PBF Energy (NYSE:PBF) Stock Price Down 2.4% – Here’s Why

PBF Energy Inc. (NYSE:PBF)’s stock price was down 2.4% on Friday . The stock traded as low as $24.21 and last traded at $24.84. Approximately 1,590,792 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 2,154,935 shares. The stock had previously closed at $25.46.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PBF. The Goldman Sachs Group dropped their price target on shares of PBF Energy from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Tudor Pickering raised PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. Mizuho lowered PBF Energy from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $33.00 to $31.00 in a report on Monday, December 16th. Tudor, Pickering, Holt & Co. cut PBF Energy from a “hold” rating to a “sell” rating in a research report on Monday, September 9th. Finally, Scotiabank decreased their target price on shares of PBF Energy from $45.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. Seven equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $32.45.

PBF Energy Price Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 1.34. The company’s fifty day simple moving average is $30.63 and its two-hundred day simple moving average is $35.23. The stock has a market capitalization of $2.90 billion, a PE ratio of -9.71 and a beta of 1.57.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.09). PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The company had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the company posted $6.61 EPS. PBF Energy’s quarterly revenue was down 21.9% compared to the same quarter last year. As a group, sell-side analysts predict 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. Shareholders of record on Wednesday, November 13th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $1.10 dividend on an annualized basis and a yield of 4.37%. This is an increase from PBF Energy’s previous quarterly dividend of $0.25. PBF Energy’s dividend payout ratio (DPR) is currently -42.47%.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital bought 265,000 shares of PBF Energy stock in a transaction dated Monday, September 23rd. The shares were acquired at an average cost of $31.87 per share, with a total value of $8,445,550.00. Following the completion of the transaction, the insider now owns 23,217,398 shares in the company, valued at approximately $739,938,474.26. This trade represents a 1.15 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders bought 3,659,600 shares of company stock worth $112,411,021. 5.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PBF Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PBF. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of PBF Energy by 391.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,540,000 shares of the oil and gas company’s stock valued at $47,663,000 after acquiring an additional 1,226,909 shares in the last quarter. Acadian Asset Management LLC grew its stake in PBF Energy by 32.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company’s stock valued at $64,489,000 after purchasing an additional 347,268 shares in the last quarter. LSV Asset Management increased its holdings in PBF Energy by 2.7% during the 2nd quarter. LSV Asset Management now owns 1,290,947 shares of the oil and gas company’s stock worth $59,409,000 after purchasing an additional 34,470 shares during the last quarter. American Century Companies Inc. raised its position in shares of PBF Energy by 3.4% in the 2nd quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock valued at $45,712,000 after purchasing an additional 32,862 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of PBF Energy by 132.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 863,228 shares of the oil and gas company’s stock valued at $26,717,000 after buying an additional 492,053 shares during the last quarter. Hedge funds and other institutional investors own 96.29% 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.