PBF Energy (NYSE:PBF) Reaches New 52-Week High – Should You Buy?

PBF Energy Inc. (NYSE:PBF) shares hit a new 52-week high on Wednesday . The stock traded as high as $77.98 and last traded at $76.19, with a volume of 122315 shares. The stock had previously closed at $76.77.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. 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 objective on the stock. The Goldman Sachs Group upped their price target on shares of PBF Energy from $71.00 to $81.00 and gave the company a “neutral” rating in a research note on Tuesday, August 18th. Wall Street Zen raised shares of PBF Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Mizuho boosted their target price on shares of PBF Energy from $57.00 to $65.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Finally, UBS Group increased their target price on PBF Energy from $62.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $53.42.

PBF Energy Stock Performance

The company’s fifty day simple moving average is $65.17 and its 200 day simple moving average is $50.09. The company has a current ratio of 1.33, a quick ratio of 0.67 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $9.08 billion, a P/E ratio of 6.79, a P/E/G ratio of 0.08 and a beta of 0.09.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share for the quarter, topping the consensus estimate of $4.15 by $2.07. The firm had revenue of $11.68 billion for the quarter, compared to analysts’ expectations of $9.61 billion. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The business’s quarterly revenue was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.03) earnings per share. As a group, sell-side analysts forecast that PBF Energy Inc. will post 15.74 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.10 annualized dividend and a dividend yield of 1.4%. PBF Energy’s dividend payout ratio (DPR) is presently 9.73%.

Insiders Place Their Bets

In other news, SVP Trecia Canty sold 75,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $74.10, for a total transaction of $5,557,500.00. Following the completion of the transaction, the senior vice president owned 191,779 shares of the company’s stock, valued at approximately $14,210,823.90. The trade was a 28.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Nimbley sold 116,008 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $73.73, for a total value of $8,553,269.84. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 5,912,674 shares of company stock worth $364,154,134. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System raised its position in shares of PBF Energy by 4,932.4% during the 2nd quarter. California State Teachers Retirement System now owns 5,096,920 shares of the oil and gas company’s stock valued at $232,012,000 after buying an additional 4,995,638 shares in the last quarter. Goldman Sachs Group Inc. grew its position in PBF Energy by 127.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock worth $171,595,000 after acquiring an additional 3,550,820 shares in the last quarter. Invesco Ltd. increased its stake in PBF Energy by 147.4% in the third quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company’s stock valued at $83,639,000 after acquiring an additional 1,651,516 shares during the last quarter. AQR Capital Management LLC increased its stake in PBF Energy by 230.7% in the second quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company’s stock valued at $45,183,000 after acquiring an additional 1,454,500 shares during the last quarter. Finally, Norges Bank purchased a new stake in PBF Energy during the fourth quarter valued at about $34,243,000. Hedge funds and other 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.