PBF Energy (NYSE:PBF) Shares Gap Up Following Analyst Upgrade

PBF Energy Inc. (NYSE:PBF – Get Rating) gapped up before the market opened on Monday after Scotiabank upgraded the stock from an underperform rating to a sector perform rating. The stock had previously closed at $27.32, but opened at $27.95. Scotiabank now has a $27.00 price target on the stock, up from their previous price target of $15.00. PBF Energy shares last traded at $28.42, with a volume of 11,006 shares traded.

Several other equities analysts also recently weighed in on the company. Barclays increased their target price on PBF Energy from $11.00 to $17.00 in a research report on Thursday, January 20th. Zacks Investment Research upgraded PBF Energy from a “hold” rating to a “strong-buy” rating and set a $26.00 price objective on the stock in a report on Tuesday, March 29th. Credit Suisse Group raised their price objective on PBF Energy from $16.50 to $20.50 and gave the stock an “underperform” rating in a report on Tuesday, March 22nd. Bank of America upgraded PBF Energy from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $15.00 to $25.00 in a report on Tuesday, March 8th. Finally, Piper Sandler raised their price objective on PBF Energy from $21.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday. Four investment analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, PBF Energy currently has an average rating of “Hold” and a consensus price target of $20.71.

In other PBF Energy news, SVP Connor Thomas L. O sold 37,999 shares of the firm’s stock in a transaction that occurred on Friday, March 4th. The stock was sold at an average price of $19.82, for a total transaction of $753,140.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.20% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of PBF. Morgan Stanley grew its position in shares of PBF Energy by 82.2% in the 2nd quarter. Morgan Stanley now owns 1,384,382 shares of the oil and gas company’s stock worth $21,180,000 after acquiring an additional 624,598 shares in the last quarter. Strs Ohio acquired a new position in PBF Energy during the 3rd quarter valued at approximately $737,000. GWM Advisors LLC acquired a new position in PBF Energy during the 3rd quarter valued at approximately $225,000. Maryland State Retirement & Pension System acquired a new position in PBF Energy during the 3rd quarter valued at approximately $473,000. Finally, SG Americas Securities LLC boosted its position in PBF Energy by 529.1% during the 3rd quarter. SG Americas Securities LLC now owns 127,249 shares of the oil and gas company’s stock valued at $1,650,000 after purchasing an additional 107,021 shares during the period. Institutional investors own 69.95% of the company’s stock.

The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 14.38 and a beta of 2.56. The company has a current ratio of 1.38, a quick ratio of 0.72 and a debt-to-equity ratio of 1.72. The stock has a 50-day moving average of $21.61 and a 200-day moving average of $17.09.

PBF Energy (NYSE:PBF – Get Rating) last released its quarterly earnings data on Thursday, February 10th. The oil and gas company reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.59. PBF Energy had a negative return on equity of 12.82% and a net margin of 0.85%. The business had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.15 billion. During the same quarter in the previous year, the firm posted ($4.53) EPS. The business’s revenue for the quarter was up 125.5% compared to the same quarter last year. As a group, research analysts expect that PBF Energy Inc. will post 3.29 earnings per share for the current fiscal year.

PBF Energy Company Profile (NYSE:PBF)

PBF Energy Inc, together with 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.

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