FY2024 Earnings Forecast for PBF Energy Issued By Scotiabank

PBF Energy Inc. (NYSE:PBF - Free Report) - Equities researchers at Scotiabank decreased their FY2024 earnings per share estimates for PBF Energy in a note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the oil and gas company will post earnings per share of ($3.40) for the year, down from their prior 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:PBF - Get Free Report) last released its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.41) by ($0.09). The business had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.27 billion. PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. PBF Energy's revenue for the quarter was down 21.9% on a year-over-year basis. During the same period in the prior year, the business posted $6.61 EPS.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler cut shares of PBF Energy from a "neutral" rating to an "underweight" rating and decreased their price objective for the company from $47.00 to $25.00 in a research report on Friday, September 20th. TD Cowen cut PBF Energy from a "hold" rating to a "sell" rating and dropped their price objective for the stock from $27.00 to $20.00 in a report on Friday, December 20th. Bank of America began coverage on PBF Energy in a research note on Thursday, October 17th. They set an "underperform" rating and a $25.00 target price on the stock. Morgan Stanley cut their price target on shares of PBF Energy from $48.00 to $38.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. Finally, BMO Capital Markets lowered shares of PBF Energy from an "outperform" rating to a "market perform" rating and decreased 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 company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $32.00.

PBF Energy Trading Up 5.0 %

PBF stock traded up $1.41 during midday trading on Monday, hitting $29.39. The company had a trading volume of 3,537,478 shares, compared to its average volume of 2,176,929. The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. PBF Energy has a 52 week low of $24.21 and a 52 week high of $62.88. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -11.35 and a beta of 1.61. The stock's 50 day moving average price is $29.12 and its 200 day moving average price is $33.22.

PBF Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were given a dividend of $0.275 per share. The ex-dividend date was Wednesday, November 13th. This represents a $1.10 annualized dividend and a dividend yield of 3.74%. This is a positive change from PBF Energy's previous quarterly dividend of $0.25. PBF Energy's dividend payout ratio is presently -42.47%.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital bought 287,100 shares of PBF Energy stock in a transaction that occurred on Wednesday, October 23rd. The stock was bought at an average cost of $31.91 per share, with a total value of $9,161,361.00. Following the acquisition, the insider now owns 24,751,498 shares of the company's stock, valued at $789,820,301.18. The trade was a 1.17 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have acquired 3,369,600 shares of company stock worth $102,820,721 in the last quarter. Company insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. National Bank of Canada FI purchased a new position in shares of PBF Energy in the second quarter valued at about $26,000. Fortitude Family Office LLC lifted its holdings in PBF Energy by 968.8% in 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 in the last quarter. Quarry LP bought a new position in PBF Energy in the 3rd quarter worth approximately $48,000. Harbor Capital Advisors Inc. purchased a new stake in PBF Energy during the 3rd quarter valued at approximately $59,000. Finally, Blue Trust Inc. lifted 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 worth $68,000 after buying an additional 2,027 shares in the last quarter. Hedge funds and other institutional investors own 96.29% of the company's stock.

About PBF Energy

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.