Summit Global Investments Makes New Investment in PBF Energy Inc. (NYSE:PBF)

Summit Global Investments acquired a new stake in PBF Energy Inc. (NYSE:PBF) during the fourth quarter, Holdings Channel.com reports. The firm acquired 28,843 shares of the oil and gas company’s stock, valued at approximately $1,268,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Fifth Third Bancorp increased its stake in shares of PBF Energy by 39.8% in the 3rd quarter. Fifth Third Bancorp now owns 808 shares of the oil and gas company’s stock valued at $43,000 after acquiring an additional 230 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in PBF Energy in the 4th quarter valued at $44,000. DekaBank Deutsche Girozentrale bought a new stake in PBF Energy during the 4th quarter valued at $73,000. Headlands Technologies LLC acquired a new position in PBF Energy during the third quarter worth $101,000. Finally, Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of PBF Energy in the third quarter valued at $107,000. Institutional investors own 96.29% of the company’s stock.

Insider Buying and Selling

In other PBF Energy news, SVP Connor Thomas L. O sold 40,000 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $55.87, for a total value of $2,234,800.00. Following the completion of the transaction, the senior vice president now directly owns 160,338 shares in the company, valued at approximately $8,958,084.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other PBF Energy news, SVP Paul T. Davis sold 100,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $56.37, for a total transaction of $5,637,000.00. Following the completion of the transaction, the senior vice president now owns 110,978 shares of the company’s stock, valued at $6,255,829.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Connor Thomas L. O sold 40,000 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $55.87, for a total transaction of $2,234,800.00. Following the completion of the sale, the senior vice president now directly owns 160,338 shares in the company, valued at $8,958,084.06. The disclosure for this sale can be found here. Insiders sold 180,000 shares of company stock valued at $10,074,600 over the last quarter. 5.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Mizuho cut shares of PBF Energy from a “buy” rating to a “neutral” rating and raised their price target for the company from $53.00 to $58.00 in a research report on Friday, March 22nd. Bank of America raised PBF Energy from a “neutral” rating to a “buy” rating and increased their price target for the company from $52.00 to $74.00 in a research report on Friday, March 15th. TD Cowen reduced their target price on shares of PBF Energy from $54.00 to $45.00 and set a “hold” rating for the company in a research note on Friday. Wells Fargo & Company raised their price target on shares of PBF Energy from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, Piper Sandler upped their price objective on shares of PBF Energy from $50.00 to $61.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, PBF Energy has a consensus rating of “Hold” and an average target price of $57.91.

PBF Energy Trading Down 1.4 %

Shares of NYSE PBF traded down $0.74 during mid-day trading on Friday, hitting $51.86. The stock had a trading volume of 1,900,000 shares, compared to its average volume of 1,508,346. The firm has a market cap of $6.20 billion, a P/E ratio of 3.58 and a beta of 1.73. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.81 and a current ratio of 1.56. The business has a 50 day moving average price of $54.99 and a two-hundred day moving average price of $48.93. PBF Energy Inc. has a 1 year low of $31.25 and a 1 year high of $62.88.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, February 15th. The oil and gas company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.49). The business had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $8.65 billion. PBF Energy had a return on equity of 18.49% and a net margin of 4.95%. The firm’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same period in the previous year, the business earned $4.41 earnings per share. On average, equities analysts anticipate that PBF Energy Inc. will post 7.75 EPS for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Thursday, May 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.93%. PBF Energy’s dividend payout ratio is presently 6.92%.

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.