The stock of PBF Energy Inc. (NYSE:PBF) is now priced at $8.56 and the shares are -0.76 points down or -8.15% lower compared to its previous closing price of $9.32. The stock had 4.193 million contracts set over the past session. PBF shares’ daily volume is compared to its average trading volume at 4.407 million shares. However, it has a float of 74.17 million and although its performance was -8.25% over the week, it’s one to watch. Analysts have given the PBF stock a yearly average price target of $10.8 per share. It means the stock’s upside potential is 26.17% with the PBF share price recently placing at $8.55 to $9.23. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are running away from the PBF Energy Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PBF shares have declined. Short interest in the stock represents just 12.94% of its float, but the volume has dropped by 0.
In the last trading session, PBF Energy Inc. (NYSE:PBF) dropped by -$0.77 over the week and lost -$0.78 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $34.91. The stock recorded its established 52-week high on 11/04/19.
Since 03/25/20, the stock has traded to a low of $5.19 at 64.93%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.61. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, PBF Energy Inc.’s two-week RSI is 44.48. This suggests that the stock is neutral at the moment and that PBF shares’ price movement remains stable. The stochastic readings are equally revealing at 28.48% meaning the PBF share price is currently in overbought territory.
The technical chart shows that the PBF stock will likely settle at between $9.01 and $9.46 per share. However, if the stock dips below $8.33, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.1.
Currently, the stock is trading in the red of MACD, with a reading of -0.17. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Goldman cut their recommendation for PBF from Neutral to Sell in June 24 review while maintai their target price of $12 to $10. Barclays analysts downgraded their recommendation of the stock from Overweight to Underweight while keeping its target price at $11 to $7 in a flash note released to investors on May 19. Citigroup seeing the stock struggling downgraded it from Neutral to Sell on April 24 placing it at $23 to $4.
The average rating for the PBF equity is 3.24 and is currently gathering a bearish momentum. Of 17 analysts tracking PBF Energy Inc. polled by Reuters, 7 rated PBF as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 6 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for PBF Energy Inc. (NYSE:PBF) will increase by about 60.97%, which will see them reach $4050 million. The company’s full-year revenues are, however, expected to diminish by about -34.27%, down from $24500 million to $16100 million. PBF’s expected adjusted earnings should drop almost -340.91% to end up at -$1.59 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -913.33% to record -$7.32/share.