Morgan Stanley Reiterates “$42.00” Price Target for PBF Energy (PBF)

PBF Energy (NYSE:PBF) has been assigned a $42.00 target price by research analysts at Morgan Stanley in a research note issued to investors on Friday, TipRanks reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Morgan Stanley’s price objective suggests a potential upside of 36.94% from the company’s previous close.

PBF has been the subject of a number of other reports. Credit Suisse Group upgraded shares of PBF Energy from a “neutral” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Wednesday. Goldman Sachs Group lowered PBF Energy from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $35.00 to $34.00 in a research note on Friday, January 25th. ValuEngine lowered PBF Energy from a “buy” rating to a “hold” rating in a research note on Thursday, February 28th. Raymond James reduced their price objective on PBF Energy from $41.00 to $40.00 and set an “outperform” rating for the company in a research note on Tuesday, April 9th. Finally, Tudor Pickering lowered PBF Energy from a “buy” rating to a “hold” rating in a research note on Friday, February 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. PBF Energy has a consensus rating of “Hold” and a consensus price target of $48.33.

PBF traded down $0.69 during mid-day trading on Friday, reaching $30.67. 1,426,100 shares of the company traded hands, compared to its average volume of 1,775,808. The firm has a market cap of $3.76 billion, a PE ratio of 9.41, a P/E/G ratio of 1.63 and a beta of 1.39. The company has a current ratio of 1.53, a quick ratio of 0.54 and a debt-to-equity ratio of 0.68. PBF Energy has a 52-week low of $28.01 and a 52-week high of $53.91.

PBF Energy (NYSE:PBF) last announced its earnings results on Wednesday, May 1st. The oil and gas company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.23). The company had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.29 billion. PBF Energy had a net margin of 1.23% and a return on equity of 8.25%. PBF Energy’s quarterly revenue was down 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.29) earnings per share. As a group, research analysts forecast that PBF Energy will post 1.96 EPS for the current fiscal year.

In related news, CEO Thomas J. Nimbley acquired 25,000 shares of PBF Energy stock in a transaction dated Monday, March 11th. The stock was purchased at an average cost of $30.03 per share, for a total transaction of $750,750.00. Following the purchase, the chief executive officer now directly owns 365,990 shares of the company’s stock, valued at approximately $10,990,679.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.50% of the company’s stock.

A number of institutional investors have recently modified their holdings of PBF. Pinebridge Investments L.P. bought a new position in PBF Energy in the 1st quarter worth $40,000. Oregon Public Employees Retirement Fund boosted its holdings in PBF Energy by 3,260.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,568,389 shares of the oil and gas company’s stock worth $48,000 after buying an additional 1,521,723 shares during the period. Bremer Bank National Association bought a new position in PBF Energy in the 1st quarter worth $57,000. MERIAN GLOBAL INVESTORS UK Ltd bought a new position in PBF Energy in the 1st quarter worth $119,000. Finally, Penserra Capital Management LLC boosted its holdings in PBF Energy by 675.4% in the 4th quarter. Penserra Capital Management LLC now owns 3,784 shares of the oil and gas company’s stock worth $123,000 after buying an additional 3,296 shares during the period. 96.87% of the stock is owned by institutional investors.

About PBF Energy

PBF Energy Inc, together with 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.

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