PBF Energy Inc. (NYSE:PBF) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of PBF Energy Inc. (NYSE:PBF) from a hold rating to a buy rating in a research note published on Saturday, November 4th. The brokerage currently has $34.00 target price 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 research firms have also recently issued reports on PBF. Scotiabank set a $24.00 target price on shares of PBF Energy and gave the stock a buy rating in a research report on Thursday, August 3rd. Piper Jaffray Companies restated a hold rating and issued a $20.00 price target on shares of PBF Energy in a report on Friday, July 14th. BidaskClub lowered shares of PBF Energy from a hold rating to a sell rating in a report on Wednesday, August 16th. Barclays PLC reiterated an underweight rating and set a $26.00 price objective (up previously from $24.00) on shares of PBF Energy in a research note on Tuesday, October 10th. Finally, Cowen and Company reiterated a buy rating and set a $30.00 price objective on shares of PBF Energy in a research note on Thursday, August 17th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. PBF Energy presently has a consensus rating of Hold and a consensus target price of $28.00.

PBF Energy (NYSE:PBF) traded up $0.24 during trading on Friday, hitting $33.61. 1,864,200 shares of the company’s stock traded hands, compared to its average volume of 2,427,097. PBF Energy has a one year low of $18.48 and a one year high of $33.75. The firm has a market cap of $3,700.00, a PE ratio of 71.00, a P/E/G ratio of 2.05 and a beta of 1.41. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.50 and a quick ratio of 0.50.

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

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The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 29th. Investors of record on Monday, November 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, November 10th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.57%. PBF Energy’s dividend payout ratio (DPR) is presently 60.00%.

Large investors have recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. boosted its holdings in PBF Energy by 50.0% in the first quarter. Nomura Asset Management Co. Ltd. now owns 4,740 shares of the oil and gas company’s stock worth $105,000 after purchasing an additional 1,580 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new position in PBF Energy in the first quarter worth $113,000. Creative Planning boosted its holdings in PBF Energy by 92.7% in the second quarter. Creative Planning now owns 5,203 shares of the oil and gas company’s stock worth $116,000 after purchasing an additional 2,503 shares during the period. Flinton Capital Management LLC acquired a new position in PBF Energy in the second quarter worth $119,000. Finally, Huntington National Bank acquired a new position in PBF Energy in the second quarter worth $126,000.

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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