PBF Energy (NYSE:PBF) Shares Up 4.5% Following Dividend Announcement

PBF Energy Inc. (NYSE:PBF)’s share price was up 4.5% during mid-day trading on Monday following a dividend announcement from the company. The stock traded as high as $18.32 and last traded at $18.32. Approximately 1,238,193 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 2,428,965 shares. The stock had previously closed at $17.53.

The newly announced dividend which will be paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th will be paid a $0.275 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.10 dividend on an annualized basis and a yield of 5.94%. PBF Energy’s dividend payout ratio (DPR) is currently -12.09%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PBF. UBS Group cut their target price on shares of PBF Energy from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. Wells Fargo & Company reduced their price target on shares of PBF Energy from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Friday. Scotiabank dropped their target price on shares of PBF Energy from $25.00 to $16.00 and set a “sector perform” rating on the stock in a report on Friday, April 11th. Mizuho decreased their target price on shares of PBF Energy from $28.00 to $22.00 and set an “underperform” rating for the company in a research note on Tuesday, April 1st. Finally, The Goldman Sachs Group cut their price objective on shares of PBF Energy from $28.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, March 27th. Seven equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $22.82.

PBF Energy Trading Up 5.7 %

The stock has a fifty day moving average of $18.20 and a 200 day moving average of $25.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 1.25. The company has a market capitalization of $2.14 billion, a P/E ratio of -3.93 and a beta of 0.76.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) earnings per share for the quarter, topping the consensus estimate of ($3.50) by $0.41. The company had revenue of $7.07 billion during the quarter, compared to the consensus estimate of $6.27 billion. PBF Energy had a negative net margin of 1.61% and a negative return on equity of 7.40%. PBF Energy’s quarterly revenue was down 18.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.85 EPS. As a group, equities research analysts anticipate that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital bought 155,000 shares of PBF Energy stock in a transaction on Monday, March 3rd. The shares were acquired at an average price of $20.20 per share, for a total transaction of $3,131,000.00. Following the completion of the purchase, the insider now directly owns 30,249,998 shares in the company, valued at approximately $611,049,959.60. This trade represents a 0.52 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased a total of 481,000 shares of company stock worth $10,380,180 in the last 90 days. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of PBF Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp boosted its holdings in shares of PBF Energy by 125.7% in the 1st quarter. Fifth Third Bancorp now owns 1,442 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 803 shares in the last quarter. Fortitude Family Office LLC lifted its position in shares of PBF Energy by 968.8% during the 4th quarter. Fortitude Family Office LLC now owns 1,165 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 1,056 shares in the last quarter. Allworth Financial LP lifted its holdings in PBF Energy by 194.3% during the first quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 1,090 shares in the last quarter. Parallel Advisors LLC increased its stake in PBF Energy by 80.4% during the 1st quarter. Parallel Advisors LLC now owns 2,434 shares of the oil and gas company’s stock worth $46,000 after buying an additional 1,085 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in PBF Energy in the 4th quarter valued at $61,000. Institutional investors own 96.29% of the company’s stock.

PBF Energy Company 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.