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

PBF Energy (NYSE:PBF) had its target price trimmed by JPMorgan Chase & Co. from $58.00 to $53.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

A number of other research firms have also weighed in on PBF. TD Cowen dropped their price target on shares of 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 for the company in a research note on Friday, June 14th. Bank of America raised PBF Energy from a neutral rating to a buy rating and raised their price target for the company from $52.00 to $74.00 in a report on Friday, March 15th. Scotiabank upped their price objective on PBF Energy from $39.00 to $56.00 and gave the stock a sector perform rating in a research note on Thursday, April 11th. Finally, Mizuho lowered their price target on PBF Energy from $58.00 to $54.00 and set a neutral rating on the stock in a report on Thursday, June 20th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $54.91.

PBF Energy Stock Performance

PBF opened at $45.75 on Tuesday. The company’s 50 day moving average is $47.99 and its 200 day moving average is $49.57. The company has a current ratio of 1.54, a quick ratio of 0.78 and a debt-to-equity ratio of 0.20. The company has a market cap of $5.42 billion, a price-to-earnings ratio of 3.17 and a beta of 1.60. PBF Energy has a 12-month low of $39.18 and a 12-month high of $62.88.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, May 2nd. The oil and gas company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.24. PBF Energy had a return on equity of 18.47% and a net margin of 4.95%. The company had revenue of $8.65 billion for the quarter, compared to analysts’ expectations of $8.29 billion. On average, equities research analysts predict that PBF Energy will post 5.26 EPS for the current year.

PBF Energy Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 2.19%. PBF Energy’s dividend payout ratio is currently 6.92%.

Insider Buying and Selling at PBF Energy

In related news, insider Control Empresarial De Capital purchased 7,500 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average price of $45.65 per share, for a total transaction of $342,375.00. Following the acquisition, the insider now owns 14,882,698 shares of the company’s stock, valued at approximately $679,395,163.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased a total of 2,091,100 shares of company stock worth $93,004,617 over the last ninety days. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

Several hedge funds have recently added to or reduced their stakes in PBF. Norges Bank purchased a new position in shares of PBF Energy during the fourth quarter valued at approximately $54,832,000. Janus Henderson Group PLC grew its position in PBF Energy by 957.8% in the 1st quarter. Janus Henderson Group PLC now owns 604,674 shares of the oil and gas company’s stock valued at $34,811,000 after acquiring an additional 547,509 shares during the last quarter. SG Americas Securities LLC increased its stake in PBF Energy by 14,785.7% in the first quarter. SG Americas Securities LLC now owns 543,029 shares of the oil and gas company’s stock worth $31,262,000 after purchasing an additional 539,381 shares during the period. Natixis bought a new stake in shares of PBF Energy during the first quarter worth $16,269,000. Finally, LSV Asset Management boosted its stake in shares of PBF Energy by 20.4% during the fourth quarter. LSV Asset Management now owns 1,274,904 shares of the oil and gas company’s stock valued at $56,045,000 after purchasing an additional 216,400 shares during the period. 96.29% of the stock is currently owned by institutional investors.

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.