FY2024 Earnings Estimate for PBF Energy Issued By Scotiabank

PBF Energy Inc. (NYSE:PBFFree Report) – Analysts at Scotiabank decreased their FY2024 earnings per share estimates for shares of PBF Energy in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the oil and gas company will earn ($3.40) per share for the year, down from their previous forecast of ($3.35). Scotiabank has a “Sector Perform” rating and a $31.00 price objective 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:PBFGet Free Report) last issued its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $8.27 billion. During the same period last year, the business earned $6.61 EPS. The firm’s revenue was down 21.9% compared to the same quarter last year.

Several other research firms have also commented on PBF. Piper Sandler lowered PBF Energy from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $47.00 to $25.00 in a report on Friday, September 20th. StockNews.com downgraded PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, November 4th. TD Cowen cut PBF Energy from a “hold” rating to a “sell” rating and decreased their target price for the stock from $27.00 to $20.00 in a research note on Friday, December 20th. Wells Fargo & Company downgraded PBF Energy from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $39.00 to $34.00 in a report on Monday, December 9th. Finally, BMO Capital Markets cut shares of PBF Energy from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $42.00 to $35.00 in a report on Friday, October 4th. Seven equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $32.00.

Read Our Latest Analysis on PBF Energy

PBF Energy Price Performance

Shares of PBF opened at $29.39 on Monday. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of -11.35 and a beta of 1.61. The firm’s fifty day simple moving average is $29.14 and its 200-day simple moving average is $33.11. 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.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of PBF. Leavell Investment Management Inc. lifted its stake in shares of PBF Energy by 3.0% in the 3rd quarter. Leavell Investment Management Inc. now owns 15,770 shares of the oil and gas company’s stock worth $488,000 after acquiring an additional 460 shares during the period. Nisa Investment Advisors LLC lifted its position in PBF Energy by 1.7% in the third quarter. Nisa Investment Advisors LLC now owns 28,853 shares of the oil and gas company’s stock valued at $893,000 after purchasing an additional 485 shares during the period. Verdence Capital Advisors LLC boosted its holdings in PBF Energy by 4.4% in the 3rd quarter. Verdence Capital Advisors LLC now owns 12,915 shares of the oil and gas company’s stock valued at $400,000 after purchasing an additional 543 shares in the last quarter. National Bank of Canada FI acquired a new position in PBF Energy during the 2nd quarter worth approximately $26,000. Finally, Farther Finance Advisors LLC raised its stake in shares of PBF Energy by 27.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock worth $81,000 after buying an additional 573 shares in the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Control Empresarial De Capital bought 287,100 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were acquired at an average price of $31.91 per share, with a total value of $9,161,361.00. Following the completion of the acquisition, the insider now owns 24,751,498 shares in the company, valued at approximately $789,820,301.18. This trade represents a 1.17 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders acquired 2,369,600 shares of company stock valued at $71,070,721. Insiders own 5.30% of the company’s stock.

PBF Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were paid a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This is a positive change from PBF Energy’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.74%. PBF Energy’s payout ratio is currently -42.47%.

About PBF Energy

(Get Free Report)

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.

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Earnings History and Estimates for PBF Energy (NYSE:PBF)

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