PBF Energy Inc. (NYSE:PBF) Raises Dividend to $0.28 Per Share

PBF Energy Inc. (NYSE:PBF) announced a quarterly dividend on Thursday, October 31st, Zacks reports. Stockholders of record on Wednesday, November 13th will be given a dividend of 0.275 per share by the oil and gas company on Wednesday, November 27th. This represents a $1.10 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Wednesday, November 13th. This is a positive change from PBF Energy’s previous quarterly dividend of $0.25.

PBF Energy has increased its dividend by an average of 41.5% per year over the last three years. PBF Energy has a dividend payout ratio of 526.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect PBF Energy to earn $0.36 per share next year, which means the company may not be able to cover its $1.00 annual dividend with an expected future payout ratio of 277.8%.

PBF Energy Trading Up 1.5 %

PBF opened at $28.95 on Friday. The stock has a market capitalization of $3.39 billion, a PE ratio of 4.75 and a beta of 1.55. PBF Energy has a one year low of $28.08 and a one year high of $62.88. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.75 and a current ratio of 1.42. The business’s 50 day moving average price is $32.28 and its 200 day moving average price is $40.69.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.40) by ($0.10). The business had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.27 billion. PBF Energy had a net margin of 2.09% and a return on equity of 12.81%. The business’s revenue for the quarter was down 21.9% on a year-over-year basis. During the same period last year, the company earned $6.61 EPS. As a group, equities research analysts expect that PBF Energy will post -2.27 EPS for the current year.

Insider Buying and Selling at PBF Energy

In other news, insider Control Empresarial De Capital bought 40,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was purchased at an average price of $30.93 per share, for a total transaction of $1,237,200.00. Following the completion of the purchase, the insider now owns 23,407,398 shares in the company, valued at approximately $723,990,820.14. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have bought 4,007,400 shares of company stock valued at $128,539,347. Insiders own 5.30% of the company’s stock.

Wall Street Analyst Weigh In

PBF has been the subject of a number of recent analyst reports. BMO Capital Markets cut shares of PBF Energy from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $42.00 to $35.00 in a research report on Friday, October 4th. TD Cowen cut their target price on PBF Energy from $32.00 to $27.00 and set a “hold” rating on the stock in a research report on Friday. Mizuho lowered their price target on PBF Energy from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Tudor, Pickering, Holt & Co. cut PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, September 9th. Finally, Scotiabank decreased their target price on PBF Energy from $45.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $34.45.

PBF Energy Company Profile

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.