PBF Energy (NYSE:PBF) Stock Price Up 7.4% – Time to Buy?

PBF Energy Inc. (NYSE:PBF) shares rose 7.4% during trading on Wednesday . The company traded as high as $43.38 and last traded at $43.33. Approximately 703,566 shares were traded during trading, a decline of 80% from the average daily volume of 3,461,850 shares. The stock had previously closed at $40.36.

Wall Street Analysts Forecast Growth

PBF has been the topic of a number of research analyst reports. BMO Capital Markets upped their price target on shares of PBF Energy from $43.00 to $50.00 and gave the company a “market perform” rating in a research report on Thursday, April 2nd. Wall Street Zen cut shares of PBF Energy from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of PBF Energy in a research report on Monday, May 11th. TD Cowen cut their price objective on shares of PBF Energy from $41.00 to $36.00 and set a “sell” rating on the stock in a research report on Monday, April 27th. Finally, Piper Sandler increased their price objective on shares of PBF Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 13th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $36.15.

PBF Energy Stock Down 3.4%

The company has a market cap of $4.86 billion, a P/E ratio of 11.08, a PEG ratio of 0.16 and a beta of 0.12. The stock’s 50-day moving average price is $41.68 and its 200-day moving average price is $37.35. The company has a current ratio of 1.31, a quick ratio of 0.62 and a debt-to-equity ratio of 0.50.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09). PBF Energy had a negative return on equity of 4.12% and a net margin of 1.46%.The business had revenue of $7.90 billion during the quarter, compared to analyst estimates of $7.32 billion. During the same quarter in the prior year, the company earned ($3.53) EPS. The company’s revenue was up 11.9% on a year-over-year basis. As a group, research analysts forecast that PBF Energy Inc. will post 6.7 EPS for the current year.

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Thursday, May 14th. PBF Energy’s dividend payout ratio is currently 29.65%.

Insider Transactions at PBF Energy

In related news, insider Control Empresarial De Capital sold 100,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $43.17, for a total value of $4,317,000.00. Following the sale, the insider owned 18,117,698 shares in the company, valued at $782,141,022.66. This represents a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Thomas J. Nimbley sold 50,000 shares of the company’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $50.62, for a total transaction of $2,531,000.00. Following the completion of the sale, the director owned 790,716 shares in the company, valued at $40,026,043.92. This represents a 5.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,937,425 shares of company stock worth $330,088,879 in the last 90 days. 5.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its stake in PBF Energy by 127.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock valued at $171,595,000 after buying an additional 3,550,820 shares during the last quarter. Invesco Ltd. increased its stake in PBF Energy by 147.4% in 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 buying an additional 1,651,516 shares during the last quarter. AQR Capital Management LLC increased its stake in PBF Energy by 230.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company’s stock valued at $45,183,000 after buying an additional 1,454,500 shares during the last quarter. Norges Bank purchased a new stake in PBF Energy in the 4th quarter valued at about $34,243,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in PBF Energy by 2,198.8% in the 3rd 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 buying an additional 1,159,628 shares during the last quarter. Institutional investors and hedge funds 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.