Research Analysts Set Expectations for PBF Energy Inc.’s Q3 2023 Earnings (NYSE:PBF)

PBF Energy Inc. (NYSE:PBF – Get Rating) – Research analysts at Zacks Research lowered their Q3 2023 earnings per share (EPS) estimates for PBF Energy in a research report issued to clients and investors on Wednesday, May 24th. Zacks Research analyst U. Dutta now anticipates that the oil and gas company will earn $2.43 per share for the quarter, down from their prior forecast of $2.54. The consensus estimate for PBF Energy’s current full-year earnings is $8.85 per share. Zacks Research also issued estimates for PBF Energy’s Q3 2024 earnings at $1.44 EPS, Q4 2024 earnings at $1.21 EPS, FY2024 earnings at $5.30 EPS and FY2025 earnings at $4.19 EPS.

PBF Energy (NYSE:PBF – Get Rating) last issued its quarterly earnings data on Friday, May 5th. The oil and gas company reported $2.76 earnings per share for the quarter, topping the consensus estimate of $2.65 by $0.11. The company had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.39 billion. PBF Energy had a return on equity of 69.19% and a net margin of 6.98%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 earnings per share.

PBF has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on PBF Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 4th. Piper Sandler lowered their price objective on PBF Energy from $74.00 to $61.00 in a research report on Thursday, May 18th. UBS Group initiated coverage on PBF Energy in a research report on Wednesday, March 8th. They set a “neutral” rating and a $53.00 price target for the company. Mizuho lowered PBF Energy from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $56.00 to $41.00 in a research report on Friday, May 19th. Finally, Wells Fargo & Company lowered their price target on PBF Energy from $58.00 to $51.00 in a research report on Tuesday, April 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, PBF Energy currently has an average rating of “Hold” and a consensus price target of $45.08.

PBF Energy Trading Up 1.9 %

Shares of PBF Energy stock opened at $39.25 on Friday. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of 1.52 and a beta of 1.95. PBF Energy has a fifty-two week low of $24.63 and a fifty-two week high of $49.00. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.66 and a current ratio of 1.28. The stock has a 50 day moving average of $38.20 and a 200 day moving average of $40.39.

Hedge Funds Weigh In On PBF Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC purchased a new position in shares of PBF Energy during the third quarter worth about $33,000. Exchange Traded Concepts LLC purchased a new position in shares of PBF Energy during the fourth quarter worth about $33,000. Tucker Asset Management LLC purchased a new position in shares of PBF Energy during the first quarter worth about $34,000. Gladius Capital Management LP purchased a new stake in PBF Energy in the 4th quarter valued at approximately $40,000. Finally, Ronald Blue Trust Inc. boosted its holdings in PBF Energy by 5,747.6% in the 4th quarter. Ronald Blue Trust Inc. now owns 1,228 shares of the oil and gas company’s stock valued at $43,000 after purchasing an additional 1,207 shares in the last quarter. Hedge funds and other institutional investors own 90.69% of the company’s stock.

PBF Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Wednesday, May 17th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Tuesday, May 16th. PBF Energy’s dividend payout ratio is currently 3.10%.

About PBF Energy

(Get Rating)

PBF Energy, Inc engages in the operation of a petroleum refinery and supplies unbranded transportation fuels, heating oil, petrochemical feed stocks, lubricants, and other petroleum products in the United States. It operates through the Refining and Logistics segments. The Refining segment involves refining crude oil and other feed stocks into petroleum products.