PBF Energy (NYSE:PBF) Stock Jumps 5.3% – Here’s Why

PBF Energy Inc. (NYSE:PBF)’s stock price was up 5.3% on Tuesday. The stock traded as high as $89.26 and last traded at $89.53. Approximately 747,619 shares were traded during mid-day trading, a decline of 78% from the average session volume of 3,351,368 shares. The stock had previously closed at $85.02.

Analyst Ratings Changes

Several brokerages recently issued reports on PBF. Evercore started coverage on shares of PBF Energy in a report on Friday, July 17th. They set an “in-line” rating and a $58.00 price target on the stock. The Goldman Sachs Group boosted their target price on shares of PBF Energy from $81.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, October 9th. Morgan Stanley boosted their target price on shares of PBF Energy from $38.00 to $76.00 and gave the stock an “underweight” rating in a research note on Monday, September 14th. TD Cowen reiterated a “hold” rating on shares of PBF Energy in a report on Thursday, October 1st. Finally, UBS Group reiterated a “buy” rating and set a $99.00 price target on shares of PBF Energy in a report on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $65.55.

PBF Energy Stock Down 2.2%

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.33 and a quick ratio of 0.67. The stock has a market capitalization of $10.56 billion, a P/E ratio of 7.89, a P/E/G ratio of 0.07 and a beta of 0.18. The firm has a 50-day simple moving average of $75.15 and a 200 day simple moving average of $56.82.

PBF Energy (NYSE:PBF) last announced 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 firm had revenue of $11.68 billion for the quarter, compared to analyst estimates of $9.61 billion. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%. The business’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same period last year, the firm posted ($1.03) earnings per share. On average, equities research analysts forecast that PBF Energy Inc. will post 24.69 EPS for the current year.

PBF Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a dividend of $0.2750 per share. The ex-dividend date was Friday, August 14th. This represents a $1.10 annualized dividend and a yield of 1.2%. PBF Energy’s dividend payout ratio (DPR) is currently 9.73%.

Insider Activity at PBF Energy

In other PBF Energy news, Director Thomas Nimbley sold 116,008 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $73.73, for a total transaction of $8,553,269.84. Following the sale, the director directly owned 793,737 shares of the company’s stock, valued at $58,522,229.01. The trade was a 12.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Control Empresarial De Capital sold 170,000 shares of the company’s stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $88.03, for a total value of $14,965,100.00. Following the completion of the sale, the insider owned 13,326,127 shares in the company, valued at $1,173,098,959.81. This trade represents a 1.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 4,366,374 shares of company stock worth $318,757,737. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PBF Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Mather Group LLC. acquired a new position in PBF Energy during the 3rd quarter worth approximately $37,000. Triumph Capital Management acquired a new stake in shares of PBF Energy in the 3rd quarter worth about $409,000. Krilogy Financial LLC increased its holdings in PBF Energy by 6.8% during the 3rd quarter. Krilogy Financial LLC now owns 9,838 shares of the oil and gas company’s stock worth $836,000 after purchasing an additional 626 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its position in shares of PBF Energy by 6.3% during the third quarter. NorthCrest Asset Manangement LLC now owns 9,625 shares of the oil and gas company’s stock valued at $741,000 after buying an additional 574 shares during the last quarter. Finally, GK Wealth Management LLC purchased a new stake in shares of PBF Energy in the third quarter valued at about $267,000. Institutional investors own 96.29% of the company’s stock.

About PBF Energy

PBF Energy Inc is an independent petroleum refiner and supplier of transportation fuels, petrochemical feedstocks, lubricants, asphalt and other petroleum products. The company sells products under the PBF and Belvieu brands and serves wholesale, commercial and retail customers, as well as other users of refined petroleum products.

PBF Energy owns and operates six refineries in the United States: facilities in California, Delaware, Louisiana, New Jersey and Ohio. Together, these refineries process a range of crude oils and produce gasoline, ultra-low-sulfur diesel, jet fuel, heating oil, petrochemical feedstocks and other refined products.