Retirement Systems of Alabama Sells 9,277 Shares of PBF Energy Inc. (NYSE:PBF)

Retirement Systems of Alabama reduced its stake in PBF Energy Inc. (NYSE:PBF) by 7.1% in the third quarter, Holdings Channel.com reports. The fund owned 120,963 shares of the oil and gas company’s stock after selling 9,277 shares during the period. Retirement Systems of Alabama’s holdings in PBF Energy were worth $3,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. National Bank of Canada FI bought a new position in PBF Energy in the 2nd quarter worth about $26,000. Quarry LP bought a new position in shares of PBF Energy in the third quarter valued at approximately $48,000. Harbor Capital Advisors Inc. purchased a new position in PBF Energy during the third quarter valued at approximately $59,000. Blue Trust Inc. increased its holdings in PBF Energy by 1,291.1% during the 3rd quarter. Blue Trust Inc. now owns 2,184 shares of the oil and gas company’s stock worth $68,000 after acquiring an additional 2,027 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in PBF Energy by 27.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 573 shares in the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PBF. Tudor Pickering raised shares of PBF Energy to a “strong sell” rating in a report on Monday, September 9th. Piper Sandler lowered PBF Energy from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $47.00 to $25.00 in a research note on Friday, September 20th. The Goldman Sachs Group dropped their price target on PBF Energy from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, December 10th. Morgan Stanley decreased their price objective on shares of PBF Energy from $48.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Finally, StockNews.com lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a research report on Monday, November 4th. Six analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $33.09.

PBF Energy Price Performance

Shares of PBF Energy stock opened at $25.46 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 1.34. PBF Energy Inc. has a 52-week low of $25.42 and a 52-week high of $62.88. The company has a fifty day moving average of $30.79 and a 200-day moving average of $35.44. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of -9.83 and a beta of 1.57.

PBF Energy (NYSE:PBF) last posted its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.41) by ($0.09). The business had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $8.27 billion. PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The business’s quarterly revenue was down 21.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $6.61 earnings per share. Equities research analysts expect that PBF Energy Inc. will post -2.87 EPS for the current year.

PBF Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.32%. This is a positive change from PBF Energy’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, November 13th. PBF Energy’s dividend payout ratio (DPR) is presently -42.47%.

Insiders Place Their Bets

In other news, insider Control Empresarial De Capital purchased 265,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was acquired at an average price of $31.87 per share, with a total value of $8,445,550.00. Following the transaction, the insider now directly owns 23,217,398 shares of the company’s stock, valued at approximately $739,938,474.26. This represents a 1.15 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased 3,318,100 shares of company stock valued at $103,238,331 in the last ninety days. Company insiders own 5.30% of the company’s stock.

About PBF Energy

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.