PBF Energy (NYSE:PBF) Reaches New 52-Week High – Here’s What Happened

PBF Energy Inc. (NYSE:PBF) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $76.16 and last traded at $73.7970, with a volume of 183731 shares trading hands. The stock had previously closed at $72.99.

Analyst Upgrades and Downgrades

Several research analysts have commented on PBF shares. Citigroup raised their price objective on PBF Energy from $65.00 to $74.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Freedom Capital cut PBF Energy from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. TD Cowen increased their price target on PBF Energy from $39.00 to $68.00 and gave the stock a “hold” rating in a research report on Tuesday, July 21st. UBS Group raised their price target on PBF Energy from $62.00 to $84.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Finally, The Goldman Sachs Group lifted their price objective on PBF Energy from $71.00 to $81.00 and gave the company a “neutral” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $50.92.

PBF Energy Price Performance

The company has a market cap of $8.78 billion, a PE ratio of 6.55, a PEG ratio of 0.08 and a beta of 0.10. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.33 and a quick ratio of 0.67. The stock’s 50-day moving average is $61.31 and its 200 day moving average is $48.36.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $4.15 by $2.07. The business had revenue of $11.68 billion for the quarter, compared to the consensus estimate of $9.61 billion. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%.The business’s quarterly revenue was up 56.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.03) earnings per share. On average, equities analysts anticipate that PBF Energy Inc. will post 15.74 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were paid a $0.275 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.10 dividend on an annualized basis and a yield of 1.5%. PBF Energy’s dividend payout ratio (DPR) is 9.73%.

Insiders Place Their Bets

In other news, insider Control Empresarial De Capital sold 120,000 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $74.79, for a total transaction of $8,974,800.00. Following the transaction, the insider owned 14,285,397 shares in the company, valued at $1,068,404,841.63. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Paul T. Davis sold 63,295 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $70.40, for a total transaction of $4,455,968.00. Following the completion of the transaction, the senior vice president directly owned 183,426 shares of the company’s stock, valued at $12,913,190.40. The trade was a 25.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 6,132,674 shares of company stock valued at $370,356,734. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PBF. Goldman Sachs Group Inc. increased its position in shares of PBF Energy by 127.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock valued at $171,595,000 after acquiring an additional 3,550,820 shares during the period. California State Teachers Retirement System lifted its position in PBF Energy by 4,932.4% during the 2nd quarter. California State Teachers Retirement System now owns 5,096,920 shares of the oil and gas company’s stock worth $232,012,000 after acquiring an additional 4,995,638 shares during the period. State Street Corp lifted its position in PBF Energy by 1.3% during the 4th quarter. State Street Corp now owns 4,854,750 shares of the oil and gas company’s stock worth $131,661,000 after acquiring an additional 60,294 shares during the period. Dimensional Fund Advisors LP grew its stake in PBF Energy by 11.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company’s stock valued at $207,953,000 after purchasing an additional 454,731 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in PBF Energy by 54.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company’s stock valued at $153,452,000 after purchasing an additional 1,137,533 shares during the last quarter. Hedge funds and other institutional investors own 96.29% of the company’s stock.

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.