Shares of PBF Energy Inc. (NYSE:PBF – Get Free Report) dropped 5.9% during mid-day trading on Thursday . The company traded as low as $39.25 and last traded at $39.2710. Approximately 852,628 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 3,591,626 shares. The stock had previously closed at $41.75.
Analysts Set New Price Targets
PBF has been the topic of a number of recent research reports. Citigroup raised their target price on PBF Energy from $36.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Piper Sandler raised their target price on PBF Energy from $41.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, February 13th. Morgan Stanley raised their target price on PBF Energy from $27.00 to $34.00 and gave the company an “underweight” rating in a research note on Friday, April 24th. Zacks Research upgraded PBF Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Finally, Tudor Pickering upgraded PBF Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, PBF Energy has an average rating of “Reduce” and an average price target of $35.92.
View Our Latest Research Report on PBF
PBF Energy Trading Up 3.0%
PBF Energy (NYSE:PBF – Get Free Report) last announced its earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09). The company had revenue of $7.90 billion during the quarter, compared to the consensus estimate of $7.32 billion. PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($3.53) EPS. Analysts expect that PBF Energy Inc. will post 6.7 EPS for the current year.
PBF Energy Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Thursday, May 14th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is 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 1,100,000 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $46.21, for a total value of $50,831,000.00. Following the completion of the transaction, the insider owned 22,996,898 shares in the company, valued at $1,062,686,656.58. This represents a 4.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 9,918,525 shares of company stock valued at $454,441,751. Corporate insiders own 5.50% of the company’s stock.
Hedge Funds Weigh In On PBF Energy
A number of institutional investors and hedge funds have recently bought and sold shares of PBF. PNC Financial Services Group Inc. boosted its position in PBF Energy by 3.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,850 shares of the oil and gas company’s stock worth $326,000 after purchasing an additional 260 shares during the period. Merit Financial Group LLC boosted its position in PBF Energy by 3.0% during the third quarter. Merit Financial Group LLC now owns 9,575 shares of the oil and gas company’s stock worth $289,000 after purchasing an additional 276 shares during the period. Verdence Capital Advisors LLC boosted its position in PBF Energy by 2.5% during the third quarter. Verdence Capital Advisors LLC now owns 14,287 shares of the oil and gas company’s stock worth $478,000 after purchasing an additional 348 shares during the period. Arizona State Retirement System boosted its position in PBF Energy by 1.4% during the third quarter. Arizona State Retirement System now owns 25,666 shares of the oil and gas company’s stock worth $774,000 after purchasing an additional 353 shares during the period. Finally, Next Level Private LLC boosted its position in PBF Energy by 0.6% during the fourth quarter. Next Level Private LLC now owns 66,660 shares of the oil and gas company’s stock worth $1,808,000 after purchasing an additional 378 shares during the period. Institutional investors own 96.29% of the company’s stock.
PBF Energy Company Profile
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.
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