Norges Bank Makes New $34.24 Million Investment in PBF Energy Inc. $PBF

Norges Bank acquired a new position in shares of PBF Energy Inc. (NYSE:PBF) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,262,651 shares of the oil and gas company’s stock, valued at approximately $34,243,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PBF. Royal Bank of Canada boosted its stake in PBF Energy by 63.6% during the first quarter. Royal Bank of Canada now owns 30,932 shares of the oil and gas company’s stock worth $590,000 after buying an additional 12,025 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in PBF Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,723 shares of the oil and gas company’s stock worth $1,140,000 after buying an additional 2,609 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in PBF Energy by 4.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,704 shares of the oil and gas company’s stock worth $4,996,000 after buying an additional 12,289 shares during the last quarter. Acadian Asset Management LLC boosted its stake in PBF Energy by 261.0% during the first quarter. Acadian Asset Management LLC now owns 3,256 shares of the oil and gas company’s stock worth $62,000 after buying an additional 2,354 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in PBF Energy in the second quarter valued at $1,143,000. Institutional investors and hedge funds own 96.29% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on PBF shares. Scotiabank lifted their target price on PBF Energy from $28.00 to $34.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Wall Street Zen downgraded PBF Energy from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. The Goldman Sachs Group started coverage on PBF Energy in a research report on Friday, April 10th. They issued a “neutral” rating and a $49.00 target price on the stock. Piper Sandler lifted their target price on PBF Energy from $41.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. Finally, TD Cowen reduced their target price on PBF Energy from $41.00 to $36.00 and set a “sell” rating on the stock in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $36.15.

Insiders Place Their Bets

In other PBF Energy news, SVP James E. Fedena sold 77,085 shares of the company’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $49.60, for a total transaction of $3,823,416.00. Following the sale, the senior vice president owned 139,016 shares in the company, valued at $6,895,193.60. This represents a 35.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas J. Nimbley sold 50,000 shares of the company’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 owned 790,716 shares in the company, valued at approximately $40,026,043.92. This trade represents a 5.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 8,320,425 shares of company stock worth $388,887,209 in the last quarter. 5.50% of the stock is owned by company insiders.

PBF Energy Price Performance

Shares of NYSE PBF opened at $42.36 on Tuesday. The stock’s 50-day moving average is $42.18 and its two-hundred day moving average is $37.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.31 and a quick ratio of 0.62. PBF Energy Inc. has a 1-year low of $18.55 and a 1-year high of $52.18. The company has a market cap of $5.01 billion, a price-to-earnings ratio of 11.42, a price-to-earnings-growth ratio of 0.16 and a beta of 0.12.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share 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 for the quarter, compared to analysts’ expectations of $7.32 billion. During the same quarter last year, the company earned ($3.53) EPS. PBF Energy’s revenue for the quarter was up 11.9% compared to the same quarter last year. Analysts forecast that PBF Energy Inc. will post 6.7 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Thursday, May 14th were issued a dividend of $0.275 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.10 annualized dividend and a yield of 2.6%. PBF Energy’s dividend payout ratio is 29.65%.

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.