Summit Global Investments Takes $1.27 Million Position in PBF Energy Inc. (NYSE:PBF)

Summit Global Investments acquired a new stake in PBF Energy Inc. (NYSE:PBF) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 28,843 shares of the oil and gas company’s stock, valued at approximately $1,268,000.

Several other institutional investors have also modified their holdings of the stock. Victory Capital Management Inc. raised its position in PBF Energy by 527.4% during the 3rd quarter. Victory Capital Management Inc. now owns 526,671 shares of the oil and gas company’s stock valued at $28,193,000 after purchasing an additional 442,730 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of PBF Energy in the 4th quarter worth $1,829,000. Foundry Partners LLC bought a new position in shares of PBF Energy in the 4th quarter worth $3,664,000. Jump Financial LLC raised its position in shares of PBF Energy by 199.3% in the 3rd quarter. Jump Financial LLC now owns 16,281 shares of the oil and gas company’s stock worth $872,000 after acquiring an additional 10,842 shares in the last quarter. Finally, FMR LLC raised its position in shares of PBF Energy by 91.3% in the 3rd quarter. FMR LLC now owns 904,537 shares of the oil and gas company’s stock worth $48,420,000 after acquiring an additional 431,801 shares in the last quarter. 96.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PBF has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price target on PBF Energy from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Citigroup assumed coverage on PBF Energy in a research report on Wednesday, January 24th. They set a “neutral” rating on the stock. TD Cowen reduced their target price on PBF Energy from $54.00 to $45.00 and set a “hold” rating on the stock in a research report on Friday. Scotiabank boosted their price target on PBF Energy from $39.00 to $56.00 and gave the company a “sector perform” rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Company boosted their price target on PBF Energy from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $57.91.

Insider Buying and Selling at PBF Energy

In other news, SVP Paul T. Davis sold 100,000 shares of PBF Energy stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $56.37, for a total transaction of $5,637,000.00. Following the sale, the senior vice president now owns 110,978 shares in the company, valued at $6,255,829.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Connor Thomas L. O sold 40,000 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $55.87, for a total value of $2,234,800.00. Following the transaction, the senior vice president now owns 160,338 shares in the company, valued at approximately $8,958,084.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Paul T. Davis sold 100,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $56.37, for a total value of $5,637,000.00. Following the completion of the transaction, the senior vice president now owns 110,978 shares in the company, valued at approximately $6,255,829.86. The disclosure for this sale can be found here. Insiders have sold a total of 180,000 shares of company stock worth $10,074,600 over the last ninety days. Corporate insiders own 5.30% of the company’s stock.

PBF Energy Stock Down 1.4 %

NYSE:PBF traded down $0.74 during midday trading on Friday, reaching $51.86. The company had a trading volume of 1,900,000 shares, compared to its average volume of 1,508,346. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of 3.58 and a beta of 1.73. The stock’s fifty day simple moving average is $54.99 and its 200-day simple moving average is $48.93. PBF Energy Inc. has a 12-month low of $31.25 and a 12-month high of $62.88. The company has a current ratio of 1.56, a quick ratio of 0.81 and a debt-to-equity ratio of 0.19.

PBF Energy (NYSE:PBF) last posted its quarterly earnings results on Thursday, February 15th. The oil and gas company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.49). PBF Energy had a net margin of 4.95% and a return on equity of 18.49%. The business had revenue of $9.14 billion during the quarter, compared to analyst estimates of $8.65 billion. During the same quarter in the prior year, the business earned $4.41 earnings per share. The firm’s quarterly revenue was down 15.7% on a year-over-year basis. On average, sell-side analysts anticipate that PBF Energy Inc. will post 7.75 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Thursday, May 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Wednesday, May 15th. PBF Energy’s dividend payout ratio is presently 6.92%.

About PBF Energy

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.