PBF Energy (PBF) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of PBF Energy (NYSE:PBF) from a hold rating to a buy rating in a report issued on Friday, November 10th. They currently have $35.00 price target on the oil and gas company’s stock.

According to Zacks, “PBF Energy Inc. operates as a petroleum refiner and supplier. The Company offers unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. Its refineries are located in Toledo, Ohio, Delaware City, Delaware and Paulsboro, New Jersey. The company sells its products in the northeast and Midwest United States, as well as in other regions of the United States and Canada. PBF Energy Inc. is based in Parsippany, New Jersey. “

Several other brokerages have also recently commented on PBF. Royal Bank Of Canada reiterated a hold rating and issued a $30.00 target price on shares of PBF Energy in a report on Tuesday, November 7th. TheStreet upgraded PBF Energy from a c rating to a b rating in a report on Thursday, November 2nd. Scotiabank reiterated a buy rating on shares of PBF Energy in a report on Friday, November 3rd. Tudor Pickering upgraded PBF Energy from a hold rating to a buy rating in a report on Monday, November 6th. Finally, Macquarie reiterated a neutral rating on shares of PBF Energy in a report on Monday, October 23rd. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $28.00.

PBF Energy (NYSE:PBF) traded down $0.75 during trading hours on Friday, hitting $31.70. The stock had a trading volume of 2,815,300 shares, compared to its average volume of 2,420,710. The company has a market capitalization of $3,430.00, a PE ratio of 70.51, a P/E/G ratio of 2.04 and a beta of 1.41. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.50 and a current ratio of 1.50. PBF Energy has a 52 week low of $18.48 and a 52 week high of $33.75.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, November 2nd. The oil and gas company reported $1.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.22. PBF Energy had a return on equity of 2.35% and a net margin of 1.14%. The company had revenue of $5.48 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the business posted ($0.16) earnings per share. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. equities analysts forecast that PBF Energy will post 1.63 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 29th. Shareholders of record on Monday, November 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend is Friday, November 10th. PBF Energy’s dividend payout ratio (DPR) is presently 60.00%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in PBF Energy by 8.7% in the second quarter. JPMorgan Chase & Co. now owns 11,884,657 shares of the oil and gas company’s stock valued at $264,551,000 after buying an additional 953,577 shares during the period. Dimensional Fund Advisors LP lifted its stake in PBF Energy by 7.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,230,934 shares of the oil and gas company’s stock valued at $205,480,000 after buying an additional 635,728 shares during the period. BlackRock Inc. lifted its stake in PBF Energy by 94.0% in the second quarter. BlackRock Inc. now owns 9,111,987 shares of the oil and gas company’s stock valued at $202,832,000 after buying an additional 4,415,117 shares during the period. State Street Corp lifted its stake in PBF Energy by 48.0% in the second quarter. State Street Corp now owns 4,969,947 shares of the oil and gas company’s stock valued at $110,639,000 after buying an additional 1,611,707 shares during the period. Finally, LSV Asset Management lifted its stake in PBF Energy by 6.1% in the second quarter. LSV Asset Management now owns 2,671,984 shares of the oil and gas company’s stock valued at $59,478,000 after buying an additional 153,600 shares during the period.

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PBF Energy Company Profile

PBF Energy Inc (PBF Energy) is a holding company. The Company is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company operates through two segments: Refining and Logistics.

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