Equities Analysts Set Expectations for PBF Energy Inc.’s Q3 2024 Earnings (NYSE:PBF)

PBF Energy Inc. (NYSE:PBF) – Zacks Research lifted their Q3 2024 earnings per share (EPS) estimates for PBF Energy in a research note issued to investors on Monday, September 9th. Zacks Research analyst R. Department now forecasts that the oil and gas company will post earnings of $1.29 per share for the quarter, up from their previous estimate of $1.27. The consensus estimate for PBF Energy’s current full-year earnings is $1.61 per share. Zacks Research also issued estimates for PBF Energy’s FY2024 earnings at $1.60 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $1.50 EPS, Q3 2025 earnings at $0.80 EPS, Q4 2025 earnings at $0.77 EPS, FY2025 earnings at $3.15 EPS, Q1 2026 earnings at $0.59 EPS, Q2 2026 earnings at $0.68 EPS and FY2026 earnings at $2.61 EPS.

PBF has been the subject of a number of other reports. Wolfe Research began coverage on PBF Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Tudor, Pickering, Holt & Co. lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a research report on Monday. Tudor Pickering raised shares of PBF Energy to a “strong sell” rating in a research report on Monday. The Goldman Sachs Group decreased their target price on PBF Energy from $57.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, July 1st. Finally, Mizuho cut their price target on PBF Energy from $58.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $52.30.

PBF Energy Price Performance

PBF opened at $32.33 on Wednesday. PBF Energy has a 1 year low of $31.57 and a 1 year high of $62.88. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.75. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of 2.24 and a beta of 1.57. The firm’s fifty day moving average price is $37.30 and its two-hundred day moving average price is $46.41.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.39). The business had revenue of $8.74 billion for the quarter, compared to the consensus estimate of $8.64 billion. PBF Energy had a net margin of 2.09% and a return on equity of 12.81%. The business’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.29 EPS.

PBF Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.00 annualized dividend and a dividend yield of 3.09%. PBF Energy’s dividend payout ratio (DPR) is 6.92%.

Insider Activity

In related news, insider Control Empresarial De Capital purchased 38,000 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were acquired at an average price of $43.65 per share, for a total transaction of $1,658,700.00. Following the purchase, the insider now directly owns 16,042,098 shares in the company, valued at $700,237,577.70. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have purchased a total of 3,017,500 shares of company stock valued at $116,572,314 in the last ninety days. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in PBF Energy by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 11,700,449 shares of the oil and gas company’s stock worth $514,352,000 after purchasing an additional 69,422 shares during the last quarter. Acadian Asset Management LLC grew its position in PBF Energy by 32.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company’s stock valued at $64,489,000 after acquiring an additional 347,268 shares during the last quarter. LSV Asset Management increased its stake in PBF Energy by 2.7% in the second quarter. LSV Asset Management now owns 1,290,947 shares of the oil and gas company’s stock worth $59,409,000 after purchasing an additional 34,470 shares during the period. Norges Bank bought a new stake in shares of PBF Energy during the fourth quarter worth $54,832,000. Finally, American Century Companies Inc. boosted its stake in shares of PBF Energy by 3.4% during the second quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock valued at $45,712,000 after purchasing an additional 32,862 shares during the period. 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.