PBF Energy (NYSE:PBF) Stock Price Crosses Above 50-Day Moving Average – Here’s Why

PBF Energy Inc. (NYSE:PBF) passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $77.06 and traded as high as $82.73. PBF Energy shares last traded at $80.4880, with a volume of 2,283,053 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Zacks Research upgraded PBF Energy from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 23rd. Evercore initiated coverage on PBF Energy in a report on Friday, July 17th. They set an “in-line” rating and a $58.00 price objective for the company. Wall Street Zen upgraded shares of PBF Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. TD Cowen raised their target price on shares of PBF Energy from $73.00 to $75.00 and gave the company a “hold” rating in a research note on Thursday, October 22nd. Finally, The Goldman Sachs Group raised their target price on shares of PBF Energy from $81.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $70.91.

PBF Energy Price Performance

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 company’s 50-day moving average price is $77.17 and its 200-day moving average price is $53.06. The company has a market cap of $8.70 billion, a P/E ratio of 6.50, a P/E/G ratio of 0.08 and a beta of 0.18.

PBF Energy (NYSE:PBF) last posted its quarterly earnings data 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 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 quarterly revenue was up 56.2% on a year-over-year basis. During the same period last year, the company earned ($1.03) earnings per share. As a group, sell-side analysts predict that PBF Energy Inc. will post 24.95 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.2750 dividend. This represents a $1.10 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, August 14th. PBF Energy’s dividend payout ratio is currently 9.73%.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital sold 490,000 shares of PBF Energy stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $71.26, for a total value of $34,917,400.00. Following the completion of the sale, the insider directly owned 14,992,128 shares in the company, valued at approximately $1,068,339,041.28. The trade was a 3.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas J. Nimbley sold 468,139 shares of PBF Energy stock in a transaction on 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 completion of the transaction, the director directly owned 793,737 shares of the company’s stock, valued at $55,196,470.98. This represents a 37.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 4,146,374 shares of company stock worth $304,686,537. 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 the business. Engineers Gate Manager LP raised its stake in PBF Energy by 90.4% during the 2nd quarter. Engineers Gate Manager LP now owns 63,433 shares of the oil and gas company’s stock valued at $2,887,000 after purchasing an additional 30,117 shares during the period. Hsbc Holdings PLC lifted its holdings in PBF Energy by 81.7% in the 4th quarter. Hsbc Holdings PLC now owns 67,674 shares of the oil and gas company’s stock worth $1,840,000 after purchasing an additional 30,430 shares in the last quarter. Fifth Third Bancorp lifted its holdings in PBF Energy by 2,197.1% in the 1st quarter. Fifth Third Bancorp now owns 32,114 shares of the oil and gas company’s stock worth $1,529,000 after purchasing an additional 30,716 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in PBF Energy by 54.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company’s stock worth $153,452,000 after purchasing an additional 1,137,533 shares during the period. Finally, Entropy Technologies LP bought a new position in PBF Energy in the 1st quarter worth approximately $2,965,000. 96.29% of the stock is currently owned by institutional investors.

About PBF Energy

PBF Energy Inc (NYSE:PBF) is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other refined petroleum products. The company purchases crude oil and other feedstocks, processes them at its refineries, and sells the resulting products to branded and unbranded fuel retailers, distributors, wholesalers and commercial customers.

PBF operates refineries in several major U.S. refining regions, including the East Coast, Midwest, Gulf Coast and West Coast.