PBF Energy (NYSE:PBF) Cut to Sell at TD Cowen

PBF Energy (NYSE:PBF) was downgraded by TD Cowen from a “hold” rating to a “sell” rating in a research report issued on Friday, MarketBeat Ratings reports. They currently have a $20.00 target price on the oil and gas company’s stock, down from their prior target price of $27.00. TD Cowen’s price objective indicates a potential downside of 21.45% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Tudor, Pickering, Holt & Co. lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, September 9th. StockNews.com lowered PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, November 4th. JPMorgan Chase & Co. downgraded PBF Energy from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $53.00 to $40.00 in a research note on Wednesday, October 2nd. Morgan Stanley dropped their price target on shares of PBF Energy from $48.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, BMO Capital Markets cut shares of PBF Energy from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $42.00 to $35.00 in a research report on Friday, October 4th. Seven research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $32.45.

PBF Energy Stock Down 4.2 %

PBF Energy stock opened at $25.46 on Friday. The business’s 50-day moving average price is $30.79 and its 200 day moving average price is $35.44. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of -9.83 and a beta of 1.57. PBF Energy has a 52 week low of $25.42 and a 52 week high of $62.88.

PBF Energy (NYSE:PBF) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates 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 firm 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 business earned $6.61 EPS. PBF Energy’s revenue for the quarter was down 21.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that PBF Energy will post -2.87 earnings per share for the current year.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital acquired 40,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were bought at an average price of $30.93 per share, with a total value of $1,237,200.00. Following the completion of the purchase, the insider now owns 23,407,398 shares of the company’s stock, valued at approximately $723,990,820.14. This represents a 0.17 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders acquired 3,318,100 shares of company stock valued at $103,238,331. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. increased its position in PBF Energy by 35.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 57,289 shares of the oil and gas company’s stock worth $1,801,000 after purchasing an additional 14,892 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of PBF Energy in the 3rd quarter valued at approximately $1,642,000. Neo Ivy Capital Management purchased a new stake in shares of PBF Energy in the 3rd quarter valued at approximately $2,404,000. Vestcor Inc increased its holdings in shares of PBF Energy by 1,513.2% during the 3rd quarter. Vestcor Inc now owns 14,712 shares of the oil and gas company’s stock worth $455,000 after buying an additional 13,800 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd raised its position in shares of PBF Energy by 108.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 43,902 shares of the oil and gas company’s stock valued at $1,359,000 after buying an additional 22,852 shares during the period. Hedge funds and other institutional investors own 96.29% of the company’s stock.

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.