PBF Energy (NYSE:PBF) Shares Down 5.5% – Here’s What Happened

PBF Energy Inc. (NYSE:PBF) dropped 5.5% during trading on Tuesday . The stock traded as low as $27.80 and last traded at $28.2880. Approximately 527,791 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 3,137,344 shares. The stock had previously closed at $29.93.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. TD Cowen increased their price target on shares of PBF Energy from $22.00 to $25.00 and gave the company a “sell” rating in a research report on Friday, October 31st. Cowen reaffirmed a “sell” rating on shares of PBF Energy in a research note on Friday, October 31st. Tudor Pickering lowered shares of PBF Energy from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. Scotiabank boosted their price target on PBF Energy from $25.00 to $28.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. Finally, Mizuho upgraded PBF Energy from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $31.00 to $38.00 in a report on Friday. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and nine have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $29.38.

PBF Energy Trading Down 9.2%

The company has a quick ratio of 0.59, a current ratio of 1.38 and a debt-to-equity ratio of 0.45. The firm has a market cap of $3.15 billion, a PE ratio of -5.85 and a beta of 0.42. The stock’s fifty day simple moving average is $33.43 and its two-hundred day simple moving average is $28.02.

PBF Energy (NYSE:PBF) last announced its quarterly earnings data on Thursday, October 30th. The oil and gas company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.17. The business had revenue of $7.65 billion during the quarter, compared to analysts’ expectations of $7.47 billion. PBF Energy had a negative return on equity of 15.88% and a negative net margin of 1.78%.The firm’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.50) earnings per share. On average, sell-side analysts forecast that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Investors of record on Friday, November 14th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Friday, November 14th. PBF Energy’s payout ratio is presently -23.66%.

Insider Transactions at PBF Energy

In related news, SVP Trecia M. Canty sold 50,000 shares of the stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $36.44, for a total transaction of $1,822,000.00. Following the transaction, the senior vice president owned 200,744 shares in the company, valued at $7,315,111.36. This represents a 19.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas J. Nimbley sold 250,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $34.51, for a total value of $8,627,500.00. Following the completion of the transaction, the director owned 790,716 shares in the company, valued at approximately $27,287,609.16. This trade represents a 24.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 507,045 shares of company stock valued at $18,193,421. Insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

Several institutional investors have recently made changes to their positions in PBF. Intech Investment Management LLC boosted its stake in shares of PBF Energy by 27.3% during the 1st quarter. Intech Investment Management LLC now owns 119,365 shares of the oil and gas company’s stock worth $2,279,000 after acquiring an additional 25,616 shares during the last quarter. VR Advisory Services Ltd raised its holdings in PBF Energy by 241.9% in the 1st quarter. VR Advisory Services Ltd now owns 170,945 shares of the oil and gas company’s stock worth $3,263,000 after purchasing an additional 120,945 shares during the period. Pallas Capital Advisors LLC purchased a new position in PBF Energy during the second quarter valued at $448,000. Ieq Capital LLC bought a new stake in PBF Energy during the first quarter valued at about $192,000. Finally, Northern Trust Corp increased its position in PBF Energy by 0.8% in the first quarter. Northern Trust Corp now owns 1,390,455 shares of the oil and gas company’s stock worth $26,544,000 after buying an additional 11,499 shares in the last quarter. 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.