PBF Energy (NYSE:PBF) Shares Up 5.8% – Here’s Why

PBF Energy Inc. (NYSE:PBF) shares rose 5.8% during trading on Wednesday . The stock traded as high as $51.26 and last traded at $51.2830. 135,546 shares traded hands during trading, a decline of 96% from the average daily volume of 3,363,235 shares. The stock had previously closed at $48.46.

Wall Street Analysts Forecast Growth

PBF has been the subject of a number of analyst reports. The Goldman Sachs Group assumed coverage on shares of PBF Energy in a research report on Friday, April 10th. They issued a “neutral” rating and a $49.00 price target for the company. Scotiabank raised their price objective on PBF Energy from $28.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PBF Energy in a report on Monday, May 11th. BMO Capital Markets upped their target price on PBF Energy from $43.00 to $50.00 and gave the company a “market perform” rating in a research report on Thursday, April 2nd. Finally, Morgan Stanley increased their target price on PBF Energy from $34.00 to $38.00 and gave the stock an “underweight” rating in a report on Friday, June 12th. Two investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $36.69.

PBF Energy Price Performance

The company’s 50-day moving average is $42.05 and its 200-day moving average is $38.70. The firm has a market cap of $6.22 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 0.15 and a beta of 0.11. The company has a current ratio of 1.31, a quick ratio of 0.62 and a debt-to-equity ratio of 0.50.

PBF Energy (NYSE:PBF) last announced its quarterly earnings data on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $7.90 billion for the quarter, compared to analyst estimates of $7.32 billion. During the same quarter in the prior year, the firm earned ($3.53) earnings per share. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. Equities research analysts predict that PBF Energy Inc. will post 8.55 earnings per share for the current year.

PBF Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Thursday, May 14th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.10 annualized dividend and a yield of 2.1%. PBF Energy’s payout ratio is presently 29.65%.

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital sold 570,000 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $46.36, for a total value of $26,425,200.00. Following the sale, the insider directly owned 17,142,128 shares in the company, valued at approximately $794,709,054.08. This trade represents a 3.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 2,591,570 shares of company stock valued at $116,278,586 over the last three months. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PBF Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its holdings in shares of PBF Energy by 63.6% during the first quarter. Royal Bank of Canada now owns 30,932 shares of the oil and gas company’s stock worth $590,000 after buying an additional 12,025 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of PBF Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,723 shares of the oil and gas company’s stock valued at $1,140,000 after acquiring an additional 2,609 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in PBF Energy by 4.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,704 shares of the oil and gas company’s stock worth $4,996,000 after acquiring an additional 12,289 shares during the last quarter. Acadian Asset Management LLC grew its position in PBF Energy by 261.0% during the 1st quarter. Acadian Asset Management LLC now owns 3,256 shares of the oil and gas company’s stock worth $62,000 after acquiring an additional 2,354 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in PBF Energy in the 2nd quarter worth about $1,143,000. Institutional investors own 96.29% of the company’s stock.

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.