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

PBF Energy Inc. (NYSE:PBF) shares reached a new 52-week high on Wednesday. The stock traded as high as $91.53 and last traded at $91.2060, with a volume of 3,398,105 shares. The stock had previously closed at $85.02.

Analysts Set New Price Targets

A number of research analysts have weighed in on PBF shares. TD Cowen reaffirmed a “hold” rating on shares of PBF Energy in a research note on Thursday, October 1st. Citigroup boosted their target price on shares of PBF Energy from $74.00 to $91.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 6th. Evercore assumed coverage on shares of PBF Energy in a research report on Friday, July 17th. They set an “in-line” rating and a $58.00 target price for the company. Weiss Ratings upgraded shares of PBF Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, The Goldman Sachs Group raised their price target on shares of PBF Energy from $81.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $65.55.

PBF Energy Stock Performance

The company has a market cap of $10.81 billion, a PE ratio of 16.01, 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 company has a 50-day moving average of $74.59 and a 200-day moving average of $56.54.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.15 by $2.07. The business had revenue of $11.68 billion during 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%. PBF Energy’s revenue was up 56.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.03) earnings per share. As a group, analysts anticipate that PBF Energy Inc. will post 24.69 earnings per share for the current year.

PBF Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were paid a $0.2750 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.10 annualized dividend and a dividend yield of 1.2%. PBF Energy’s dividend payout ratio is presently 9.73%.

Insider Buying and Selling at PBF Energy

In other news, insider Control Empresarial De Capital sold 170,000 shares of the stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $88.03, for a total value of $14,965,100.00. Following the completion of the sale, the insider owned 13,326,127 shares in the company, valued at $1,173,098,959.81. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas Nimbley sold 116,008 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $73.73, for a total transaction of $8,553,269.84. Following the transaction, the director directly owned 793,737 shares in the company, valued at $58,522,229.01. The trade was a 12.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 4,366,374 shares of company stock valued at $318,757,737. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PBF Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in PBF. Arrowstreet Capital Limited Partnership grew its stake in shares of PBF Energy by 54.6% during the first 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 buying an additional 1,137,533 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of PBF Energy by 11.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company’s stock worth $207,953,000 after buying an additional 454,731 shares during the period. Empowered Funds LLC lifted its stake in shares of PBF Energy by 198.0% in the 1st quarter. Empowered Funds LLC now owns 355,820 shares of the oil and gas company’s stock valued at $16,944,000 after acquiring an additional 236,418 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of PBF Energy in the 1st quarter valued at about $8,527,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of PBF Energy by 361.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 189,148 shares of the oil and gas company’s stock valued at $8,718,000 after acquiring an additional 148,124 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 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.