PBF Energy Stock Target Raised by Piper Sandler to $42

Piper Sandler has raised its price target for PBF Energy (NYSE: PBF) from $29.00 to $42.00, as detailed in a report released to clients on Friday, October 30, 2023. Despite this increase, Piper Sandler maintains an “underweight” rating on the oil and gas company’s stock. The new target price suggests a potential upside of approximately 7.92% from the stock’s previous closing price.

Several other analysts have recently evaluated PBF Energy, reflecting a mixed outlook. Cowen reiterated a “sell” rating for the company, while TD Cowen raised its target price from $22.00 to $25.00 and also assigned a “sell” rating. Tudor Pickering downgraded PBF Energy from a “hold” to a “strong sell” rating on September 15. Additionally, Morgan Stanley set a price objective of $27.00 and maintained an “underweight” rating.

As of now, one analyst has a “buy” rating on PBF Energy, five have issued a “hold” rating, and nine have assigned a “sell” rating. According to MarketBeat, the stock holds a consensus rating of “strong sell” with an average target price of $28.92.

PBF Energy’s Recent Quarterly Performance

PBF Energy’s financial performance for the third quarter of 2023, released on October 30, shows the company reported an earnings per share (EPS) of ($0.52), surpassing analyst expectations of ($0.69) by $0.17. The company generated revenues of $7.65 billion during this period, exceeding estimates of $7.47 billion. Despite this positive revenue surprise, PBF experienced a negative net margin of 1.78% and a return on equity of (15.88%). Year-over-year, quarterly revenue declined by 8.7%, with the previous year posting an EPS of ($1.50).

Looking ahead, analysts forecast that PBF Energy will report an EPS of (1.12) for the current fiscal year.

Insider Transactions and Institutional Holdings

In related news, significant insider transactions occurred recently. On November 3, Chief Accounting Officer Steven John Andriola sold 1,048 shares at an average price of $34.39, totaling $36,040.72. This sale reduced his ownership to 20,974 shares, valued at approximately $721,295.86.

Director Thomas J. Nimbley also sold 250,000 shares on the same day at an average price of $34.51, resulting in a transaction worth $8,627,500.00. Following this sale, Nimbley holds 790,716 shares, valued at around $27,287,609.16. Collectively, insiders have sold 507,045 shares valued at $18,193,421 in the past ninety days, with insiders owning 5.30% of the company’s stock.

Institutional investors continue to play a significant role in PBF Energy’s shareholding structure. Recently, Merit Financial Group LLC increased its position by 3.0%, now owning 9,575 shares valued at $289,000. Other institutions, including Verdence Capital Advisors LLC and Arizona State Retirement System, also expanded their holdings, reflecting a growing interest in the company. Institutional investors collectively own 96.29% of PBF Energy.

PBF Energy operates in the refining and logistics sectors, producing a range of petroleum products, including gasoline, ultra-low-sulfur diesel, and jet fuel. As the company navigates the complexities of the oil and gas market, its performance remains closely monitored by analysts and investors alike.