Zacks Investment Research Lowers PBF Energy Inc. (PBF) to Hold
Zacks Investment Research downgraded shares of PBF Energy Inc. (NYSE:PBF) from a buy rating to a hold rating in a report issued on Tuesday.
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 firms have also recently issued reports on PBF. Scotiabank set a $24.00 price objective on PBF Energy and gave the company a buy rating in a research report on Thursday, August 3rd. Piper Jaffray Companies reissued a hold rating and set a $20.00 price objective on shares of PBF Energy in a research report on Friday, July 14th. BidaskClub cut PBF Energy from a hold rating to a sell rating in a research report on Wednesday, August 16th. Barclays PLC reissued an underweight rating and set a $26.00 price objective (up previously from $24.00) on shares of PBF Energy in a research report on Tuesday, October 10th. Finally, Cowen and Company reaffirmed a buy rating and issued a $30.00 price target on shares of PBF Energy in a research report on Thursday, August 17th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $25.78.
Shares of PBF Energy (NYSE PBF) traded up $0.89 during mid-day trading on Tuesday, hitting $30.83. 3,352,060 shares of the company were exchanged, compared to its average volume of 1,802,198. The company has a market cap of $3.37 billion, a PE ratio of 65.38 and a beta of 1.42.
PBF Energy (NYSE:PBF) last released its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.22. The firm had revenue of $5.48 billion during the quarter, compared to analysts’ expectations of $4.90 billion. PBF Energy had a return on equity of 2.39% and a net margin of 1.14%. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.16) earnings per share. equities research analysts predict that PBF Energy will post 1.26 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 29th. Investors of record on Monday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, November 10th. This represents a $1.20 annualized dividend and a dividend yield of 3.89%. PBF Energy’s dividend payout ratio is presently 57.42%.
Several hedge funds and other institutional investors have recently bought and sold shares of PBF. BlackRock Inc. lifted its position in shares of PBF Energy by 14,494.7% during the 1st quarter. BlackRock Inc. now owns 4,696,870 shares of the oil and gas company’s stock worth $104,130,000 after purchasing an additional 4,664,688 shares during the last quarter. State Street Corp lifted its position in shares of PBF Energy by 48.0% during the 2nd quarter. State Street Corp now owns 4,969,947 shares of the oil and gas company’s stock worth $110,639,000 after purchasing an additional 1,611,707 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of PBF Energy by 8.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,884,657 shares of the oil and gas company’s stock worth $264,551,000 after purchasing an additional 953,577 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of PBF Energy by 65.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,967,406 shares of the oil and gas company’s stock worth $43,795,000 after purchasing an additional 779,766 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of PBF Energy by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,230,934 shares of the oil and gas company’s stock worth $205,480,000 after purchasing an additional 635,728 shares during the last quarter.
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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