PBF Energy (NYSE:PBF) Shares Gap Down After Insider Selling

PBF Energy Inc. (NYSE:PBF)’s stock price gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $32.90, but opened at $31.06. PBF Energy shares last traded at $32.4930, with a volume of 720,622 shares.

Specifically, insider Control Empresarial De Capital sold 50,000 shares of the company’s stock in a transaction on Friday, January 9th. The stock was sold at an average price of $32.31, for a total transaction of $1,615,500.00. Following the transaction, the insider directly owned 30,773,498 shares in the company, valued at $994,291,720.38. This represents a 0.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

Several research firms recently commented on PBF. UBS Group boosted their target price on PBF Energy from $37.00 to $42.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Piper Sandler set a $41.00 price objective on PBF Energy in a research note on Monday. BMO Capital Markets reissued a “market perform” rating and set a $34.00 price objective on shares of PBF Energy in a research report on Monday, January 5th. Scotiabank lifted 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 note on Thursday, October 9th. Finally, Cowen restated a “sell” rating on shares of PBF Energy in a report on Friday, October 31st. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and eight have given a Sell rating to the stock. According to data from MarketBeat, PBF Energy has an average rating of “Reduce” and a consensus target price of $29.64.

PBF Energy Trading Down 1.5%

The firm has a market cap of $3.75 billion, a PE ratio of -7.02, a PEG ratio of 1.18 and a beta of 0.47. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.38 and a quick ratio of 0.59. The business has a 50-day moving average price of $32.09 and a two-hundred day moving average price of $29.07.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, October 30th. The oil and gas company reported ($0.52) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.17. The firm had revenue of $7.65 billion for 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%.PBF Energy’s quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.50) EPS. Analysts forecast that PBF Energy Inc. will post -1.12 EPS for the current year.

PBF Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Investors 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 annualized dividend and a yield of 3.4%. PBF Energy’s payout ratio is -23.66%.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds have recently bought and sold shares of PBF. Invesco Ltd. grew its stake in PBF Energy by 147.4% during the 3rd quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company’s stock valued at $83,639,000 after acquiring an additional 1,651,516 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of PBF Energy by 20.1% during the 3rd quarter. AQR Capital Management LLC now owns 2,503,283 shares of the oil and gas company’s stock worth $75,524,000 after purchasing an additional 418,223 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of PBF Energy by 2,198.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,212,368 shares of the oil and gas company’s stock valued at $36,577,000 after purchasing an additional 1,159,628 shares in the last quarter. Private Management Group Inc. grew its position in shares of PBF Energy by 6.9% in the second quarter. Private Management Group Inc. now owns 1,174,201 shares of the oil and gas company’s stock valued at $25,445,000 after purchasing an additional 75,546 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its holdings in shares of PBF Energy by 27.1% during the 3rd quarter. Voloridge Investment Management LLC now owns 1,155,303 shares of the oil and gas company’s stock worth $34,855,000 after acquiring an additional 246,429 shares during the period. Institutional investors and hedge funds own 96.29% of the company’s stock.

PBF Energy Company Profile

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.