Cresset Asset Management LLC Lowers Stock Position in PBF Energy Inc. $PBF

Cresset Asset Management LLC cut its holdings in shares of PBF Energy Inc. (NYSE:PBF) by 3.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,523 shares of the oil and gas company’s stock after selling 793 shares during the period. Cresset Asset Management LLC’s holdings in PBF Energy were worth $411,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. American Century Companies Inc. grew its position in shares of PBF Energy by 1.7% during the first quarter. American Century Companies Inc. now owns 1,897,910 shares of the oil and gas company’s stock worth $36,231,000 after acquiring an additional 32,285 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of PBF Energy by 146.4% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,371 shares of the oil and gas company’s stock worth $64,000 after acquiring an additional 2,003 shares during the last quarter. Nuveen LLC purchased a new position in shares of PBF Energy during the first quarter worth approximately $13,600,000. Invesco Ltd. grew its position in shares of PBF Energy by 13.4% during the first quarter. Invesco Ltd. now owns 1,144,734 shares of the oil and gas company’s stock worth $21,853,000 after acquiring an additional 135,318 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of PBF Energy during the first quarter worth approximately $403,000. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PBF has been the topic of a number of analyst reports. Scotiabank reiterated a “sector perform” rating and issued a $25.00 price objective (up from $16.00) on shares of PBF Energy in a research report on Friday, July 11th. Citigroup lifted their price objective on shares of PBF Energy from $16.00 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. Morgan Stanley lifted their price objective on shares of PBF Energy from $20.00 to $24.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. UBS Group upgraded shares of PBF Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $26.00 in a research report on Tuesday, May 13th. Finally, Piper Sandler reiterated an “underweight” rating and issued a $22.00 price objective (up from $21.00) on shares of PBF Energy in a research report on Monday, August 4th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat.com, PBF Energy currently has an average rating of “Reduce” and an average target price of $25.17.

PBF Energy Price Performance

PBF Energy stock opened at $24.27 on Monday. PBF Energy Inc. has a one year low of $13.61 and a one year high of $34.57. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.55 and a current ratio of 1.31. The business has a fifty day moving average of $23.73 and a two-hundred day moving average of $21.14. The company has a market cap of $2.81 billion, a P/E ratio of -2.83 and a beta of 0.92.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, beating analysts’ consensus estimates of ($1.19) by $0.16. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%.The company had revenue of $7.48 billion during the quarter, compared to the consensus estimate of $6.65 billion. During the same quarter last year, the company earned ($0.54) earnings per share. PBF Energy’s quarterly revenue was down 14.4% compared to the same quarter last year. As a group, analysts predict that PBF Energy Inc. will post -1.12 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.10 dividend on an annualized basis and a yield of 4.5%. PBF Energy’s dividend payout ratio (DPR) is -12.81%.

Insider Buying and Selling

In other PBF Energy news, insider Control Empresarial De Capital bought 48,500 shares of PBF Energy stock in a transaction on Thursday, June 5th. The stock was bought at an average price of $17.99 per share, with a total value of $872,515.00. Following the completion of the acquisition, the insider owned 30,823,498 shares in the company, valued at $554,514,729.02. The trade was a 0.16% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.70% of the company’s stock.

About PBF Energy

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.