Convergence Investment Partners LLC Buys 10,908 Shares of PBF Energy Inc. (NYSE:PBF)

Convergence Investment Partners LLC boosted its stake in PBF Energy Inc. (NYSE:PBF) by 85.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,713 shares of the oil and gas company’s stock after purchasing an additional 10,908 shares during the period. Convergence Investment Partners LLC’s holdings in PBF Energy were worth $1,091,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PBF. Vanguard Group Inc. grew its holdings in shares of PBF Energy by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 11,700,449 shares of the oil and gas company’s stock worth $514,352,000 after acquiring an additional 69,422 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of PBF Energy by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,381,349 shares of the oil and gas company’s stock worth $324,487,000 after buying an additional 120,414 shares during the last quarter. LSV Asset Management grew its position in PBF Energy by 20.4% during the fourth quarter. LSV Asset Management now owns 1,274,904 shares of the oil and gas company’s stock valued at $56,045,000 after buying an additional 216,400 shares during the period. Norges Bank purchased a new stake in PBF Energy during the fourth quarter valued at approximately $54,832,000. Finally, Acadian Asset Management LLC boosted its stake in shares of PBF Energy by 4.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,054,399 shares of the oil and gas company’s stock worth $60,689,000 after acquiring an additional 48,525 shares during the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PBF. Scotiabank decreased their target price on PBF Energy from $56.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. The Goldman Sachs Group cut their price objective on PBF Energy from $57.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, July 1st. Mizuho decreased their target price on PBF Energy from $58.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, June 20th. Wolfe Research initiated coverage on shares of PBF Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, Piper Sandler dropped their target price on shares of PBF Energy from $54.00 to $47.00 and set a “neutral” rating for the company in a research report on Friday, June 14th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, PBF Energy presently has a consensus rating of “Hold” and a consensus price target of $53.80.

PBF Energy Stock Up 2.1 %

Shares of PBF stock traded up $0.71 during mid-day trading on Monday, hitting $34.06. The stock had a trading volume of 2,593,300 shares, compared to its average volume of 2,090,396. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.75. The firm’s 50-day moving average is $39.08 and its two-hundred day moving average is $47.19. The firm has a market capitalization of $3.99 billion, a P/E ratio of 2.36 and a beta of 1.60. PBF Energy Inc. has a 12-month low of $32.17 and a 12-month high of $62.88.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, August 1st. The oil and gas company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.39). PBF Energy had a net margin of 2.09% and a return on equity of 12.81%. The business had revenue of $8.74 billion for the quarter, compared to analysts’ expectations of $8.64 billion. During the same period last year, the business posted $2.29 EPS. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, analysts predict that PBF Energy Inc. will post 1.61 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend was Thursday, August 15th. PBF Energy’s dividend payout ratio (DPR) is 6.92%.

Insiders Place Their Bets

In related news, insider Control Empresarial De Capital purchased 50,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average cost of $35.60 per share, for a total transaction of $1,780,000.00. Following the acquisition, the insider now owns 18,179,598 shares of the company’s stock, valued at approximately $647,193,688.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders purchased a total of 2,364,100 shares of company stock worth $103,048,517 over the last 90 days. Company insiders own 5.30% of the company’s stock.

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.