PBF Energy (PBF) Reaches New 12-Month High on Analyst Upgrade

PBF Energy Inc (NYSE:PBF) shares reached a new 52-week high on Monday after Credit Suisse Group raised their price target on the stock from $46.00 to $53.00. Credit Suisse Group currently has a neutral rating on the stock. PBF Energy traded as high as $53.91 and last traded at $51.71, with a volume of 99367 shares. The stock had previously closed at $52.76.

Several other research analysts also recently commented on PBF. ValuEngine downgraded PBF Energy from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 2nd. Macquarie upgraded PBF Energy from a “neutral” rating to an “outperform” rating in a research note on Monday, July 9th. Mizuho initiated coverage on PBF Energy in a research note on Wednesday, August 1st. They set a “buy” rating and a $55.00 target price for the company. Royal Bank of Canada restated a “hold” rating and issued a $46.00 price target on shares of PBF Energy in a research note on Friday, August 3rd. Finally, Wells Fargo & Co reduced their price target on PBF Energy from $63.00 to $59.00 and set an “outperform” rating for the company in a research note on Friday, August 10th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $44.25.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp lifted its position in shares of PBF Energy by 6.5% during the 1st quarter. Northern Trust Corp now owns 1,097,092 shares of the oil and gas company’s stock valued at $37,193,000 after acquiring an additional 66,931 shares during the period. BlackRock Inc. lifted its position in shares of PBF Energy by 3.1% during the 1st quarter. BlackRock Inc. now owns 9,583,646 shares of the oil and gas company’s stock valued at $324,886,000 after acquiring an additional 289,653 shares during the period. New York State Common Retirement Fund lifted its position in shares of PBF Energy by 5.1% during the 1st quarter. New York State Common Retirement Fund now owns 336,844 shares of the oil and gas company’s stock valued at $11,419,000 after acquiring an additional 16,387 shares during the period. Great West Life Assurance Co. Can lifted its position in shares of PBF Energy by 6.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 78,934 shares of the oil and gas company’s stock valued at $2,678,000 after acquiring an additional 4,443 shares during the period. Finally, Stifel Financial Corp bought a new stake in shares of PBF Energy during the 1st quarter valued at $913,000. Institutional investors and hedge funds own 93.38% of the company’s stock.

The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 45.24, a price-to-earnings-growth ratio of 1.17 and a beta of 1.47. The company has a quick ratio of 0.63, a current ratio of 1.66 and a debt-to-equity ratio of 0.70.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, August 2nd. The oil and gas company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. The firm had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $6.15 billion. PBF Energy had a return on equity of 9.82% and a net margin of 3.40%. The company’s revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.06) EPS. As a group, equities analysts expect that PBF Energy Inc will post 2.73 EPS for the current year.

About PBF Energy (NYSE:PBF)

PBF Energy Inc, together with its subsidiaries, engages in the refining and supply of petroleum products. The company operates through 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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