PBF Energy (NYSE:PBF) Shares Down 6.9% – Here’s Why

PBF Energy Inc. (NYSE:PBF)’s share price dropped 6.9% during mid-day trading on Tuesday . The stock traded as low as $27.68 and last traded at $27.4750. Approximately 2,368,099 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 4,681,073 shares. The stock had previously closed at $29.50.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PBF. BMO Capital Markets reissued a “market perform” rating and set a $34.00 price objective on shares of PBF Energy in a research note on Monday. The Goldman Sachs Group lifted their target price on shares of PBF Energy from $25.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd. TD Cowen upped their price target on PBF Energy from $22.00 to $25.00 and gave the stock a “sell” rating in a research note on Friday, October 31st. Tudor, Pickering, Holt & Co. lowered PBF Energy from a “hold” rating to a “sell” rating and set a $24.00 price objective for the company. in a research report on Monday, September 15th. Finally, Cowen reissued a “sell” rating on shares of PBF Energy in a report on Friday, October 31st. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and nine have assigned a Sell rating to the company’s stock. According to MarketBeat.com, PBF Energy currently has a consensus rating of “Reduce” and a consensus price target of $29.71.

PBF Energy Trading Down 7.7%

The stock has a market cap of $3.15 billion, a PE ratio of -5.85, a PEG ratio of 0.92 and a beta of 0.47. The company has a quick ratio of 0.59, a current ratio of 1.38 and a debt-to-equity ratio of 0.45. The stock’s fifty day moving average price is $32.49 and its 200 day moving average price is $28.69.

PBF Energy (NYSE:PBF) last announced its quarterly earnings data on Thursday, October 30th. The oil and gas company reported ($0.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.17. PBF Energy had a negative net margin of 1.78% and a negative return on equity of 15.88%. The company had revenue of $7.65 billion during the quarter, compared to analyst estimates of $7.47 billion. During the same period in the previous year, the business earned ($1.50) EPS. The firm’s revenue for the quarter was down 8.7% on a year-over-year basis. On average, sell-side analysts forecast that PBF Energy Inc. will post -1.12 EPS for the current year.

PBF Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Friday, November 14th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, November 14th. PBF Energy’s dividend payout ratio is presently -23.66%.

Insider Activity at PBF Energy

In related news, SVP Connor Thomas L. O sold 50,000 shares of PBF Energy stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $40.83, for a total value of $2,041,500.00. Following the completion of the sale, the senior vice president directly owned 205,340 shares in the company, valued at approximately $8,384,032.20. This trade represents a 19.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Trecia M. Canty sold 50,000 shares of the business’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $36.44, for a total value of $1,822,000.00. Following the completion of the transaction, the senior vice president directly owned 200,744 shares of the company’s stock, valued at approximately $7,315,111.36. This trade represents a 19.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 429,624 shares of company stock valued at $15,534,465 over the last three months. 6.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PBF. Smartleaf Asset Management LLC boosted its holdings in PBF Energy by 197.7% in the third quarter. Smartleaf Asset Management LLC now owns 887 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 589 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of PBF Energy by 761.0% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,412 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 1,248 shares during the period. Deseret Mutual Benefit Administrators boosted its stake in shares of PBF Energy by 62.3% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,146 shares of the oil and gas company’s stock worth $35,000 after buying an additional 440 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in shares of PBF Energy by 235.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,299 shares of the oil and gas company’s stock worth $39,000 after buying an additional 912 shares during the last quarter. Finally, Quent Capital LLC bought a new stake in shares of PBF Energy in the third quarter worth $41,000. Institutional investors own 96.29% of the company’s stock.

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.