PBF Energy (NYSE:PBF) Trading 5% Higher – Here’s Why

PBF Energy Inc. (NYSE:PBF) traded up 5% on Monday . The company traded as high as $29.40 and last traded at $29.38. 218,445 shares traded hands during trading, a decline of 87% from the average session volume of 1,682,090 shares. The stock had previously closed at $27.98.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PBF shares. Piper Sandler cut shares of PBF Energy from a “neutral” rating to an “underweight” rating and cut their price target for the company from $47.00 to $25.00 in a report on Friday, September 20th. JPMorgan Chase & Co. dropped their price target on shares of PBF Energy from $36.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday. Morgan Stanley decreased their price objective on shares of PBF Energy from $48.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. TD Cowen cut shares of PBF Energy from a “hold” rating to a “sell” rating and decreased their price target for the stock from $27.00 to $20.00 in a research note on Friday, December 20th. Finally, BMO Capital Markets cut shares of PBF Energy from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $42.00 to $35.00 in a research note on Friday, October 4th. Seven investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. According to data from MarketBeat, PBF Energy presently has an average rating of “Hold” and an average price target of $32.00.

PBF Energy Stock Up 5.9 %

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.34 and a quick ratio of 0.65. The business’s 50 day simple moving average is $29.12 and its 200 day simple moving average is $33.22. The company has a market capitalization of $3.41 billion, a PE ratio of -11.44 and a beta of 1.61.

PBF Energy (NYSE:PBF) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.09). The business had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.27 billion. PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The company’s revenue for the quarter was down 21.9% on a year-over-year basis. During the same quarter last year, the firm posted $6.61 EPS. As a group, analysts anticipate that PBF Energy Inc. will post -2.87 earnings per share for the current fiscal year.

PBF Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were issued a $0.275 dividend. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $1.10 annualized dividend and a dividend yield of 3.71%. PBF Energy’s dividend payout ratio is presently -42.47%.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital purchased 287,100 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were acquired at an average cost of $31.91 per share, with a total value of $9,161,361.00. Following the purchase, the insider now directly owns 24,751,498 shares in the company, valued at $789,820,301.18. This trade represents a 1.17 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders acquired a total of 3,369,600 shares of company stock worth $102,820,721 in the last 90 days. 5.30% of the stock is owned by insiders.

Institutional Investors Weigh In On PBF Energy

Large investors have recently added to or reduced their stakes in the business. National Bank of Canada FI purchased a new position in shares of PBF Energy during the 2nd quarter worth about $26,000. Quest Partners LLC acquired a new stake in shares of PBF Energy during the second quarter worth approximately $202,000. American Century Companies Inc. boosted its holdings in PBF Energy by 3.4% in the second quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock worth $45,712,000 after purchasing an additional 32,862 shares during the period. BOKF NA boosted its holdings in PBF Energy by 113.2% in the second quarter. BOKF NA now owns 10,387 shares of the oil and gas company’s stock worth $478,000 after purchasing an additional 5,516 shares during the period. Finally, Federated Hermes Inc. lifted its stake in PBF Energy by 1.8% in the second quarter. Federated Hermes Inc. now owns 302,565 shares of the oil and gas company’s stock valued at $13,924,000 after buying an additional 5,266 shares during the last quarter. 96.29% of the stock is owned by institutional investors and hedge funds.

PBF Energy Company Profile

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.