PBF Energy Inc. (NYSE:PBF – Get Free Report)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $75.20 and last traded at $74.6170, with a volume of 432864 shares traded. The stock had previously closed at $71.85.
Wall Street Analyst Weigh In
Several brokerages have issued reports on PBF. Zacks Research raised shares of PBF Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Evercore assumed coverage on PBF Energy in a report on Friday, July 17th. They set an “in-line” rating and a $58.00 target price on the stock. Wall Street Zen upgraded PBF Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Citigroup lifted their price objective on shares of PBF Energy from $65.00 to $74.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Finally, Scotiabank boosted their price objective on shares of PBF Energy from $28.00 to $34.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have issued a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $50.15.
Read Our Latest Stock Report on PBF
PBF Energy Stock Performance
PBF Energy (NYSE:PBF – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 EPS for the quarter, beating analysts’ consensus estimates of $4.15 by $2.07. The company had revenue of $11.68 billion during the quarter, compared to analyst estimates of $9.61 billion. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The firm’s revenue was up 56.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.03) EPS. As a group, equities research analysts forecast that PBF Energy Inc. will post 15.74 EPS for the current fiscal year.
PBF Energy Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, August 14th. PBF Energy’s payout ratio is currently 9.73%.
Insider Activity at PBF Energy
In other PBF Energy news, Director Thomas J. Nimbley sold 468,139 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $69.54, for a total transaction of $32,554,386.06. Following the transaction, the director directly owned 793,737 shares of the company’s stock, valued at approximately $55,196,470.98. The trade was a 37.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew C. Lucey sold 225,473 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $71.92, for a total transaction of $16,216,018.16. Following the completion of the sale, the chief executive officer directly owned 495,771 shares in the company, valued at $35,655,850.32. This represents a 31.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 5,099,021 shares of company stock worth $293,359,045 over the last quarter. 5.50% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On PBF Energy
Institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC raised its stake in shares of PBF Energy by 6.8% in the first quarter. Parallel Advisors LLC now owns 3,781 shares of the oil and gas company’s stock valued at $180,000 after acquiring an additional 242 shares in the last quarter. PNC Financial Services Group Inc. raised its position in PBF Energy by 3.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,850 shares of the oil and gas company’s stock valued at $326,000 after purchasing an additional 260 shares in the last quarter. Merit Financial Group LLC boosted its stake in shares of PBF Energy by 3.4% in the 4th quarter. Merit Financial Group LLC now owns 9,900 shares of the oil and gas company’s stock valued at $268,000 after buying an additional 325 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of PBF Energy by 5.1% during the first quarter. Janney Montgomery Scott LLC now owns 7,885 shares of the oil and gas company’s stock worth $375,000 after buying an additional 383 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in PBF Energy by 1.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,617 shares of the oil and gas company’s stock valued at $863,000 after acquiring an additional 432 shares in the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.
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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