PBF Energy (NYSE:PBF) Stock Price Down 5.2% – Here’s What Happened

PBF Energy Inc. (NYSE:PBF)’s stock price traded down 5.2% during trading on Friday. The company traded as low as $85.14 and last traded at $84.6610. 1,802,699 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 3,365,742 shares. The stock had previously closed at $89.34.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PBF. Evercore assumed coverage on shares of PBF Energy in a research note on Friday, July 17th. They set an “in-line” rating and a $58.00 target price for the company. UBS Group reaffirmed a “buy” rating and issued a $99.00 price objective on shares of PBF Energy in a report on Monday. Citigroup upped their price objective on PBF Energy from $74.00 to $91.00 and gave the company a “neutral” rating in a research report on Tuesday. Freedom Capital downgraded PBF Energy from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. Finally, The Goldman Sachs Group increased their target price on PBF Energy from $81.00 to $91.00 and gave the company a “neutral” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $65.55.

PBF Energy Trading Down 4.4%

The firm has a market capitalization of $10.12 billion, a PE ratio of 7.50, a PEG ratio of 0.06 and a beta of 0.18. The company has a quick ratio of 0.67, a current ratio of 1.33 and a debt-to-equity ratio of 0.27. The stock’s fifty day simple moving average is $73.50 and its 200 day simple moving average is $55.74.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share for the quarter, topping the consensus estimate of $4.15 by $2.07. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The business had revenue of $11.68 billion for the quarter, compared to analysts’ expectations of $9.61 billion. During the same quarter last year, the company posted ($1.03) EPS. The company’s revenue was up 56.2% compared to the same quarter last year. On average, sell-side analysts predict that PBF Energy Inc. will post 24.69 earnings per share for the current year.

PBF Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a dividend of $0.2750 per share. The ex-dividend date was Friday, August 14th. This represents a $1.10 annualized dividend and a yield of 1.3%. PBF Energy’s payout ratio is 9.73%.

Insider Activity at PBF Energy

In other news, CEO Matthew C. Lucey sold 225,473 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $71.92, for a total value of $16,216,018.16. Following the transaction, the chief executive officer owned 495,771 shares of the company’s stock, valued at $35,655,850.32. This trade represents a 31.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas J. Nimbley sold 468,139 shares of PBF Energy stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $69.54, for a total value of $32,554,386.06. Following the transaction, the director directly owned 793,737 shares in the company, valued at approximately $55,196,470.98. The trade was a 37.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 4,196,374 shares of company stock worth $303,792,637. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its stake in PBF Energy by 6.8% during the first quarter. Parallel Advisors LLC now owns 3,781 shares of the oil and gas company’s stock valued at $180,000 after purchasing an additional 242 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of PBF Energy by 3.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,850 shares of the oil and gas company’s stock worth $326,000 after buying an additional 260 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of PBF Energy by 5.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 7,885 shares of the oil and gas company’s stock worth $375,000 after buying an additional 383 shares during the last quarter. Pictet Asset Management Holding SA raised its position in shares of PBF Energy by 3.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 14,315 shares of the oil and gas company’s stock valued at $682,000 after buying an additional 441 shares in the last quarter. Finally, Corient Private Wealth LLC raised its position in shares of PBF Energy by 4.1% during the 4th quarter. Corient Private Wealth LLC now owns 12,309 shares of the oil and gas company’s stock valued at $334,000 after buying an additional 483 shares in the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.

About PBF Energy

PBF Energy Inc is an independent petroleum refiner and supplier of transportation fuels, petrochemical feedstocks, lubricants, asphalt and other petroleum products. The company sells products under the PBF and Belvieu brands and serves wholesale, commercial and retail customers, as well as other users of refined petroleum products.

PBF Energy owns and operates six refineries in the United States: facilities in California, Delaware, Louisiana, New Jersey and Ohio. Together, these refineries process a range of crude oils and produce gasoline, ultra-low-sulfur diesel, jet fuel, heating oil, petrochemical feedstocks and other refined products.