PBF Energy (NYSE:PBF) Trading Up 5.3% Following Analyst Upgrade

PBF Energy Inc. (NYSE:PBF)’s share price was up 5.3% on Wednesday after Mizuho raised their price target on the stock from $38.00 to $45.00. Mizuho currently has a neutral rating on the stock. PBF Energy traded as high as $46.00 and last traded at $46.9210. Approximately 274,171 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 3,646,523 shares. The stock had previously closed at $44.55.

PBF has been the topic of several other research reports. Piper Sandler raised their target price on PBF Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of PBF Energy in a research note on Monday, December 29th. Zacks Research raised shares of PBF Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. BMO Capital Markets restated a “market perform” rating and set a $34.00 price objective on shares of PBF Energy in a research report on Monday, January 5th. Finally, The Goldman Sachs Group increased their target price on shares of PBF Energy from $33.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Two equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $31.69.

Insider Buying and Selling

In other PBF Energy news, insider Control Empresarial De Capital sold 903,100 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $42.62, for a total value of $38,490,122.00. Following the completion of the sale, the insider owned 26,469,098 shares in the company, valued at approximately $1,128,112,956.76. The trade was a 3.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 5,717,979 shares of company stock worth $222,327,012 over the last quarter. Insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

Hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its position in PBF Energy by 127.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock valued at $171,595,000 after purchasing an additional 3,550,820 shares during the last quarter. Invesco Ltd. boosted its stake in PBF Energy by 147.4% during the 3rd quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company’s stock worth $83,639,000 after purchasing an additional 1,651,516 shares during the period. AQR Capital Management LLC grew its position in PBF Energy by 230.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company’s stock worth $45,183,000 after purchasing an additional 1,454,500 shares during the last quarter. Norges Bank purchased a new position in PBF Energy during the 4th quarter worth $34,243,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in PBF Energy by 2,198.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,212,368 shares of the oil and gas company’s stock valued at $36,577,000 after purchasing an additional 1,159,628 shares during the period. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

PBF Energy Trading Up 4.8%

The business’s 50 day simple moving average is $35.50 and its 200 day simple moving average is $32.76. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.21 and a quick ratio of 0.51. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of -31.87, a price-to-earnings-growth ratio of 4.64 and a beta of 0.41.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.64. PBF Energy had a negative net margin of 0.54% and a negative return on equity of 8.86%. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same quarter in the prior year, the firm earned ($2.82) earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. Research analysts anticipate that PBF Energy Inc. will post -1.12 EPS for the current year.

PBF Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 11th. Shareholders of record on Wednesday, February 25th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, February 25th. PBF Energy’s dividend payout ratio (DPR) is presently -74.83%.

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.