PBF Energy Inc. (NYSE:PBF) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. cut its stake in shares of PBF Energy Inc. (NYSE:PBF) by 37.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,957 shares of the oil and gas company’s stock after selling 31,002 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in PBF Energy were worth $1,577,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC boosted its holdings in PBF Energy by 32.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company’s stock valued at $64,489,000 after acquiring an additional 347,268 shares during the period. LSV Asset Management boosted its stake in shares of PBF Energy by 2.7% in the second quarter. LSV Asset Management now owns 1,290,947 shares of the oil and gas company’s stock valued at $59,409,000 after purchasing an additional 34,470 shares during the period. American Century Companies Inc. grew its holdings in shares of PBF Energy by 3.4% in the second quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock valued at $45,712,000 after purchasing an additional 32,862 shares in the last quarter. Private Management Group Inc. increased its stake in PBF Energy by 27.5% during the 3rd quarter. Private Management Group Inc. now owns 848,696 shares of the oil and gas company’s stock worth $26,267,000 after buying an additional 183,183 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in PBF Energy by 14.8% during the 2nd quarter. AQR Capital Management LLC now owns 654,464 shares of the oil and gas company’s stock worth $29,883,000 after buying an additional 84,532 shares in the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PBF has been the subject of several research reports. Tudor Pickering upgraded shares of PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. StockNews.com cut PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Mizuho reduced their price target on PBF Energy from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Tudor, Pickering, Holt & Co. downgraded PBF Energy from a “hold” rating to a “sell” rating in a research report on Monday, September 9th. Finally, Piper Sandler cut shares of PBF Energy from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $47.00 to $25.00 in a report on Friday, September 20th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $34.18.

PBF Energy Stock Performance

Shares of PBF stock opened at $31.56 on Wednesday. PBF Energy Inc. has a 1 year low of $27.94 and a 1 year high of $62.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 1.34. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of -12.18 and a beta of 1.56. The stock’s 50-day moving average is $31.53 and its two-hundred day moving average is $37.48.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.09). PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The firm had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the prior year, the business earned $6.61 EPS. The company’s quarterly revenue was down 21.9% compared to the same quarter last year. Analysts predict that PBF Energy Inc. will post -2.79 earnings per share for the current year.

PBF Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.49%. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, November 13th. PBF Energy’s payout ratio is presently -42.47%.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital purchased 805,300 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were purchased at an average price of $32.62 per share, for a total transaction of $26,268,886.00. Following the transaction, the insider now directly owns 20,634,898 shares of the company’s stock, valued at approximately $673,110,372.76. The trade was a 4.06 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders acquired a total of 4,592,400 shares of company stock worth $145,300,797 in the last 90 days. 5.30% of the stock is owned by insiders.

PBF Energy Profile

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.