PBF Energy (NYSE:PBF) Trading 7.4% Higher – Here’s What Happened

PBF Energy Inc. (NYSE:PBF) shot up 7.4% on Tuesday . The stock traded as high as $50.41 and last traded at $50.0250. 2,641,960 shares changed hands during trading, a decline of 31% from the average session volume of 3,821,042 shares. The stock had previously closed at $46.59.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PBF shares. Citigroup raised their price target on PBF Energy from $29.00 to $36.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Tudor Pickering raised shares of PBF Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. The Goldman Sachs Group raised their target price on shares of PBF Energy from $33.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Piper Sandler lifted their price target on shares of PBF Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, February 13th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of PBF Energy in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, PBF Energy currently has an average rating of “Reduce” and a consensus target price of $31.69.

PBF Energy Trading Up 7.5%

The firm has a market capitalization of $5.86 billion, a PE ratio of -34.07, a price-to-earnings-growth ratio of 5.25 and a beta of 0.41. The stock’s 50-day moving average price is $36.77 and its 200 day moving average price is $33.31. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.21 and a quick ratio of 0.51.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.64. PBF Energy had a negative return on equity of 8.86% and a negative net margin of 0.54%.The firm had revenue of $7.14 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same quarter in the previous year, the business earned ($2.82) earnings per share. PBF Energy’s quarterly revenue was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

PBF Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 11th. Shareholders of record on Wednesday, February 25th were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $1.10 dividend on an annualized basis and a yield of 2.2%. PBF Energy’s payout ratio is -74.83%.

Insider Buying and Selling at PBF Energy

In other news, insider Control Empresarial De Capital sold 52,000 shares of the stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $50.18, for a total transaction of $2,609,360.00. Following the transaction, the insider owned 22,944,898 shares of the company’s stock, valued at approximately $1,151,374,981.64. This represents a 0.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders sold 7,516,600 shares of company stock valued at $304,536,896. 6.70% of the stock is currently owned by corporate insiders.

Institutional Trading of PBF Energy

A number of hedge funds have recently added to or reduced their stakes in the business. Merit Financial Group LLC grew its holdings in PBF Energy by 3.0% during the 3rd quarter. Merit Financial Group LLC now owns 9,575 shares of the oil and gas company’s stock worth $289,000 after acquiring an additional 276 shares in the last quarter. Verdence Capital Advisors LLC raised its holdings in shares of PBF Energy by 2.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 14,287 shares of the oil and gas company’s stock valued at $478,000 after purchasing an additional 348 shares in the last quarter. Arizona State Retirement System lifted its position in shares of PBF Energy by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 25,666 shares of the oil and gas company’s stock worth $774,000 after purchasing an additional 353 shares during the period. Next Level Private LLC lifted its position in shares of PBF Energy by 0.6% in the 4th quarter. Next Level Private LLC now owns 66,660 shares of the oil and gas company’s stock worth $1,808,000 after purchasing an additional 378 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PBF Energy by 1.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,617 shares of the oil and gas company’s stock valued at $863,000 after purchasing an additional 432 shares in the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.

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.