JPMorgan Chase & Co. Sells 482,748 Shares of PBF Energy Inc. $PBF

JPMorgan Chase & Co. reduced its position in PBF Energy Inc. (NYSE:PBF) by 46.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 551,849 shares of the oil and gas company’s stock after selling 482,748 shares during the period. JPMorgan Chase & Co. owned 0.48% of PBF Energy worth $16,649,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PBF. AQR Capital Management LLC boosted its stake in PBF Energy by 230.7% in the second quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company’s stock valued at $45,183,000 after acquiring an additional 1,454,500 shares in the last quarter. Norges Bank purchased a new stake in shares of PBF Energy during the 2nd quarter valued at $24,599,000. BNP Paribas Financial Markets lifted its holdings in shares of PBF Energy by 276.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,028,799 shares of the oil and gas company’s stock valued at $22,294,000 after purchasing an additional 755,310 shares during the last quarter. Aegis Financial Corp acquired a new stake in shares of PBF Energy in the 2nd quarter worth $13,445,000. Finally, Federated Hermes Inc. grew its stake in PBF Energy by 2,760.1% during the 2nd quarter. Federated Hermes Inc. now owns 503,804 shares of the oil and gas company’s stock worth $10,917,000 after buying an additional 486,189 shares during the last quarter. Hedge funds and other institutional investors own 96.29% of the company’s stock.

PBF Energy Stock Up 0.7%

PBF stock opened at $39.65 on Wednesday. The company has a market capitalization of $4.64 billion, a P/E ratio of -26.97, a price-to-earnings-growth ratio of 5.28 and a beta of 0.41. PBF Energy Inc. has a 12 month low of $13.61 and a 12 month high of $41.47. The firm’s fifty day simple moving average is $32.37 and its 200-day simple moving average is $31.50. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.21 and a quick ratio of 0.51.

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

PBF Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 11th. Stockholders of record on Wednesday, February 25th will be paid a $0.275 dividend. The ex-dividend date is Wednesday, February 25th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.8%. PBF Energy’s dividend payout ratio is presently -74.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PBF shares. Wolfe Research cut PBF Energy from a “peer perform” rating to an “underperform” rating and set a $23.00 price target for the company. in a research note on Monday, December 8th. Piper Sandler upped their price objective on shares of PBF Energy from $41.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, February 13th. Zacks Research raised shares of PBF Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Mizuho upgraded shares of PBF Energy from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $31.00 to $38.00 in a research note on Friday, December 12th. Finally, Tudor Pickering upgraded shares of PBF Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $30.21.

Insider Buying and Selling

In related news, insider Control Empresarial De Capital sold 250,000 shares of PBF Energy stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $34.91, for a total transaction of $8,727,500.00. Following the completion of the transaction, the insider directly owned 27,591,198 shares in the company, valued at approximately $963,208,722.18. This trade represents a 0.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 2,635,879 shares of company stock worth $91,446,680 over the last quarter. 6.70% of the stock is owned by company insiders.

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.