PBF Energy (NYSE:PBF) Given New $35.00 Price Target at JPMorgan Chase & Co.

PBF Energy (NYSE:PBF) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $36.00 to $35.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 26.40% from the company’s previous close.

A number of other brokerages have also recently commented on PBF. BMO Capital Markets cut PBF Energy from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $42.00 to $35.00 in a report on Friday, October 4th. Morgan Stanley reduced their price objective on PBF Energy from $48.00 to $38.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Piper Sandler cut shares of PBF Energy from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $47.00 to $25.00 in a research note on Friday, September 20th. TD Cowen cut shares of PBF Energy from a “hold” rating to a “sell” rating and reduced their target price for the company from $27.00 to $20.00 in a research report on Friday, December 20th. Finally, Scotiabank decreased their price target on shares of PBF Energy from $45.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Seven investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $32.00.

PBF Energy Price Performance

Shares of NYSE:PBF traded up $0.64 during trading on Friday, reaching $27.69. 942,581 shares of the company’s stock traded hands, compared to its average volume of 1,637,704. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21. PBF Energy has a fifty-two week low of $24.21 and a fifty-two week high of $62.88. The company has a 50-day simple moving average of $29.12 and a 200-day simple moving average of $33.50. The firm has a market cap of $3.19 billion, a PE ratio of -10.69 and a beta of 1.61.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.41) by ($0.09). PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The business had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the company earned $6.61 earnings per share. The company’s quarterly revenue was down 21.9% compared to the same quarter last year. As a group, analysts predict that PBF Energy will post -2.87 earnings per share for the current year.

Insider Transactions at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital purchased 287,100 shares of PBF Energy stock in a transaction dated Wednesday, October 23rd. The shares were acquired at an average price of $31.91 per share, with a total value of $9,161,361.00. Following the completion of the transaction, the insider now owns 24,751,498 shares of the company’s stock, valued at $789,820,301.18. This trade represents a 1.17 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders have purchased 3,369,600 shares of company stock worth $102,820,721. 6.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PBF Energy

Large investors have recently added to or reduced their stakes in the business. National Bank of Canada FI purchased a new stake in PBF Energy during the 2nd quarter worth about $26,000. Quest Partners LLC purchased a new stake in shares of PBF Energy during the second quarter worth approximately $202,000. Headlands Technologies LLC raised its holdings in PBF Energy by 560.7% in the second quarter. Headlands Technologies LLC now owns 9,395 shares of the oil and gas company’s stock valued at $432,000 after acquiring an additional 7,973 shares in the last quarter. American Century Companies Inc. lifted its stake in PBF Energy by 3.4% in the second quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock worth $45,712,000 after acquiring an additional 32,862 shares during the last quarter. Finally, BOKF NA grew its holdings in PBF Energy by 113.2% during the 2nd quarter. BOKF NA now owns 10,387 shares of the oil and gas company’s stock worth $478,000 after acquiring an additional 5,516 shares in the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.

About PBF Energy

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.