PBF Energy Inc. $PBF Stock Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. lowered its holdings in shares of PBF Energy Inc. (NYSE:PBF) by 8.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,400 shares of the oil and gas company’s stock after selling 19,500 shares during the period. Hennessy Advisors Inc. owned approximately 0.17% of PBF Energy worth $15,346,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PBF. Arrowstreet Capital Limited Partnership increased its stake in shares of PBF Energy by 54.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company’s stock valued at $153,452,000 after acquiring an additional 1,137,533 shares during the period. Dimensional Fund Advisors LP raised its holdings in PBF Energy by 11.6% during the first quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company’s stock worth $207,953,000 after purchasing an additional 454,731 shares in the last quarter. Empowered Funds LLC lifted its position in PBF Energy by 198.0% in the first quarter. Empowered Funds LLC now owns 355,820 shares of the oil and gas company’s stock worth $16,944,000 after purchasing an additional 236,418 shares during the period. Hillsdale Investment Management Inc. bought a new position in PBF Energy during the 1st quarter valued at $8,527,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of PBF Energy by 361.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 189,148 shares of the oil and gas company’s stock valued at $8,718,000 after purchasing an additional 148,124 shares during the period. Institutional investors and hedge funds own 96.29% of the company’s stock.

Insider Activity at PBF Energy

In related news, SVP Trecia Canty sold 140,320 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $71.00, for a total transaction of $9,962,720.00. Following the completion of the sale, the senior vice president directly owned 191,779 shares of the company’s stock, valued at $13,616,309. The trade was a 42.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Thomas Nimbley sold 260,063 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $67.84, for a total value of $17,642,673.92. Following the completion of the transaction, the director owned 793,737 shares in the company, valued at $53,847,118.08. This represents a 24.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 2,938,006 shares of company stock worth $219,220,509. Company insiders own 5.50% of the company’s stock.

Analyst Upgrades and Downgrades

PBF has been the topic of several research reports. The Goldman Sachs Group upped their price target on PBF Energy from $81.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, October 9th. Evercore assumed coverage on PBF Energy in a research note on Friday, July 17th. They set an “in-line” rating and a $58.00 price objective for the company. Wall Street Zen upgraded PBF Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Morgan Stanley upped their target price on PBF Energy from $38.00 to $76.00 and gave the company an “underweight” rating in a report on Monday, September 14th. Finally, Mizuho increased their price target on PBF Energy from $65.00 to $89.00 and gave the company a “neutral” rating in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $70.91.

PBF Energy Trading Down 0.2%

Shares of NYSE:PBF opened at $77.83 on Monday. The company has a market cap of $9.23 billion, a P/E ratio of 3.48, a P/E/G ratio of 0.09 and a beta of 0.18. The stock’s 50-day moving average is $77.37 and its 200-day moving average is $53.50. PBF Energy Inc. has a 52-week low of $25.62 and a 52-week high of $92.46. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.96 and a current ratio of 1.59.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, October 29th. The oil and gas company reported $12.78 EPS for the quarter, topping the consensus estimate of $11.12 by $1.66. PBF Energy had a return on equity of 34.92% and a net margin of 6.98%. The firm had revenue of $12.13 billion during the quarter, compared to analysts’ expectations of $10.60 billion. During the same period last year, the business earned ($0.52) earnings per share. PBF Energy’s quarterly revenue was up 58.6% compared to the same quarter last year. Equities research analysts predict that PBF Energy Inc. will post 24.77 earnings per share for the current year.

PBF Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Thursday, November 12th will be issued a $0.3250 dividend. This is an increase from PBF Energy’s previous quarterly dividend of $0.2750. This represents a $1.30 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, November 12th. PBF Energy’s dividend payout ratio (DPR) is 5.81%.

PBF Energy News Roundup

Here are the key news stories impacting PBF Energy this week:

• Positive Sentiment: Strong Q3 earnings beat: PBF reported adjusted earnings of $12.78 per share, exceeding the $11.12 consensus estimate, while revenue rose 58.6% year over year to $12.13 billion. The company swung from a $0.52-per-share loss in the prior-year quarter to substantial profitability. PBF Energy Beats Q3 Earnings and Revenue Estimates
• Positive Sentiment: Debt reduction and refinery improvements: PBF ended the quarter with approximately $2.5 billion in cash and $2.1 billion in debt. Management is targeting more than $350 million in savings through refinery improvement efforts, while higher throughput and the Martinez refinery’s return to full capacity provide additional operating support. PBF Energy Refinery Improvement Efforts
• Positive Sentiment: Dividend increased: PBF raised its quarterly dividend 18.2% to $0.325 per share, payable November 24 to shareholders of record on November 12. The increase signals confidence in cash generation and strengthens the stock’s income appeal. PBF Energy Q3 Results and Dividend Announcement
• Positive Sentiment: Technical and estimate momentum: A hammer chart pattern suggests possible support after recent weakness, and rising earnings estimates may indicate a near-term trend reversal. PBF Energy Technical and Earnings Outlook
• Neutral Sentiment: Executive incentives approved: PBF’s compensation committee authorized new long-term incentive awards for executives. The program may align management with long-term performance, although it could increase compensation expense or shareholder dilution. PBF Energy Executive Incentives
• Negative Sentiment: Convertible-note accounting risk: PBF’s 2032 exchangeable notes may create GAAP earnings volatility and potential dilution, while liquidity and refinancing considerations remain risks if refining conditions weaken. PBF Energy Exchangeable Notes Risks

PBF Energy 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.