PBF Energy (NYSE:PBF) Stock Price Down 9.3% – Here’s What Happened

PBF Energy Inc. (NYSE:PBF)’s stock price traded down 9.3% on Wednesday . The stock traded as low as $41.32 and last traded at $41.9110. 729,304 shares traded hands during trading, a decline of 80% from the average session volume of 3,675,110 shares. The stock had previously closed at $46.19.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Morgan Stanley lifted their price target on shares of PBF Energy from $27.00 to $34.00 and gave the company an “underweight” rating in a report on Friday, April 24th. Zacks Research upgraded PBF Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. BMO Capital Markets boosted their price objective on PBF Energy from $43.00 to $50.00 and gave the company a “market perform” rating in a research report on Thursday, April 2nd. Wall Street Zen downgraded PBF Energy from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Finally, Mizuho boosted their price objective on PBF Energy from $38.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, March 17th. Two investment 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 data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $35.92.

PBF Energy Price Performance

The firm’s fifty day moving average price is $42.79 and its 200 day moving average price is $36.12. The company has a quick ratio of 0.62, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. The stock has a market cap of $4.87 billion, a PE ratio of 11.22, a P/E/G ratio of 0.19 and a beta of 0.15.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.79) by ($0.09). PBF Energy had a negative return on equity of 4.12% and a net margin of 1.46%.The company had revenue of $7.90 billion during the quarter, compared to analysts’ expectations of $7.32 billion. During the same period last year, the firm posted ($3.53) EPS. PBF Energy’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, equities analysts expect that PBF Energy Inc. will post 6.08 EPS for the current fiscal year.

PBF Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Thursday, May 14th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Thursday, May 14th. PBF Energy’s payout ratio is currently 29.65%.

Insider Buying and Selling

In related news, Director Thomas J. Nimbley sold 50,000 shares of the business’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $50.62, for a total value of $2,531,000.00. Following the sale, the director directly owned 790,716 shares in the company, valued at approximately $40,026,043.92. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Control Empresarial De Capital sold 3,000 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $44.41, for a total value of $133,230.00. Following the completion of the sale, the insider owned 18,888,698 shares in the company, valued at $838,847,078.18. This represents a 0.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 10,641,825 shares of company stock worth $475,752,667. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its stake in PBF Energy by 361.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 189,148 shares of the oil and gas company’s stock valued at $8,718,000 after purchasing an additional 148,124 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in PBF Energy during the first quarter valued at $8,527,000. Archer Investment Corp purchased a new stake in PBF Energy during the first quarter valued at $231,000. State of Michigan Retirement System raised its position in PBF Energy by 3.1% during the first quarter. State of Michigan Retirement System now owns 20,000 shares of the oil and gas company’s stock valued at $952,000 after purchasing an additional 600 shares during the period. Finally, Principal Financial Group Inc. raised its position in PBF Energy by 4.7% during the first quarter. Principal Financial Group Inc. now owns 186,598 shares of the oil and gas company’s stock valued at $8,886,000 after purchasing an additional 8,361 shares during the period. 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.