PBF Energy (NYSE:PBF) Hits New 52-Week High – Here’s Why

PBF Energy Inc. (NYSE:PBF) shares reached a new 52-week high on Thursday . The stock traded as high as $53.18 and last traded at $52.89, with a volume of 4282625 shares changing hands. The stock had previously closed at $48.46.

Trending Headlines about PBF Energy

Here are the key news stories impacting PBF Energy this week:

• Positive Sentiment: PBF Energy stock has benefited from a rise in refining-related optimism, with a recent report noting that the end of the U.S.-Iran ceasefire helped boost energy shares and “gushed” PBF higher this week. Article Title
• Positive Sentiment: Wall Street Zen upgraded PBF Energy from “hold” to “buy,” adding to a generally constructive backdrop for the stock.
• Positive Sentiment: Recent strength in crack spreads and broader refining business trends continue to support sentiment toward PBF Energy’s earnings power. Article Title

Wall Street Analysts Forecast Growth

PBF has been the topic of a number of research reports. TD Cowen upgraded PBF Energy from a “sell” rating to a “hold” rating and increased their price target for the stock from $36.00 to $39.00 in a report on Monday, June 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PBF Energy in a research report on Monday, May 11th. Mizuho increased their target price on PBF Energy from $43.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, May 27th. The Goldman Sachs Group initiated coverage on shares of PBF Energy in a research note on Friday, April 10th. They set a “neutral” rating and a $49.00 price target for the company. Finally, Citigroup raised their price objective on shares of PBF Energy from $36.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $36.69.

PBF Energy Price Performance

The stock has a market cap of $6.29 billion, a PE ratio of 14.32, a P/E/G ratio of 0.16 and a beta of 0.11. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.62 and a current ratio of 1.31. The business has a 50 day moving average price of $42.73 and a two-hundred day moving average price of $39.18.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09). PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. The business had revenue of $7.90 billion for the quarter, compared to analysts’ expectations of $7.32 billion. During the same period in the previous year, the business posted ($3.53) earnings per share. The business’s revenue was up 11.9% compared to the same quarter last year. Research analysts expect that PBF Energy Inc. will post 8.26 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Thursday, May 14th. PBF Energy’s payout ratio is presently 29.65%.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital sold 270,000 shares of the firm’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $53.18, for a total transaction of $14,358,600.00. Following the completion of the sale, the insider owned 15,812,128 shares in the company, valued at approximately $840,888,967.04. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 3,441,570 shares of company stock worth $160,335,386. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PBF Energy

Several institutional investors have recently bought and sold shares of PBF. Leonteq Securities AG bought a new stake in shares of PBF Energy in the first quarter valued at $33,000. Torren Management LLC bought a new position in shares of PBF Energy during the 4th quarter worth $30,000. Los Angeles Capital Management LLC bought a new position in shares of PBF Energy during the 4th quarter worth $31,000. Smartleaf Asset Management LLC increased its holdings in PBF Energy by 65.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,466 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 579 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in PBF Energy in the 4th quarter worth about $57,000. Hedge funds and other institutional investors own 96.29% of the company’s stock.

PBF Energy Company Profile

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.