PBF Energy (NYSE:PBF) Trading Up 9.9% – Here’s Why

PBF Energy Inc. (NYSE:PBF) shares were up 9.9% during mid-day trading on Thursday . The company traded as high as $31.01 and last traded at $31.0360. Approximately 1,708,182 shares were traded during trading, a decline of 64% from the average daily volume of 4,726,675 shares. The stock had previously closed at $28.24.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PBF. BMO Capital Markets reaffirmed a “market perform” rating and issued a $34.00 price target on shares of PBF Energy in a research note on Monday. TD Cowen lifted their target price on shares of PBF Energy from $22.00 to $25.00 and gave the stock a “sell” rating in a report on Friday, October 31st. Piper Sandler upgraded shares of PBF Energy from an “underweight” rating to an “overweight” rating and set a $40.00 price target on the stock in a research report on Thursday. Wolfe Research downgraded shares of PBF Energy from a “peer perform” rating to an “underperform” rating and set a $23.00 target price for the company. in a research note on Monday, December 8th. Finally, Cowen reiterated a “sell” rating on shares of PBF Energy in a report on Friday, October 31st. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and eight have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $29.57.

PBF Energy Stock Performance

The company has a quick ratio of 0.59, a current ratio of 1.38 and a debt-to-equity ratio of 0.45. The company has a market cap of $3.76 billion, a P/E ratio of -6.99, a price-to-earnings-growth ratio of 0.88 and a beta of 0.47. The stock has a 50 day moving average price of $32.26 and a two-hundred day moving average price of $28.71.

PBF Energy (NYSE:PBF) last posted its quarterly earnings data on Thursday, October 30th. The oil and gas company reported ($0.52) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.17. PBF Energy had a negative return on equity of 15.88% and a negative net margin of 1.78%.The firm had revenue of $7.65 billion for the quarter, compared to analyst estimates of $7.47 billion. During the same quarter last year, the company earned ($1.50) EPS. The company’s revenue was down 8.7% on a year-over-year basis. On average, research analysts predict that PBF Energy Inc. will post -1.12 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Friday, November 14th were given a dividend of $0.275 per share. The ex-dividend date was Friday, November 14th. This represents a $1.10 annualized dividend and a dividend yield of 3.4%. PBF Energy’s dividend payout ratio is -23.66%.

Insiders Place Their Bets

In other news, SVP Paul T. Davis sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $38.00, for a total transaction of $1,900,000.00. Following the completion of the sale, the senior vice president owned 192,391 shares in the company, valued at $7,310,858. The trade was a 20.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Trecia M. Canty sold 50,000 shares of PBF Energy stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $36.44, for a total transaction of $1,822,000.00. Following the completion of the sale, the senior vice president directly owned 200,744 shares of the company’s stock, valued at approximately $7,315,111.36. The trade was a 19.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 429,624 shares of company stock valued at $15,534,465 in the last 90 days. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Merit Financial Group LLC grew 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 buying an additional 276 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of 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 in the last quarter. Arizona State Retirement System raised its stake in PBF Energy by 1.4% in the third quarter. Arizona State Retirement System now owns 25,666 shares of the oil and gas company’s stock valued at $774,000 after purchasing an additional 353 shares in the last quarter. Next Level Private LLC lifted 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 valued at $1,808,000 after purchasing an additional 378 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in PBF Energy by 1.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,617 shares of the oil and gas company’s stock worth $863,000 after buying an additional 432 shares in the last quarter. 96.29% of the stock is owned by institutional investors.

About PBF Energy

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.