Oil and gas company PBF Energy has had its stock target price downgraded by several investment firms, according to Defense World.
As of April 2, Mizuho Financial Group cut its target for PBF Energy stock from $28 to $22.
Meanwhile, JPMorgan Chase cut its forecast from $31 to $29 with a "neutral" outlook last month. Goldman Sachs dropped its target for PBF Energy from $28 to $23 and also dropped its rating to "neutral" around the same time. Wells Fargo was of the same mind, dropping its target from $25 to $22 in March as well. Piper Sandler ranked the stock as "underweight," reducing its target from $24 to $23.
As of press time, PBF Energy stock is down 42% for the year to date.
Besides its poor financial performance, PBF Energy also has a rough environmental record.
One of its plants close to San Francisco spilled over 7,000 gallons of oil and caused a fire last month, injuring six workers. In 2021, a PBF Energy pipeline just outside of New Orleans spilled 300,000 gallons of diesel fuel into local waterways, injuring wildlife and requiring intensive cleanup efforts. Last May, a PBF Energy refinery spilled over 1,000 gallons of crude oil into the Delaware wetland and violated city permits seven times.
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In terms of sheer dollars and cents, it's becoming clear to the investment world that the oil and gas industry is becoming less reliable. Returns on investment have been dropping for years, and the business, as it stands, has been kept afloat by public subsidies. Meanwhile, renewable energy investment has gone through the roof and continues to rise, even amid a turbulent economy.
Direct investor returns are just one of the economic benefits of a blooming renewable energy industry in America. It's creating many jobs across multiple industries, including solar, wind, and electric vehicles. These businesses are tied to reducing atmospheric pollution and the extreme weather patterns that come with it. These events incur incredible costs.
Supporting clean energy means averting more of those costs in the future.
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