Wells Fargo & Company Has Lowered Expectations for PBF Energy (NYSE:PBF) Stock Price

PBF Energy (NYSE:PBF) had its target price reduced by research analysts at Wells Fargo & Company from $25.00 to $22.00 in a report released on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 10.13% from the stock’s previous close.

Several other research firms have also issued reports on PBF. TD Cowen decreased their target price on PBF Energy from $19.00 to $17.00 and set a “sell” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. cut their price target on PBF Energy from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday. The Goldman Sachs Group decreased their price objective on PBF Energy from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, December 10th. UBS Group cut their target price on shares of PBF Energy from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Finally, Piper Sandler decreased their price target on shares of PBF Energy from $24.00 to $23.00 and set an “underweight” rating for the company in a research note on Friday, March 7th. Seven equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat.com, PBF Energy currently has an average rating of “Hold” and a consensus target price of $28.27.

PBF Energy Trading Down 0.3 %

NYSE PBF traded down $0.06 on Thursday, reaching $19.98. 172,013 shares of the company were exchanged, compared to its average volume of 2,516,523. The company has a current ratio of 1.25, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average price is $26.20 and its 200 day moving average price is $29.26. The stock has a market capitalization of $2.30 billion, a P/E ratio of -4.23 and a beta of 1.62. PBF Energy has a fifty-two week low of $18.97 and a fifty-two week high of $62.88.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, February 13th. The oil and gas company reported ($2.82) earnings per share for the quarter, missing the consensus estimate of ($1.80) by ($1.02). The firm had revenue of $7.35 billion during the quarter, compared to analyst estimates of $7.25 billion. PBF Energy had a negative net margin of 1.61% and a negative return on equity of 7.40%. Analysts forecast that PBF Energy will post -1.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Control Empresarial De Capital bought 341,500 shares of PBF Energy stock in a transaction that occurred on Wednesday, December 18th. The shares were purchased at an average price of $26.86 per share, for a total transaction of $9,172,690.00. Following the completion of the acquisition, the insider now owns 28,814,998 shares of the company’s stock, valued at $773,970,846.28. The trade was a 1.20 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 1,062,500 shares of company stock valued at $28,442,290 in the last quarter. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PBF Energy

A number of large investors have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. increased its position in PBF Energy by 150.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company’s stock worth $56,191,000 after purchasing an additional 1,272,254 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in PBF Energy by 391.9% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,540,000 shares of the oil and gas company’s stock valued at $47,663,000 after purchasing an additional 1,226,909 shares in the last quarter. Norges Bank acquired a new position in shares of PBF Energy during the fourth quarter worth about $20,896,000. Recurrent Investment Advisors LLC grew its stake in shares of PBF Energy by 154.0% in the fourth quarter. Recurrent Investment Advisors LLC now owns 945,239 shares of the oil and gas company’s stock valued at $25,096,000 after buying an additional 573,161 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in PBF Energy by 60.4% in the 4th quarter. JPMorgan Chase & Co. now owns 1,492,573 shares of the oil and gas company’s stock worth $39,628,000 after acquiring an additional 562,287 shares during the period. 96.29% of the stock is currently owned by hedge funds and other 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.