Evercore Initiates Coverage on PBF Energy (NYSE:PBF)

Research analysts at Evercore assumed coverage on shares of PBF Energy (NYSE:PBF) in a research report issued on Friday, MarketBeat Ratings reports. The firm set an “in-line” rating and a $58.00 price target on the oil and gas company’s stock. Evercore’s target price indicates a potential downside of 7.40% from the company’s previous close.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group assumed coverage on PBF Energy in a report on Friday, April 10th. They set a “neutral” rating and a $49.00 target price for the company. Wall Street Zen cut shares of PBF Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, July 14th. BMO Capital Markets boosted their price objective on shares of PBF Energy from $43.00 to $50.00 and gave the stock a “market perform” rating in a research note on Thursday, April 2nd. Zacks Research lowered shares of PBF Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Finally, Freedom Capital raised shares of PBF Energy to a “hold” rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $40.00.

PBF Energy Stock Up 2.8%

Shares of NYSE PBF opened at $62.63 on Friday. The stock has a market capitalization of $7.41 billion, a PE ratio of 16.88, a P/E/G ratio of 0.16 and a beta of 0.11. The company has a quick ratio of 0.62, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. The firm has a fifty day moving average of $44.49 and a 200-day moving average of $40.36. PBF Energy has a 52-week low of $21.24 and a 52-week high of $63.60.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.79) by ($0.09). PBF Energy had a negative return on equity of 4.12% and a net margin of 1.46%.The firm had revenue of $7.90 billion during the quarter, compared to analysts’ expectations of $7.32 billion. During the same period last year, the business posted ($3.53) earnings per share. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. On average, analysts anticipate that PBF Energy will post 9.76 EPS for the current year.

Insiders Place Their Bets

In other news, insider Control Empresarial De Capital sold 570,000 shares of PBF Energy stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $46.36, for a total transaction of $26,425,200.00. Following the sale, the insider owned 17,142,128 shares in the company, valued at $794,709,054.08. This trade represents a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders sold 3,541,570 shares of company stock valued at $165,787,386. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PBF Energy

A number of large investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC lifted its holdings in PBF Energy by 19.3% in the 2nd quarter. Wedge Capital Management L L P NC now owns 43,848 shares of the oil and gas company’s stock worth $1,996,000 after buying an additional 7,107 shares in the last quarter. Parallel Advisors LLC increased its position in shares of PBF Energy by 6.8% during the first quarter. Parallel Advisors LLC now owns 3,781 shares of the oil and gas company’s stock worth $180,000 after acquiring an additional 242 shares during the last quarter. Bull Harbor Capital LLC acquired a new position in shares of PBF Energy in the first quarter worth about $212,000. Amundi purchased a new position in PBF Energy in the first quarter valued at about $1,574,000. Finally, EverSource Wealth Advisors LLC grew its stake in PBF Energy by 24.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,728 shares of the oil and gas company’s stock valued at $225,000 after purchasing an additional 931 shares in the last quarter. 96.29% of the stock is owned by institutional investors and hedge funds.

About PBF Energy

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.