Mirae Asset Global Investments Co. Ltd. Acquires New Position in PBF Energy Inc. $PBF

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of PBF Energy Inc. (NYSE:PBF) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 15,620 shares of the oil and gas company’s stock, valued at approximately $1,202,000.

A number of other large investors have also recently modified their holdings of PBF. Arrowstreet Capital Limited Partnership increased its stake in shares of PBF Energy by 54.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company’s stock valued at $153,452,000 after purchasing an additional 1,137,533 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of PBF Energy by 11.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company’s stock worth $207,953,000 after buying an additional 454,731 shares during the last quarter. Empowered Funds LLC lifted its position in shares of PBF Energy by 198.0% during the 1st quarter. Empowered Funds LLC now owns 355,820 shares of the oil and gas company’s stock worth $16,944,000 after buying an additional 236,418 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of PBF Energy during the 1st quarter worth $8,527,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of PBF Energy by 361.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 189,148 shares of the oil and gas company’s stock worth $8,718,000 after buying an additional 148,124 shares during the last quarter. Institutional investors and hedge funds own 96.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PBF shares. Piper Sandler raised their price objective on PBF Energy from $94.00 to $97.00 and gave the company a “neutral” rating in a research note on Monday, November 2nd. Evercore assumed coverage on PBF Energy in a research note on Friday, July 17th. They set an “in-line” rating and a $58.00 target price for the company. Weiss Ratings raised shares of PBF Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Freedom Capital downgraded shares of PBF Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. Finally, Mizuho raised their price target on shares of PBF Energy from $65.00 to $89.00 and gave the company a “neutral” rating in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $70.50.

Insider Buying and Selling

In other PBF Energy news, CAO Steven John Andriola sold 2,522 shares of the company’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $76.69, for a total value of $193,412.18. Following the completion of the transaction, the chief accounting officer owned 16,659 shares of the company’s stock, valued at $1,277,578.71. This represents a 13.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Control Empresarial De Capital sold 170,000 shares of the stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $88.03, for a total value of $14,965,100.00. Following the completion of the transaction, the insider owned 13,326,127 shares of the company’s stock, valued at $1,173,098,959.81. This represents a 1.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 2,864,531 shares of company stock worth $214,420,159 in the last 90 days. Insiders own 5.50% of the company’s stock.

PBF Energy Stock Performance

NYSE PBF opened at $67.25 on Monday. The firm’s fifty day moving average price is $77.62 and its two-hundred day moving average price is $54.52. The stock has a market cap of $8.16 billion, a PE ratio of 3.00, a PEG ratio of 0.07 and a beta of 0.15. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.96 and a current ratio of 1.59. PBF Energy Inc. has a fifty-two week low of $25.62 and a fifty-two week high of $92.46.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $12.78 EPS for the quarter, beating analysts’ consensus estimates of $11.12 by $1.66. PBF Energy had a return on equity of 34.92% and a net margin of 6.98%. The company had revenue of $12.13 billion during the quarter, compared to analysts’ expectations of $10.60 billion. During the same period in the prior year, the company earned ($0.52) EPS. PBF Energy’s revenue was up 58.6% compared to the same quarter last year. On average, equities analysts expect that PBF Energy Inc. will post 26.78 EPS for the current fiscal year.

PBF Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Thursday, November 12th will be given a dividend of $0.3250 per share. The ex-dividend date is Thursday, November 12th. This represents a $1.30 dividend on an annualized basis and a yield of 1.9%. This is an increase from PBF Energy’s previous quarterly dividend of $0.2750. PBF Energy’s dividend payout ratio is presently 4.91%.

PBF Energy Company Profile

PBF Energy is an independent petroleum refiner and supplier headquartered in Parsippany, New Jersey. Founded in 2008, the company operates refineries in several U.S. regions, including the East Coast, Midwest, Gulf Coast and West Coast.

PBF processes crude oil and other feedstocks into transportation fuels and other petroleum products. Its product slate includes gasoline, diesel, jet fuel, heating oil, lubricants and petrochemical feedstocks, which it supplies to wholesale and commercial customers.

The company also has logistics operations that support the movement and storage of crude oil and refined products through pipelines, terminals and related infrastructure.