FY2024 Earnings Estimate for PBF Energy Issued By Scotiabank

PBF Energy Inc. (NYSE:PBF) – Investment analysts at Scotiabank reduced their FY2024 earnings estimates for shares of PBF Energy in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the oil and gas company will post earnings of ($3.40) per share for the year, down from their prior estimate of ($3.35). Scotiabank currently has a “Sector Perform” rating and a $31.00 target price on the stock. The consensus estimate for PBF Energy’s current full-year earnings is ($2.87) per share. Scotiabank also issued estimates for PBF Energy’s FY2025 earnings at ($2.20) EPS and FY2026 earnings at ($1.85) EPS.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share (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 firm 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 firm earned $6.61 EPS. The firm’s revenue for the quarter was down 21.9% compared to the same quarter last year.

Several other research firms also recently weighed in on PBF. JPMorgan Chase & Co. dropped their target price on PBF Energy from $36.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. BMO Capital Markets downgraded shares of PBF Energy from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $42.00 to $35.00 in a research note on Friday, October 4th. TD Cowen cut shares of PBF Energy from a “hold” rating to a “sell” rating and decreased their price target for the company from $27.00 to $20.00 in a research report on Friday, December 20th. Mizuho lowered PBF Energy from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $33.00 to $31.00 in a research report on Monday, December 16th. Finally, Bank of America assumed coverage on PBF Energy in a research note on Thursday, October 17th. They issued an “underperform” rating and a $25.00 price objective on the stock. Seven analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. Based on data from MarketBeat.com, PBF Energy has an average rating of “Hold” and an average target price of $32.00.

PBF Energy Trading Up 0.9 %

Shares of NYSE PBF opened at $29.69 on Monday. The stock has a fifty day simple moving average of $29.15 and a 200-day simple moving average of $32.99. PBF Energy has a twelve month low of $24.21 and a twelve month high of $62.88. The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $3.42 billion, a PE ratio of -11.46 and a beta of 1.61.

PBF Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were paid a $0.275 dividend. This is a positive change from PBF Energy’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 3.70%. The ex-dividend date was Wednesday, November 13th. PBF Energy’s dividend payout ratio is currently -42.47%.

Insiders Place Their Bets

In other news, insider Control Empresarial De Capital bought 409,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was purchased at an average cost of $31.58 per share, with a total value of $12,916,220.00. Following the transaction, the insider now directly owns 27,368,498 shares in the company, valued at $864,297,166.84. This trade represents a 1.52 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have purchased 2,369,600 shares of company stock valued at $71,070,721. 5.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PBF. National Bank of Canada FI acquired a new position in shares of PBF Energy in the 2nd quarter valued at $26,000. Fortitude Family Office LLC grew its position in PBF Energy by 968.8% during the 4th quarter. Fortitude Family Office LLC now owns 1,165 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 1,056 shares during the last quarter. Quarry LP acquired a new position in PBF Energy in the third quarter valued at $48,000. Harbor Capital Advisors Inc. acquired a new position in PBF Energy in the third quarter valued at $59,000. Finally, Blue Trust Inc. raised its holdings in shares of PBF Energy by 1,291.1% in the third quarter. Blue Trust Inc. now owns 2,184 shares of the oil and gas company’s stock valued at $68,000 after buying an additional 2,027 shares during the last quarter. Hedge funds and other institutional investors own 96.29% of the company’s stock.

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.