PBF Energy (NYSE:PBF) Trading 6.1% Higher – Here’s What Happened

Shares of PBF Energy Inc. (NYSE:PBF) rose 6.1% on Friday . The stock traded as high as $35.33 and last traded at $35.0220. Approximately 269,181 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 4,194,595 shares. The stock had previously closed at $33.00.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PBF shares. Weiss Ratings reissued a “sell (d)” rating on shares of PBF Energy in a report on Monday, December 29th. Zacks Research downgraded shares of PBF Energy from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Mizuho upgraded PBF Energy from an “underperform” rating to a “neutral” rating and raised their target price for the company from $31.00 to $38.00 in a research note on Friday, December 12th. Piper Sandler set a $41.00 price objective on PBF Energy in a report on Monday, January 12th. Finally, TD Cowen reissued a “sell” rating on shares of PBF Energy in a research note on Friday, October 31st. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and eight have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $30.14.

PBF Energy Stock Up 1.0%

The company’s 50 day moving average price is $31.17 and its two-hundred day moving average price is $29.39. The stock has a market cap of $3.86 billion, a P/E ratio of -7.18, a PEG ratio of 2.56 and a beta of 0.47. The company has a current ratio of 1.38, a quick ratio of 0.59 and a debt-to-equity ratio of 0.45.

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

PBF Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Friday, November 14th were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.3%. PBF Energy’s dividend payout ratio is -23.66%.

Insider Activity at PBF Energy

In related news, Director Thomas J. Nimbley sold 250,000 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $34.51, for a total value of $8,627,500.00. Following the completion of the transaction, the director owned 790,716 shares of the company’s stock, valued at approximately $27,287,609.16. This represents a 24.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Trecia M. Canty sold 50,000 shares of the business’s stock in a transaction dated Thursday, November 6th. The shares were 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 owned 200,744 shares in the company, valued at $7,315,111.36. The trade was a 19.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 845,624 shares of company stock worth $29,349,545 in the last 90 days. Company insiders own 5.30% of the company’s stock.

Institutional Trading of PBF Energy

A number of hedge funds have recently bought and sold shares of PBF. Invesco Ltd. lifted its position in shares of PBF Energy by 147.4% during the third quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company’s stock valued at $83,639,000 after buying an additional 1,651,516 shares during the last quarter. AQR Capital Management LLC raised its stake in PBF Energy by 20.1% in the third quarter. AQR Capital Management LLC now owns 2,503,283 shares of the oil and gas company’s stock valued at $75,524,000 after buying an additional 418,223 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of PBF Energy by 2,198.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,212,368 shares of the oil and gas company’s stock worth $36,577,000 after acquiring an additional 1,159,628 shares during the last quarter. Private Management Group Inc. increased its holdings in shares of PBF Energy by 6.9% during the second quarter. Private Management Group Inc. now owns 1,174,201 shares of the oil and gas company’s stock valued at $25,445,000 after acquiring an additional 75,546 shares in the last quarter. Finally, Voloridge Investment Management LLC increased its holdings in shares of PBF Energy by 27.1% during the third quarter. Voloridge Investment Management LLC now owns 1,155,303 shares of the oil and gas company’s stock valued at $34,855,000 after acquiring an additional 246,429 shares in the last quarter. Hedge funds and other 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.