PBF Energy (NYSE:PBF) Stock Price Up 8% – Here’s What Happened

PBF Energy Inc. (NYSE:PBF) shares shot up 8% during trading on Monday . The stock traded as high as $46.74 and last traded at $46.5680. Approximately 1,150,753 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 3,395,486 shares. The stock had previously closed at $43.11.

Analyst Ratings Changes

A number of equities research analysts recently commented on PBF shares. Weiss Ratings restated a “sell (d-)” rating on shares of PBF Energy in a research report on Monday, May 11th. Citigroup lifted their price objective on PBF Energy from $36.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Morgan Stanley boosted their price objective on PBF Energy from $34.00 to $38.00 and gave the stock an “underweight” rating in a research note on Friday, June 12th. Wall Street Zen cut PBF Energy from a “buy” rating to a “hold” rating in a report on Sunday. Finally, Zacks Research lowered PBF Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Two research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $36.69.

PBF Energy Price Performance

The company has a quick ratio of 0.62, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. The stock’s 50-day moving average price is $41.23 and its 200-day moving average price is $38.02. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 0.15 and a beta of 0.12.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09). PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. The company had revenue of $7.90 billion during the quarter, compared to analyst estimates of $7.32 billion. During the same period in the prior year, the business earned ($3.53) EPS. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. Equities research analysts anticipate that PBF Energy Inc. will post 7.69 earnings per share for the current year.

PBF Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Thursday, May 14th. PBF Energy’s dividend payout ratio is 29.65%.

Insider Buying and Selling

In other PBF Energy news, insider Control Empresarial De Capital sold 200,000 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $42.79, for a total transaction of $8,558,000.00. Following the completion of the sale, the insider directly owned 17,712,128 shares of the company’s stock, valued at approximately $757,901,957.12. The trade was a 1.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 1,741,570 shares of company stock valued at $76,703,786 in the last three months. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently modified their holdings of the business. First Eagle Investment Management LLC boosted its stake in PBF Energy by 7.9% in the 3rd quarter. First Eagle Investment Management LLC now owns 547,546 shares of the oil and gas company’s stock valued at $16,519,000 after purchasing an additional 40,129 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in PBF Energy in the 3rd quarter valued at $823,000. Quantbot Technologies LP bought a new position in PBF Energy during the 3rd quarter worth $1,546,000. Goldman Sachs Group Inc. increased its position in PBF Energy by 127.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock worth $171,595,000 after buying an additional 3,550,820 shares during the period. Finally, State of New Jersey Common Pension Fund D acquired a new stake in shares of PBF Energy during the fourth quarter worth $1,485,000. 96.29% of the stock is owned by institutional investors.

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.