PBF Energy Stock Price Down 3.3% Following Weak Earnings (PBF)
Shares of PBF Energy (NYSE:PBF) were down 3.3% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings, Analyst RN reports. The stock traded as low as $25.38 and last traded at $25.73, with a volume of 1,644,305 shares traded. The stock had previously closed at $26.61.
The company reported $0.35 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.67 by $0.32. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the company posted $0.73 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, August 27th. Investors of record on Monday, August 11th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date of this dividend is Thursday, August 7th.
PBF has been the subject of a number of recent research reports. Analysts at Credit Suisse reiterated a “neutral” rating on shares of PBF Energy in a research note on Monday. They now have a $29.00 price target on the stock, down previously from $34.00. Separately, analysts at Bank of America downgraded shares of PBF Energy from a “buy” rating to a “neutral” rating in a research note on Friday. Finally, analysts at Barclays initiated coverage on shares of PBF Energy in a research note on Wednesday, July 16th. They set an “equal weight” rating and a $30.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $29.02.
The stock has a 50-day moving average of $28.04 and a 200-day moving average of $27.86. The company has a market cap of $1.787 billion and a price-to-earnings ratio of 12.58.
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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