PBF Energy (NYSE:PBF) Shares Down 4.9% – Here’s What Happened

PBF Energy Inc. (NYSE:PBF) fell 4.9% on Tuesday. The stock traded as low as $76.20 and last traded at $76.6320. 209,135 shares were traded during trading, a decline of 94% from the average session volume of 3,322,200 shares. The stock had previously closed at $80.55.

Analyst Ratings Changes

Several brokerages have recently issued reports on PBF. Wall Street Zen upgraded PBF Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. The Goldman Sachs Group boosted their price objective on PBF Energy from $81.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, October 9th. Morgan Stanley upped their target price on shares of PBF Energy from $38.00 to $76.00 and gave the stock an “underweight” rating in a research note on Monday, September 14th. TD Cowen raised their target price on shares of PBF Energy from $73.00 to $75.00 and gave the company a “hold” rating in a report on Thursday, October 22nd. Finally, Piper Sandler began coverage on shares of PBF Energy in a research report on Tuesday. They issued a “neutral” rating and a $94.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, PBF Energy currently has a consensus rating of “Hold” and an average target price of $70.91.

PBF Energy Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.33 and a quick ratio of 0.67. The company has a market capitalization of $8.91 billion, a price-to-earnings ratio of 6.65, a PEG ratio of 0.08 and a beta of 0.18. The stock has a 50 day simple moving average of $77.06 and a two-hundred day simple moving average of $52.36.

PBF Energy (NYSE:PBF) last released its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.15 by $2.07. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%. The business had revenue of $11.68 billion during the quarter, compared to analysts’ expectations of $9.61 billion. During the same period in the prior year, the firm posted ($1.03) EPS. The business’s quarterly revenue was up 56.2% compared to the same quarter last year. As a group, analysts anticipate that PBF Energy Inc. will post 24.95 earnings per share for the current year.

PBF Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.2750 per share. The ex-dividend date was Friday, August 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.5%. PBF Energy’s payout ratio is 9.73%.

Insider Transactions at PBF Energy

In related news, insider Control Empresarial De Capital sold 170,000 shares of the company’s stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $88.03, for a total value of $14,965,100.00. Following the completion of the sale, the insider directly owned 13,326,127 shares of the company’s stock, valued at $1,173,098,959.81. This represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas J. Nimbley sold 116,008 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $73.73, for a total value of $8,553,269.84. Following the transaction, the director owned 793,737 shares in the company, valued at $58,522,229.01. This represents a 12.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,146,374 shares of company stock worth $304,686,537 in the last quarter. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP increased its holdings in shares of PBF Energy by 90.4% in the 2nd quarter. Engineers Gate Manager LP now owns 63,433 shares of the oil and gas company’s stock valued at $2,887,000 after acquiring an additional 30,117 shares during the period. Hsbc Holdings PLC raised its position in PBF Energy by 81.7% in the 4th quarter. Hsbc Holdings PLC now owns 67,674 shares of the oil and gas company’s stock valued at $1,840,000 after purchasing an additional 30,430 shares during the last quarter. Fifth Third Bancorp boosted its stake in PBF Energy by 2,197.1% during the 1st quarter. Fifth Third Bancorp now owns 32,114 shares of the oil and gas company’s stock worth $1,529,000 after purchasing an additional 30,716 shares during the period. Arrowstreet Capital Limited Partnership grew its position in PBF Energy by 54.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company’s stock worth $153,452,000 after purchasing an additional 1,137,533 shares during the last quarter. Finally, Entropy Technologies LP purchased a new position in PBF Energy during the 1st quarter worth $2,965,000. Hedge funds and other institutional investors own 96.29% of the company’s stock.

PBF Energy Company Profile

PBF Energy Inc (NYSE:PBF) is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other refined petroleum products. The company purchases crude oil and other feedstocks, processes them at its refineries, and sells the resulting products to branded and unbranded fuel retailers, distributors, wholesalers and commercial customers.

PBF operates refineries in several major U.S. refining regions, including the East Coast, Midwest, Gulf Coast and West Coast.