Zacks Investment Research Upgrades PBF Energy Inc. (PBF) to “Buy”

Zacks Investment Research upgraded shares of PBF Energy Inc. (NYSE:PBF) from a hold rating to a buy rating in a research report report published 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. “

A number of other research analysts have also weighed in on the company. Cowen and Company reaffirmed a buy rating and set a $30.00 target price on shares of PBF Energy in a report on Thursday, August 17th. BidaskClub lowered PBF Energy from a hold rating to a sell rating in a report on Wednesday, August 16th. Citigroup Inc. reduced their target price on PBF Energy from $37.50 to $33.50 and set a buy rating for the company in a report on Monday, July 17th. Piper Jaffray Companies reaffirmed a hold rating and set a $20.00 target price on shares of PBF Energy in a report on Friday, July 14th. Finally, Scotiabank set a $24.00 target price on PBF Energy and gave the company a buy rating in a report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $28.00.

Shares of PBF Energy (PBF) traded up $0.24 on Friday, reaching $33.61. The company had a trading volume of 1,864,200 shares, compared to its average volume of 2,427,097. PBF Energy has a 52 week low of $18.48 and a 52 week high of $33.75. The stock has a market cap of $3,671.90, a price-to-earnings ratio of 71.00, a P/E/G ratio of 2.05 and a beta of 1.42. The company has a current ratio of 1.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.81.

PBF Energy (NYSE:PBF) last announced its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported $1.44 earnings per share for the quarter, topping the 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 during the quarter, compared to analyst estimates of $4.90 billion. During the same quarter last year, the firm posted ($0.16) EPS. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. sell-side analysts predict that PBF Energy will post 1.63 EPS for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 29th. Stockholders of record on Monday, November 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Friday, November 10th. PBF Energy’s payout ratio is 57.42%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Nomura Asset Management Co. Ltd. lifted its position in PBF Energy by 50.0% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 4,740 shares of the oil and gas company’s stock worth $105,000 after buying an additional 1,580 shares during the last quarter. Creative Planning lifted its position in PBF Energy by 92.7% in the 2nd quarter. Creative Planning now owns 5,203 shares of the oil and gas company’s stock worth $116,000 after buying an additional 2,503 shares during the last quarter. Flinton Capital Management LLC bought a new stake in PBF Energy in the 2nd quarter worth approximately $119,000. Huntington National Bank bought a new stake in PBF Energy in the 2nd quarter worth approximately $126,000. Finally, Sei Investments Co. lifted its position in PBF Energy by 391.7% in the 2nd quarter. Sei Investments Co. now owns 6,043 shares of the oil and gas company’s stock worth $134,000 after buying an additional 4,814 shares during the last quarter.

About PBF Energy

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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