William Blair Investment Management LLC Decreases Position in PBF Energy Inc. $PBF

William Blair Investment Management LLC decreased its position in PBF Energy Inc. (NYSE:PBF) by 5.7% during the 3rd quarter, Holdings Channel reports. The firm owned 932,795 shares of the oil and gas company’s stock after selling 56,322 shares during the quarter. William Blair Investment Management LLC’s holdings in PBF Energy were worth $28,142,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PBF. Merit Financial Group LLC boosted its position in shares of PBF Energy by 3.0% in the 3rd quarter. Merit Financial Group LLC now owns 9,575 shares of the oil and gas company’s stock worth $289,000 after buying an additional 276 shares in the last quarter. Verdence Capital Advisors LLC raised its position in PBF Energy by 2.5% during the third quarter. Verdence Capital Advisors LLC now owns 14,287 shares of the oil and gas company’s stock worth $478,000 after acquiring an additional 348 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of PBF Energy by 1.4% in the third quarter. Arizona State Retirement System now owns 25,666 shares of the oil and gas company’s stock valued at $774,000 after purchasing an additional 353 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its holdings in shares of PBF Energy by 62.3% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,146 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 440 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of PBF Energy by 11.6% in the third quarter. GAMMA Investing LLC now owns 5,041 shares of the oil and gas company’s stock valued at $152,000 after purchasing an additional 525 shares during the last quarter. Institutional investors and hedge funds own 96.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PBF shares. Citigroup lifted their price objective on PBF Energy from $29.00 to $36.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Zacks Research raised PBF Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Mizuho upgraded PBF Energy from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $31.00 to $38.00 in a research report on Friday, December 12th. Piper Sandler increased their price objective on PBF Energy from $41.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, February 13th. Finally, Wolfe Research downgraded shares of PBF Energy from a “peer perform” rating to an “underperform” rating and set a $23.00 target price for the company. in a research note on Monday, December 8th. Two analysts have rated the stock with a Buy rating, nine have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $30.21.

PBF Energy Stock Up 10.9%

Shares of NYSE:PBF opened at $39.48 on Tuesday. The company has a current ratio of 1.21, a quick ratio of 0.51 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.62 billion, a price-to-earnings ratio of -26.85, a PEG ratio of 4.78 and a beta of 0.41. The stock’s 50-day moving average price is $32.11 and its two-hundred day moving average price is $31.38. PBF Energy Inc. has a 12-month low of $13.61 and a 12-month high of $41.47.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.64. PBF Energy had a negative net margin of 0.54% and a negative return on equity of 8.86%. The business had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same period last year, the company earned ($2.82) earnings per share. The company’s quarterly revenue was down 2.9% on a year-over-year basis. On average, research analysts forecast that PBF Energy Inc. will post -1.12 EPS for the current year.

PBF Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 11th. Stockholders of record on Wednesday, February 25th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $1.10 annualized dividend and a dividend yield of 2.8%. PBF Energy’s payout ratio is currently -74.83%.

Insider Activity

In other news, insider Control Empresarial De Capital sold 250,000 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $34.91, for a total transaction of $8,727,500.00. Following the completion of the sale, the insider directly owned 27,591,198 shares in the company, valued at $963,208,722.18. This represents a 0.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last three months, insiders have sold 2,635,879 shares of company stock worth $91,446,680. 6.70% of the stock is owned by insiders.

About PBF Energy

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.