Barclays Upgrades PBF Energy (NYSE:PBF) To Equal Weight

Petroleum refiner PBF Energy Inc (NYSE:PBF) was upgraded by Barclays to Equal Weight from Underweight and raised the price target from $32.00 to $38.00 a share.

Barclays analyst Paul Cheng upgraded PBF Energy to Equal Weight amid a rating reshuffling in the Refiners space ahead of the Q3 earnings season. The analyst raised his price target for shares to $38 from $32.

PBF Energy Inc (NYSE:PBF)’s stock was down 2.54 percent before the market opening on Monday, trading at $32.95 apiece.

The company has a market cap of $2.83 billion and a price-to-earnings ratio of 32.53.

The firm has a 50 day moving average price of $29.16 and a 200-day moving average price of $29.55. PBF Energy has a 12-month low of $21.02 and a 12-month high of $36.80.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, July 30th. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by $0.06.
The firm earned $3.55 billion during the quarter, compared to analysts’ expectations of $3.04 billion. The business’s revenue was down 33.0% on a year-over-year basis. During the same quarter last year, the company posted $0.35 earnings per share.

On average, equities analysts expect that PBF Energy will post $3.49 earnings per share for the current fiscal year.

pbf-energy-upgradePBF Energy Inc. (NYSE:PBF) is a petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products.

PBF owns and operates three domestic oil refineries and related assets with a combined processing capacity, known as throughput, of approximately 540,000bpd, and a weighted average Nelson Complexity Index of 11.3.

PBF Energy’s three refineries are located in Toledo, Ohio, Delaware City, Delaware and Paulsboro, New Jersey. –