BNP Paribas Financial Markets Boosts Stake in PBF Energy Inc. (NYSE:PBF)

BNP Paribas Financial Markets grew its holdings in shares of PBF Energy Inc. (NYSE:PBF) by 132.6% in the third quarter, HoldingsChannel.com reports. The fund owned 863,228 shares of the oil and gas company’s stock after purchasing an additional 492,053 shares during the period. BNP Paribas Financial Markets’ holdings in PBF Energy were worth $26,717,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PBF. Hsbc Holdings PLC lifted its position in PBF Energy by 246.5% during the second quarter. Hsbc Holdings PLC now owns 499,456 shares of the oil and gas company’s stock valued at $22,881,000 after purchasing an additional 355,329 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of PBF Energy by 32.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company’s stock worth $64,489,000 after acquiring an additional 347,268 shares during the last quarter. Canada Pension Plan Investment Board grew its position in PBF Energy by 346.6% in the second quarter. Canada Pension Plan Investment Board now owns 262,600 shares of the oil and gas company’s stock worth $12,085,000 after acquiring an additional 203,800 shares in the last quarter. Private Management Group Inc. increased its stake in PBF Energy by 27.5% in the third quarter. Private Management Group Inc. now owns 848,696 shares of the oil and gas company’s stock valued at $26,267,000 after acquiring an additional 183,183 shares during the last quarter. Finally, HITE Hedge Asset Management LLC raised its position in PBF Energy by 1,325.7% during the second quarter. HITE Hedge Asset Management LLC now owns 183,540 shares of the oil and gas company’s stock valued at $8,447,000 after purchasing an additional 170,666 shares in the last quarter. Hedge funds and other institutional investors own 96.29% of the company’s stock.

Insider Buying and Selling

In other PBF Energy news, insider Control Empresarial De Capital acquired 510,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $33.18 per share, with a total value of $16,921,800.00. Following the completion of the purchase, the insider now directly owns 19,129,598 shares of the company’s stock, valued at approximately $634,720,061.64. The trade was a 2.74 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders acquired a total of 4,649,400 shares of company stock worth $147,107,697 in the last three months. 5.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PBF has been the subject of a number of research reports. TD Cowen cut their price objective on PBF Energy from $32.00 to $27.00 and set a “hold” rating for the company in a report on Friday, November 1st. Piper Sandler cut PBF Energy from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $47.00 to $25.00 in a research note on Friday, September 20th. StockNews.com lowered PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Morgan Stanley decreased their target price on shares of PBF Energy from $48.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Scotiabank lowered their price objective on shares of PBF Energy from $45.00 to $31.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, PBF Energy currently has an average rating of “Hold” and an average price target of $34.18.

PBF Energy Stock Up 0.3 %

PBF stock opened at $31.49 on Friday. PBF Energy Inc. has a fifty-two week low of $27.94 and a fifty-two week high of $62.88. The business’s 50 day moving average price is $31.43 and its two-hundred day moving average price is $37.28. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 1.34. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of -12.16 and a beta of 1.56.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.41) by ($0.09). The firm had revenue of $8.38 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.61 earnings per share. As a group, analysts forecast that PBF Energy Inc. will post -2.86 earnings per share for the current fiscal year.

PBF Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were given a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This is an increase from PBF Energy’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.49%. PBF Energy’s dividend payout ratio is currently -42.47%.

PBF Energy 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.