Bank of America Corp DE Sells 478,099 Shares of PBF Energy Inc. (NYSE:PBF)

Bank of America Corp DE trimmed its stake in PBF Energy Inc. (NYSE:PBF) by 55.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 379,777 shares of the oil and gas company’s stock after selling 478,099 shares during the period. Bank of America Corp DE owned approximately 0.33% of PBF Energy worth $10,083,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. increased its position in shares of PBF Energy by 150.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company’s stock worth $56,191,000 after purchasing an additional 1,272,254 shares during the last quarter. American Century Companies Inc. boosted its stake in PBF Energy by 11.2% in the fourth quarter. American Century Companies Inc. now owns 1,865,625 shares of the oil and gas company’s stock worth $49,532,000 after buying an additional 187,351 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in PBF Energy by 5.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,492,817 shares of the oil and gas company’s stock worth $39,634,000 after buying an additional 78,045 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in PBF Energy by 60.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,492,573 shares of the oil and gas company’s stock worth $39,628,000 after buying an additional 562,287 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in PBF Energy by 3.8% in the fourth quarter. Northern Trust Corp now owns 1,378,956 shares of the oil and gas company’s stock worth $36,611,000 after buying an additional 50,541 shares in the last quarter. 96.29% of the stock is currently owned by institutional investors.

PBF Energy Stock Performance

Shares of PBF stock opened at $20.32 on Friday. The stock has a fifty day moving average of $18.14 and a 200 day moving average of $24.21. PBF Energy Inc. has a 52 week low of $13.62 and a 52 week high of $49.87. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of -4.31 and a beta of 0.76. The company has a quick ratio of 0.54, a current ratio of 1.25 and a debt-to-equity ratio of 0.26.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) EPS for the quarter, topping analysts’ consensus estimates of ($3.50) by $0.41. PBF Energy had a negative return on equity of 7.40% and a negative net margin of 1.61%. The company had revenue of $7.07 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same quarter last year, the firm posted $0.85 earnings per share. The firm’s revenue was down 18.3% on a year-over-year basis. As a group, research analysts expect that PBF Energy Inc. will post -1.12 earnings per share for the current year.

PBF Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Thursday, May 15th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date is Thursday, May 15th. PBF Energy’s payout ratio is -12.09%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PBF shares. The Goldman Sachs Group cut their target price on PBF Energy from $28.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, March 27th. JPMorgan Chase & Co. cut their target price on PBF Energy from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. TD Cowen cut their target price on PBF Energy from $19.00 to $17.00 and set a “sell” rating for the company in a research note on Tuesday, March 11th. UBS Group raised PBF Energy from a “neutral” rating to a “buy” rating and upped their target price for the stock from $20.00 to $26.00 in a research note on Tuesday, May 13th. Finally, Scotiabank cut their target price on PBF Energy from $25.00 to $16.00 and set a “sector perform” rating for the company in a research note on Friday, April 11th. Seven analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, PBF Energy currently has an average rating of “Hold” and an average target price of $22.91.

Insider Buying and Selling

In other news, insider Control Empresarial De Capital acquired 20,000 shares of the firm’s stock in a transaction on Friday, March 28th. The stock was acquired at an average price of $19.09 per share, for a total transaction of $381,800.00. Following the completion of the acquisition, the insider now owns 30,534,998 shares in the company, valued at $582,913,111.82. This trade represents a 0.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders acquired 331,000 shares of company stock valued at $6,075,180 over the last quarter. 5.30% of the stock is owned by company insiders.

PBF Energy Company Profile

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.