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

PBF Energy Inc. (NYSE:PBF) gapped down prior to trading on Wednesday . The stock had previously closed at $46.18, but opened at $42.04. PBF Energy shares last traded at $41.8840, with a volume of 842,200 shares.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wall Street Zen upgraded shares of PBF Energy from a “hold” rating to a “buy” rating in a research note on Saturday. Tudor Pickering upgraded shares of PBF Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, February 13th. Mizuho raised their price objective on shares of PBF Energy from $38.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, March 17th. Citigroup raised their price objective on shares of PBF Energy from $29.00 to $36.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Finally, Piper Sandler raised their price objective on shares of PBF Energy from $41.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $32.92.

PBF Energy Stock Performance

The company’s 50-day moving average price is $40.31 and its two-hundred day moving average price is $34.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.51 and a current ratio of 1.21. The stock has a market cap of $4.81 billion, a PE ratio of -28.16, a PEG ratio of 0.56 and a beta of 0.25.

PBF Energy (NYSE:PBF) last posted its quarterly earnings data on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.64. The firm had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $7.17 billion. PBF Energy had a negative net margin of 0.54% and a negative return on equity of 8.86%. The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the company posted ($2.82) EPS. On average, equities research analysts forecast that PBF Energy Inc. will post -1.12 EPS for the current year.

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 11th. Investors of record on Wednesday, February 25th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Wednesday, February 25th. PBF Energy’s dividend payout ratio (DPR) is presently -74.83%.

Insider Buying and Selling

In related news, insider Control Empresarial De Capital sold 1,100,000 shares of PBF Energy stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $46.21, for a total value of $50,831,000.00. Following the transaction, the insider owned 22,996,898 shares in the company, valued at $1,062,686,656.58. This trade represents a 4.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 11,316,825 shares of company stock valued at $492,838,557. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PBF Energy

A number of large investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC raised its position in PBF Energy by 81.7% in the 4th quarter. Hsbc Holdings PLC now owns 67,674 shares of the oil and gas company’s stock worth $1,840,000 after purchasing an additional 30,430 shares during the period. Corient Private Wealth LLC grew its holdings in PBF Energy by 4.1% in the 4th quarter. Corient Private Wealth LLC now owns 12,309 shares of the oil and gas company’s stock worth $334,000 after acquiring an additional 483 shares during the last quarter. Pacer Advisors Inc. grew its holdings in PBF Energy by 15.6% in the 4th quarter. Pacer Advisors Inc. now owns 19,473 shares of the oil and gas company’s stock worth $528,000 after acquiring an additional 2,635 shares during the last quarter. Empowered Funds LLC grew its holdings in PBF Energy by 7.3% in the 4th quarter. Empowered Funds LLC now owns 119,402 shares of the oil and gas company’s stock worth $3,238,000 after acquiring an additional 8,154 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its holdings in PBF Energy by 49.7% in the 4th quarter. Voloridge Investment Management LLC now owns 1,729,304 shares of the oil and gas company’s stock worth $46,899,000 after acquiring an additional 574,001 shares during the last quarter. Hedge funds and other institutional investors own 96.29% of the company’s stock.

PBF Energy Company Profile

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.