Deutsche Bank Initiates Coverage on PBF Energy (PBF)
Investment analysts at Deutsche Bank started coverage on shares of PBF Energy (NYSE:PBF) in a note issued to investors on Monday, Stock Ratings News reports. The firm set a “hold” rating and a $25.00 price target on the stock. Deutsche Bank’s target price points to a potential upside of 10.18% from the company’s current price.
The analysts wrote, “In this note we execute a further round of EPS cuts given the weakness of September margins and guidance across the board from refiners that capture will disappoint. Margins have started Q4 bad and we expect tough earnings season conference calls and more downgrades. Reinstating PBF coverage with a lowered $25 PT. We are 40% below 3Q consensus. We are waiting to get conviction on a turn in the EPS revision cycle, particularly for 2014. Not there yet. January refining conference, Boston 9th Jan ’14 with twelve independent refiner CEOs/CFOs.”
Shares of PBF Energy (NYSE:PBF) traded down 2.29% during mid-day trading on Monday, hitting $22.17. The stock had a trading volume of 353,525 shares. PBF Energy has a 52 week low of $20.15 and a 52 week high of $42.50. The stock’s 50-day moving average is $22.27 and its 200-day moving average is $26.82. The company’s market cap is $877.5 million.
PBF Energy (NYSE:PBF) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.73 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.79 by $0.06. The company had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.56 million. During the same quarter last year, the company posted $3.45 earnings per share. PBF Energy’s revenue was down 7.9% compared to the same quarter last year.
A number of other firms have also recently commented on PBF. Analysts at Morgan Stanley cut their price target on shares of PBF Energy from $26.00 to $24.00 in a research note to investors on Tuesday, October 1st. They now have an “equal weight” rating on the stock. Separately, analysts at Credit Suisse initiated coverage on shares of PBF Energy in a research note to investors on Monday, September 23rd. They set a “neutral” rating on the stock. Finally, analysts at Raymond James cut their price target on shares of PBF Energy from $29.00 to $27.00 in a research note to investors on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $34.24.
PBF Energy Inc (NYSE:PBF) is an independent petroleum refiners and suppliers of unbranded transportation fuels, heating oils, petrochemical feedstocks, lubricants and other petroleum products in the United States.
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