PBF Energy (NYSE:PBF) Shares Gap Down Following Insider Selling

Shares of PBF Energy Inc. (NYSE:PBF) gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $32.90, but opened at $31.06. PBF Energy shares last traded at $32.4930, with a volume of 720,622 shares traded.

Specifically, insider Control Empresarial De Capital sold 50,000 shares of the business’s stock in a transaction dated Friday, January 9th. The shares were sold at an average price of $32.31, for a total value of $1,615,500.00. Following the sale, the insider directly owned 30,773,498 shares in the company, valued at approximately $994,291,720.38. The trade was a 0.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PBF shares. Wolfe Research cut shares of PBF Energy from a “peer perform” rating to an “underperform” rating and set a $23.00 price target for the company. in a research report on Monday, December 8th. Mizuho raised shares of PBF Energy from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $31.00 to $38.00 in a research report on Friday, December 12th. BMO Capital Markets reissued a “market perform” rating and issued a $34.00 target price on shares of PBF Energy in a research report on Monday, January 5th. The Goldman Sachs Group upped their price target on PBF Energy from $25.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 22nd. Finally, Wall Street Zen upgraded PBF Energy from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and eight have issued a Sell rating to the company’s stock. According to MarketBeat, PBF Energy has an average rating of “Reduce” and a consensus price target of $30.14.

PBF Energy Stock Down 1.3%

The firm has a market cap of $3.76 billion, a PE ratio of -6.98, a PEG ratio of 1.19 and a beta of 0.47. The company has a current ratio of 1.38, a quick ratio of 0.59 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average price of $32.03 and a 200-day moving average price of $29.09.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, October 30th. The oil and gas company reported ($0.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.17. PBF Energy had a negative net margin of 1.78% and a negative return on equity of 15.88%. The firm had revenue of $7.65 billion for the quarter, compared to analyst estimates of $7.47 billion. During the same period in the prior year, the firm earned ($1.50) earnings per share. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. Research analysts forecast that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Friday, November 14th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, November 14th. PBF Energy’s payout ratio is -23.66%.

Hedge Funds Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently modified their holdings of PBF. Invesco Ltd. raised its stake in PBF Energy by 147.4% in the third quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company’s stock valued at $83,639,000 after buying an additional 1,651,516 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of PBF Energy by 20.1% in the 3rd quarter. AQR Capital Management LLC now owns 2,503,283 shares of the oil and gas company’s stock valued at $75,524,000 after acquiring an additional 418,223 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of PBF Energy by 2,198.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,212,368 shares of the oil and gas company’s stock worth $36,577,000 after acquiring an additional 1,159,628 shares in the last quarter. Private Management Group Inc. lifted its stake in PBF Energy by 6.9% during the second quarter. Private Management Group Inc. now owns 1,174,201 shares of the oil and gas company’s stock worth $25,445,000 after purchasing an additional 75,546 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its stake in PBF Energy by 27.1% during the third quarter. Voloridge Investment Management LLC now owns 1,155,303 shares of the oil and gas company’s stock worth $34,855,000 after purchasing an additional 246,429 shares during the last quarter. Institutional investors and hedge funds own 96.29% of the company’s stock.

PBF Energy Company Profile

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.