Summit Investment Advisors Inc. Reduces Stake in PBF Energy Inc. (NYSE:PBF)

Summit Investment Advisors Inc. lowered its position in PBF Energy Inc. (NYSE:PBF) by 2.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 30,122 shares of the oil and gas company’s stock after selling 829 shares during the quarter. Summit Investment Advisors Inc.’s holdings in PBF Energy were worth $800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PBF. Norges Bank bought a new stake in shares of PBF Energy during the 4th quarter valued at about $20,896,000. JPMorgan Chase & Co. increased its holdings in PBF Energy by 60.4% during the fourth quarter. JPMorgan Chase & Co. now owns 1,492,573 shares of the oil and gas company’s stock valued at $39,628,000 after buying an additional 562,287 shares during the last quarter. Van ECK Associates Corp raised its position in PBF Energy by 2,119.6% in the fourth quarter. Van ECK Associates Corp now owns 411,307 shares of the oil and gas company’s stock worth $10,920,000 after acquiring an additional 392,776 shares during the period. Private Management Group Inc. raised its position in PBF Energy by 24.6% in the fourth quarter. Private Management Group Inc. now owns 1,057,295 shares of the oil and gas company’s stock worth $28,071,000 after acquiring an additional 208,599 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of PBF Energy by 11.2% during the 4th quarter. American Century Companies Inc. now owns 1,865,625 shares of the oil and gas company’s stock worth $49,532,000 after acquiring an additional 187,351 shares during the last quarter. Hedge funds and other institutional investors own 96.29% of the company’s stock.

Analyst Upgrades and Downgrades

PBF has been the topic of a number of recent research reports. UBS Group decreased their target price on PBF Energy from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. Scotiabank decreased their price objective on PBF Energy from $25.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Friday, April 11th. TD Cowen cut their price objective on PBF Energy from $19.00 to $17.00 and set a “sell” rating for the company in a research note on Tuesday, March 11th. The Goldman Sachs Group reduced their target price on shares of PBF Energy from $28.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, March 27th. Finally, Morgan Stanley lowered their price target on shares of PBF Energy from $31.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, March 14th. Seven equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, PBF Energy presently has a consensus rating of “Hold” and a consensus price target of $24.18.

Insider Activity

In other news, insider Control Empresarial De Capital purchased 155,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $20.20 per share, with a total value of $3,131,000.00. Following the purchase, the insider now owns 30,249,998 shares in the company, valued at approximately $611,049,959.60. This trade represents a 0.52 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased 727,000 shares of company stock valued at $17,562,580 in the last ninety days. Insiders own 5.30% of the company’s stock.

PBF Energy Stock Performance

NYSE:PBF opened at $15.18 on Friday. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -3.22 and a beta of 1.15. PBF Energy Inc. has a 1 year low of $13.62 and a 1 year high of $58.17. The stock’s 50 day simple moving average is $19.92 and its two-hundred day simple moving average is $26.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 0.54.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, February 13th. The oil and gas company reported ($2.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.80) by ($1.02). PBF Energy had a negative net margin of 1.61% and a negative return on equity of 7.40%. The business had revenue of $7.35 billion for the quarter, compared to analysts’ expectations of $7.25 billion. As a group, equities analysts anticipate that PBF Energy Inc. will post -1.12 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.10 dividend on an annualized basis and a yield of 7.25%. PBF Energy’s dividend payout ratio (DPR) is presently -23.35%.

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.