On September 22, 2023, it was reported that Counterpoint Mutual Funds LLC had purchased a new position in PBF Energy Inc. during the second quarter of the year. According to their 13F filing with the Securities & Exchange Commission, the fund acquired 3,113 shares of the oil and gas company’s stock, valued at approximately $127,000.
This news comes after several equities analysts have weighed in on PBF Energy’s stock. UBS Group, for instance, recently lowered their price objective from $53.00 to $48.00 in a research report on June 30th. Conversely, The Goldman Sachs Group increased their target price from $48.00 to $54.00 and assigned a “neutral” rating to the company in a research report on September 1st. Morgan Stanley also reiterated an “equal weight” rating and set a $50.00 price target on PBF Energy’s shares in July.
Furthermore, StockNews.com upgraded its rating on PBF Energy from “hold” to “buy” in a report on September 11th. Bank of America also raised their target price from $56.00 to $65.00 and assigned a “neutral” rating to the stock earlier this week.
At present, consensus ratings compiled by Bloomberg indicate that five investment analysts view the stock as a hold while four analysts consider it a buy. The company has an average consensus price target of approximately $55.67.
PBF Energy opened at $53.95 on Friday and currently has a debt-to-equity ratio of 0.24, a quick ratio of 0.81, and a current ratio of 1.47., Its fifty-day moving average stands at $48.01 while its two-hundred-day moving average is recorded as $42.37.
With regards to its market cap, PBF Energy boasts an impressive figure of $6.67 billion. As for its valuation, the company has a price-to-earnings (P/E) ratio of 2.25 and a beta of 1.92.
These recent developments highlight the ongoing interest in PBF Energy’s stock and suggest that the company’s performance continues to attract attention from both analysts and investors alike.
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Institutional Investors Show Confidence in PBF Energy as Equities Analysts Observe Positive Developments
PBF Energy (NYSE:PBF), a leading oil and gas company, has recently seen increased interest from institutional investors who have either added to or reduced their stakes in the company. This news, along with other developments, has garnered attention from equities analysts.
Tucker Asset Management LLC acquired a new stake in PBF Energy during the first quarter of this year, valued at approximately $34,000. Another investor, Nelson Van Denburg & Campbell Wealth Management Group LLC, also purchased shares of PBF Energy during the same period, with a value of around $48,000. IFP Advisors Inc raised its stake in the company by 250% in the first quarter, acquiring an additional 755 shares. Point72 Hong Kong Ltd joined them by purchasing shares worth $76,000 during the same period. Lastly, Spire Wealth Management increased its position in PBF Energy by 41% and now owns 2,207 shares valued at $96,000.
These moves by institutional investors reflect their confidence in PBF Energy’s potential for growth and profitability. They also indicate a positive sentiment towards the company within the investment community.
In other news regarding PBF Energy, Senior Vice President Connor Thomas L. O sold 50,000 shares of the firm’s stock on September 14th at an average price of $54.84 per share. Following this sale, O now holds approximately 117,503 shares of the company’s stock with an estimated value of $6,443,864.52. The sale was disclosed through a filing with the SEC and can be accessed on their website.
The fact that insiders own 5.30% of PBF Energy’s stock further demonstrates their belief in the future prospects of the company.
Various equities analysts have also weighed in on PBF Energy’s performance lately. UBS Group decreased its price objective for the stock from $53 to $48 per share in a research report released on June 30th. Meanwhile, The Goldman Sachs Group raised its target price to $54 from $48 and assigned a “neutral” rating on September 1st. Morgan Stanley maintained an “equal weight” rating and set a price target of $50 for PBF Energy in their report released on July 19th. Additionally, StockNews.com upgraded the company from a “hold” to a “buy” rating on September 11th.
Bank of America also issued a report stating that PBF Energy’s stock deserves a “neutral” rating with a revised target price of $65. Overall, the consensus among analysts is to hold the stock, with four assigning buy ratings and five giving it hold ratings. According to Bloomberg, the average target price for PBF Energy stands at $55.67.
PBF Energy recently announced its quarterly earnings data on August 3rd, revealing an impressive earnings per share (EPS) of $2.29 for the quarter. This exceeded analysts’ expectations by $0.07 per share, reflecting the strong performance of the company during this period. The firm reported revenue of $9.16 billion for the quarter – slightly higher than analysts’ consensus estimate of $8.93 billion.
However, it is worth noting that PBF Energy experienced a decrease in revenue by 34.9% year over year during this quarter due to prevailing market conditions. Nonetheless, its net margin remained strong at 7.36%, while it achieved an impressive return on equity of 42.15%.
Despite these positive financial indicators, sell-side analysts predict that PBF Energy will post an EPS of $10.58 for the current fiscal year.
On another note, PBF Energy recently paid out its quarterly dividend on August 31st to shareholders who held stock as of August 17th- resulting in a dividend payment of $0.20 per share. The dividend payout ratio currently stands at 3.33%. This dividend represents a 1.48% yield on an annualized basis.
In conclusion, PBF Energy’s recent activities and developments have attracted the attention of institutional investors, equities analysts, and industry insiders alike. While the company has experienced fluctuations in revenue due to market conditions, its solid financial performance and positive sentiment from key stakeholders point towards a promising future for PBF Energy Inc.
