The Goldman Sachs Group Cuts PBF Energy (NYSE:PBF) Price Target to $34.00

PBF Energy (NYSE:PBF) had its price target reduced by equities research analysts at The Goldman Sachs Group from $38.00 to $34.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 11.48% from the stock’s previous close.

Several other research firms also recently weighed in on PBF. BMO Capital Markets downgraded shares of PBF Energy from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $42.00 to $35.00 in a research note on Friday, October 4th. StockNews.com cut shares of PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Morgan Stanley lowered their target price on shares of PBF Energy from $48.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. UBS Group dropped their price target on PBF Energy from $57.00 to $44.00 and set a “neutral” rating for the company in a research note on Tuesday, August 13th. Finally, Bank of America initiated coverage on PBF Energy in a report on Thursday, October 17th. They set an “underperform” rating and a $25.00 price objective on the stock. Five research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $33.27.

PBF Energy Price Performance

PBF Energy stock opened at $30.50 on Tuesday. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of -11.79 and a beta of 1.57. PBF Energy has a 52-week low of $27.94 and a 52-week high of $62.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 1.34. The stock’s 50 day moving average price is $31.43 and its two-hundred day moving average price is $36.34.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.09). PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The company had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the previous year, the company posted $6.61 earnings per share. The company’s quarterly revenue was down 21.9% compared to the same quarter last year. On average, equities analysts predict that PBF Energy will post -2.86 earnings per share for the current year.

Insider Buying and Selling at PBF Energy

In other news, insider Control Empresarial De Capital acquired 670,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were bought at an average cost of $31.29 per share, for a total transaction of $20,964,300.00. Following the acquisition, the insider now owns 22,527,398 shares in the company, valued at approximately $704,882,283.42. This represents a 3.07 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have purchased 4,238,100 shares of company stock worth $132,147,631. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of PBF Energy by 391.9% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,540,000 shares of the oil and gas company’s stock worth $47,663,000 after acquiring an additional 1,226,909 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of PBF Energy by 32.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company’s stock valued at $64,489,000 after purchasing an additional 347,268 shares in the last quarter. LSV Asset Management lifted its position in shares of PBF Energy by 2.7% during the 2nd quarter. LSV Asset Management now owns 1,290,947 shares of the oil and gas company’s stock worth $59,409,000 after purchasing an additional 34,470 shares during the last quarter. American Century Companies Inc. grew its stake in shares of PBF Energy by 3.4% during the second quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock worth $45,712,000 after purchasing an additional 32,862 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in PBF Energy by 132.6% in the third quarter. BNP Paribas Financial Markets now owns 863,228 shares of the oil and gas company’s stock valued at $26,717,000 after buying an additional 492,053 shares during the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

PBF Energy Company Profile

PBF Energy Inc, through 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 from crude oil.