PBF Energy Inc. (NYSE:PBF) to Post FY2024 Earnings of $1.59 Per Share, Zacks Research Forecasts

22 Sep 2024, 05:08 by Kim Johansen · The Markets Daily

PBF Energy Inc. (NYSE:PBF – Free Report) – Zacks Research lowered their FY2024 EPS estimates for shares of PBF Energy in a note issued to investors on Tuesday, September 17th. Zacks Research analyst R. Department now expects that the oil and gas company will post earnings of $1.59 per share for the year, down from their prior forecast of $1.60. The consensus estimate for PBF Energy’s current full-year earnings is $1.25 per share. Zacks Research also issued estimates for PBF Energy’s Q1 2025 earnings at $0.07 EPS.

PBF Energy (NYSE:PBF – Get Free Report) last issued its earnings results on Thursday, August 1st. The oil and gas company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.39). PBF Energy had a return on equity of 12.81% and a net margin of 2.09%. The firm had revenue of $8.74 billion during the quarter, compared to analysts’ expectations of $8.64 billion. During the same period last year, the firm posted $2.29 earnings per share. The firm’s quarterly revenue was down 4.6% on a year-over-year basis.

A number of other analysts have also commented on the company. UBS Group reduced their target price on PBF Energy from $57.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, August 13th. Piper Sandler lowered PBF Energy from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $47.00 to $25.00 in a research report on Friday. Wells Fargo & Company dropped their price target on shares of PBF Energy from $52.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, September 3rd. Wolfe Research started coverage on shares of PBF Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of PBF Energy from $58.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, PBF Energy has a consensus rating of “Hold” and an average target price of $47.91.

View Our Latest Research Report on PBF

PBF Energy Price Performance

Shares of NYSE PBF opened at $32.02 on Friday. The firm has a market cap of $3.80 billion, a P/E ratio of 2.22 and a beta of 1.56. PBF Energy has a twelve month low of $30.61 and a twelve month high of $62.88. The company has a quick ratio of 0.75, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. The company has a 50 day moving average of $35.70 and a 200 day moving average of $45.57.

PBF Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.00 dividend on an annualized basis and a yield of 3.12%. PBF Energy’s dividend payout ratio is currently 6.92%.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital purchased 140,000 shares of PBF Energy stock in a transaction on Friday, June 28th. The stock was acquired at an average price of $45.73 per share, for a total transaction of $6,402,200.00. Following the completion of the transaction, the insider now directly owns 17,772,598 shares in the company, valued at approximately $812,740,906.54. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have purchased 2,684,300 shares of company stock worth $93,389,546. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds have recently modified their holdings of the company. Private Advisor Group LLC purchased a new position in shares of PBF Energy during the 4th quarter valued at $283,000. Quadrant Capital Group LLC boosted its stake in shares of PBF Energy by 12.8% in the fourth quarter. Quadrant Capital Group LLC now owns 2,598 shares of the oil and gas company’s stock worth $114,000 after acquiring an additional 295 shares during the period. Norges Bank purchased a new stake in shares of PBF Energy during the fourth quarter worth about $54,832,000. Corient Private Wealth LLC raised its stake in PBF Energy by 3.9% during the 4th quarter. Corient Private Wealth LLC now owns 48,583 shares of the oil and gas company’s stock valued at $2,136,000 after purchasing an additional 1,812 shares during the period. Finally, Trexquant Investment LP raised its stake in PBF Energy by 454.8% during the 4th quarter. Trexquant Investment LP now owns 111,911 shares of the oil and gas company’s stock valued at $4,920,000 after purchasing an additional 91,738 shares during the period. 96.29% of the stock is currently owned by institutional investors.

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