PBF Energy Inc. (PBF) Lowered to “Neutral” at Credit Suisse Group AG
PBF Energy Inc. (NYSE:PBF) was downgraded by analysts at Credit Suisse Group AG from an “outperform” rating to a “neutral” rating in a research report issued on Tuesday.
A number of other equities research analysts have also weighed in on the stock. Tudor Pickering lowered shares of PBF Energy from a “buy” rating to a “hold” rating in a report on Monday, August 8th. Barclays PLC reissued an “equal weight” rating and set a $26.00 price objective on shares of PBF Energy in a report on Monday, August 1st. Wolfe Research lowered shares of PBF Energy from an “outperform” rating to a “market perform” rating in a report on Monday, June 20th. Goldman Sachs Group Inc. lowered shares of PBF Energy from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $37.00 to $26.00 in a report on Wednesday, June 29th. Finally, Wells Fargo & Co. reissued an “outperform” rating on shares of PBF Energy in a report on Monday, July 11th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $30.00.
Shares of PBF Energy (NYSE:PBF) traded down 5.233% during midday trading on Tuesday, reaching $20.375. The company’s stock had a trading volume of 1,652,192 shares. The firm’s market capitalization is $1.99 billion. The stock has a 50-day moving average of $22.34 and a 200 day moving average of $25.67. PBF Energy has a 12-month low of $20.37 and a 12-month high of $41.75.
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PBF Energy (NYSE:PBF) last released its quarterly earnings results on Friday, July 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.87 by $0.73. PBF Energy had a positive return on equity of 9.19% and a negative net margin of 0.02%. The firm earned $3.86 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same period in the prior year, the firm posted $0.88 earnings per share. PBF Energy’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities research analysts predict that PBF Energy will post ($0.29) EPS for the current fiscal year.
In other news, insider Connor Thomas L. O acquired 10,000 shares of the firm’s stock in a transaction on Friday, September 9th. The stock was acquired at an average price of $21.73 per share, for a total transaction of $217,300.00. Following the completion of the transaction, the insider now owns 50,000 shares in the company, valued at approximately $1,086,500. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Thomas J. Nimbley acquired 50,000 shares of the firm’s stock in a transaction on Friday, September 9th. The stock was purchased at an average price of $21.84 per share, with a total value of $1,092,000.00. Following the transaction, the chief executive officer now owns 160,000 shares of the company’s stock, valued at approximately $3,494,400. The disclosure for this purchase can be found here. 5.70% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Wolverine Asset Management LLC purchased a new position in shares of PBF Energy during the second quarter worth $594,000. Stifel Financial Corp increased its position in shares of PBF Energy by 98.5% in the second quarter. Stifel Financial Corp now owns 17,608 shares of the company’s stock worth $419,000 after buying an additional 8,739 shares during the period. Amalgamated Bank increased its position in shares of PBF Energy by 5.1% in the second quarter. Amalgamated Bank now owns 11,818 shares of the company’s stock worth $269,000 after buying an additional 570 shares during the period. American Century Companies Inc. purchased a new position in shares of PBF Energy during the second quarter worth $250,000. Finally, Legal & General Group Plc increased its position in shares of PBF Energy by 21.5% in the second quarter. Legal & General Group Plc now owns 102,311 shares of the company’s stock worth $2,428,000 after buying an additional 18,134 shares during the period. Institutional investors and hedge funds own 99.55% of the company’s stock.
About PBF Energy
PBF Energy Inc (PBF Energy) is a holding company. The Company is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company operates through two segments: Refining and Logistics.
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