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 research report released on Saturday. They currently have $39.00 price objective 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 weighed in on PBF. Scotiabank reiterated a buy rating and set a $40.00 price target on shares of PBF Energy in a research report on Thursday, December 21st. Goldman Sachs Group cut PBF Energy from a neutral rating to a sell rating in a research report on Tuesday, November 28th. JPMorgan Chase & Co. cut PBF Energy from a neutral rating to an underweight rating in a research report on Tuesday, December 12th. Royal Bank of Canada reiterated a hold rating and set a $30.00 price target on shares of PBF Energy in a research report on Tuesday, November 7th. Finally, Tudor Pickering upgraded PBF Energy from a hold rating to a buy rating in a research report on Monday, November 6th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. PBF Energy presently has an average rating of Hold and an average target price of $30.22.
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 (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.22. PBF Energy had a return on equity of 63.96% and a net margin of 6.34%. The business 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) EPS. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. equities analysts anticipate that PBF Energy will post 1.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 29th. Stockholders of record on Monday, November 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend was Friday, November 10th. PBF Energy’s payout ratio is 60.00%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of PBF Energy by 8.7% during the second 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 in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of PBF Energy by 7.4% during the second 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 in the last quarter. BlackRock Inc. grew its holdings in shares of PBF Energy by 94.0% during the second quarter. BlackRock Inc. now owns 9,111,987 shares of the oil and gas company’s stock worth $202,832,000 after purchasing an additional 4,415,117 shares in the last quarter. State Street Corp grew its holdings in shares of PBF Energy by 48.0% during the second 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 in the last quarter. Finally, LSV Asset Management grew its holdings in shares of PBF Energy by 6.1% during the second quarter. LSV Asset Management now owns 2,671,984 shares of the oil and gas company’s stock worth $59,478,000 after purchasing an additional 153,600 shares in the last quarter.
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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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