PBF Energy (NYSE:PBF) Trading Up 9.9% – Time to Buy?

PBF Energy Inc. (NYSE:PBF)’s stock price shot up 9.9% during trading on Thursday . The company traded as high as $31.01 and last traded at $31.0360. 1,708,182 shares traded hands during trading, a decline of 64% from the average session volume of 4,726,675 shares. The stock had previously closed at $28.24.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PBF shares. Scotiabank upped their price target on shares of PBF Energy from $25.00 to $28.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 9th. UBS Group increased their target price on PBF Energy from $37.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, November 3rd. Piper Sandler upgraded PBF Energy from an “underweight” rating to an “overweight” rating and set a $40.00 price objective for the company in a research note on Thursday. TD Cowen raised their price objective on PBF Energy from $22.00 to $25.00 and gave the company a “sell” rating in a research report on Friday, October 31st. Finally, Cowen reiterated a “sell” rating on shares of PBF Energy in a report on Friday, October 31st. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and eight have given a Sell rating to the company. According to data from MarketBeat.com, PBF Energy currently has a consensus rating of “Reduce” and a consensus price target of $29.57.

PBF Energy Stock Up 2.0%

The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -7.05, a P/E/G ratio of 1.04 and a beta of 0.47. 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 company’s 50 day moving average price is $32.18 and its 200 day moving average price is $28.81.

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

PBF Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Friday, November 14th were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.4%. PBF Energy’s dividend payout ratio (DPR) is currently -23.66%.

Insiders Place Their Bets

In other news, SVP Trecia M. Canty sold 50,000 shares of PBF Energy 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 completion of the transaction, the senior vice president directly owned 200,744 shares of the company’s stock, valued at $7,315,111.36. The trade was a 19.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Paul T. Davis sold 50,000 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $38.00, for a total transaction of $1,900,000.00. Following the sale, the senior vice president directly owned 192,391 shares in the company, valued at $7,310,858. This trade represents a 20.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 429,624 shares of company stock worth $15,534,465. Company insiders own 5.30% of the company’s stock.

Institutional Trading of PBF Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in PBF Energy during the third quarter worth about $10,207,000. Intech Investment Management LLC boosted its holdings in PBF Energy by 27.3% in the 1st quarter. Intech Investment Management LLC now owns 119,365 shares of the oil and gas company’s stock valued at $2,279,000 after purchasing an additional 25,616 shares during the last quarter. Nomura Holdings Inc. acquired a new position in PBF Energy in the 2nd quarter valued at about $5,843,000. Pallas Capital Advisors LLC purchased a new stake in shares of PBF Energy in the 2nd quarter valued at approximately $448,000. Finally, Creative Planning increased its holdings in shares of PBF Energy by 64.8% during the 2nd quarter. Creative Planning now owns 92,976 shares of the oil and gas company’s stock worth $2,015,000 after buying an additional 36,571 shares during the last quarter. Hedge funds and other institutional investors own 96.29% of the company’s stock.

About PBF Energy

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.