional 460 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of PBF Energy by 1.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 28,853 shares of the oil and gas company’s stock worth $893,000 after purchasing an additional 485 shares during the period. Verdence Capital Advisors LLC raised its position in shares of PBF Energy by 4.4% during the third quarter. Verdence Capital Advisors LLC now owns 12,915 shares of the oil and gas company’s stock valued at $400,000 after buying an additional 543 shares during the last quarter. Highland Capital Management LLC lifted its stake in shares of PBF Energy by 14.2% in the second quarter. Highland Capital Management LLC now owns 4,382 shares of the oil and gas company’s stock valued at $202,000 after buying an additional 546 shares during the period. Finally, National Bank of Canada FI acquired a new stake in PBF Energy during the second quarter worth about $26,000. 96.29% of the stock is currently owned by 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.