PBF Energy (NYSE:PBF) Upgraded at Freedom Broker

Freedom Broker upgraded shares of PBF Energy (NYSE:PBF) from a sell rating to a hold rating in a research note released on Monday, Marketbeat Ratings reports. They currently have $63.00 price target on the oil and gas company’s stock, up from their previous price target of $55.00.

PBF has been the subject of several other research reports. Evercore initiated coverage on PBF Energy in a research report on Friday, July 17th. They issued an “in-line” rating and a $58.00 price target for the company. Weiss Ratings upgraded PBF Energy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Piper Sandler lifted their target price on PBF Energy from $94.00 to $97.00 and gave the stock a “neutral” rating in a report on Monday. Zacks Research upgraded PBF Energy from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 23rd. Finally, The Goldman Sachs Group raised their price target on PBF Energy from $81.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $70.50.

PBF Energy Price Performance

PBF stock opened at $72.46 on Monday. PBF Energy has a 52 week low of $25.62 and a 52 week high of $92.46. The company has a quick ratio of 0.96, a current ratio of 1.59 and a debt-to-equity ratio of 0.26. The company has a fifty day simple moving average of $77.68 and a two-hundred day simple moving average of $54.15. The firm has a market capitalization of $8.59 billion, a P/E ratio of 3.24, a price-to-earnings-growth ratio of 0.08 and a beta of 0.15.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, October 29th. The oil and gas company reported $12.78 earnings per share for the quarter, topping analysts’ consensus estimates of $11.12 by $1.66. The firm had revenue of $12.13 billion for the quarter, compared to the consensus estimate of $10.60 billion. PBF Energy had a net margin of 6.98% and a return on equity of 34.92%. The business’s quarterly revenue was up 58.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.52) EPS. Analysts anticipate that PBF Energy will post 25.95 earnings per share for the current fiscal year.

PBF Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Thursday, November 12th will be paid a dividend of $0.3250 per share. This is a boost from PBF Energy’s previous quarterly dividend of $0.2750. This represents a $1.30 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, November 12th. PBF Energy’s payout ratio is presently 5.81%.

Insider Activity at PBF Energy

In other PBF Energy news, Director Thomas J. Nimbley sold 116,008 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $73.73, for a total value of $8,553,269.84. Following the completion of the sale, the director directly owned 793,737 shares in the company, valued at approximately $58,522,229.01. This represents a 12.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Control Empresarial De Capital sold 170,000 shares of the stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $88.03, for a total value of $14,965,100.00. Following the transaction, the insider directly owned 13,326,127 shares in the company, valued at $1,173,098,959.81. The trade was a 1.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 2,864,531 shares of company stock worth $214,420,159. Company insiders own 5.50% of the company’s stock.

Institutional Trading of PBF Energy

A number of hedge funds have recently added to or reduced their stakes in PBF. Dimensional Fund Advisors LP grew its holdings in shares of PBF Energy by 11.6% during the first quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company’s stock valued at $207,953,000 after buying an additional 454,731 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of PBF Energy by 54.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company’s stock valued at $153,452,000 after acquiring an additional 1,137,533 shares during the period. Allspring Global Investments Holdings LLC raised its stake in PBF Energy by 85.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 258,428 shares of the oil and gas company’s stock worth $21,279,000 after acquiring an additional 119,385 shares during the last quarter. Sei Investments Co. raised its stake in PBF Energy by 41.4% in the 1st quarter. Sei Investments Co. now owns 364,700 shares of the oil and gas company’s stock worth $17,367,000 after acquiring an additional 106,819 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in PBF Energy by 198.0% in the 1st quarter. Empowered Funds LLC now owns 355,820 shares of the oil and gas company’s stock worth $16,944,000 after acquiring an additional 236,418 shares during the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.

About PBF Energy

PBF Energy Inc (NYSE:PBF) is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other refined petroleum products. The company purchases crude oil and other feedstocks, processes them at its refineries, and sells the resulting products to branded and unbranded fuel retailers, distributors, wholesalers and commercial customers.

PBF operates refineries in several major U.S. refining regions, including the East Coast, Midwest, Gulf Coast and West Coast.