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

PBF Energy Inc. (NYSE:PBF) shares gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $49.32, but opened at $46.63. PBF Energy shares last traded at $46.2810, with a volume of 669,839 shares traded.

Specifically, insider Control Empresarial De Capital sold 52,000 shares of PBF Energy stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $50.18, for a total transaction of $2,609,360.00. Following the completion of the sale, the insider owned 22,944,898 shares of the company’s stock, valued at approximately $1,151,374,981.64. This trade represents a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Control Empresarial De Capital sold 1,100,000 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $46.21, for a total transaction of $50,831,000.00. Following the completion of the transaction, the insider owned 22,996,898 shares in the company, valued at $1,062,686,656.58. This trade represents a 4.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In other PBF Energy news, insider Control Empresarial De Capital sold 600,000 shares of the business’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $44.43, for a total value of $26,658,000.00. Following the completion of the sale, the insider owned 24,096,898 shares of the company’s stock, valued at $1,070,625,178.14. The trade was a 2.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Analyst Ratings Changes

PBF has been the subject of several recent research reports. The Goldman Sachs Group boosted their price target on PBF Energy from $33.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Weiss Ratings restated a “sell (d)” rating on shares of PBF Energy in a research report on Monday, December 29th. Citigroup boosted their price target on PBF Energy from $29.00 to $36.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Piper Sandler increased their price objective on shares of PBF Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, February 13th. Finally, Mizuho raised their target price on shares of PBF Energy from $38.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $31.69.

PBF Energy Stock Performance

The stock has a market cap of $5.44 billion, a price-to-earnings ratio of -31.68, a P/E/G ratio of 5.25 and a beta of 0.41. The company has a quick ratio of 0.51, a current ratio of 1.21 and a debt-to-equity ratio of 0.40. The company has a 50 day simple moving average of $36.77 and a 200 day simple moving average of $33.31.

PBF Energy (NYSE:PBF) last posted its quarterly earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.64. The company had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $7.17 billion. PBF Energy had a negative net margin of 0.54% and a negative return on equity of 8.86%. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period last year, the company posted ($2.82) EPS. As a group, equities research analysts forecast that PBF Energy Inc. will post -1.12 EPS for the current year.

PBF Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 11th. Stockholders of record on Wednesday, February 25th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Wednesday, February 25th. PBF Energy’s dividend payout ratio is presently -74.83%.

Institutional Investors Weigh In On PBF Energy

Hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its holdings in PBF Energy by 127.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock worth $171,595,000 after purchasing an additional 3,550,820 shares in the last quarter. State Street Corp grew its holdings in shares of PBF Energy by 1.3% during the fourth quarter. State Street Corp now owns 4,854,750 shares of the oil and gas company’s stock worth $131,661,000 after purchasing an additional 60,294 shares during the last quarter. Invesco Ltd. grew its holdings in shares of PBF Energy by 147.4% during the third quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company’s stock worth $83,639,000 after purchasing an additional 1,651,516 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of PBF Energy by 20.1% in the third 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 buying an additional 418,223 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of PBF Energy by 16.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,400,702 shares of the oil and gas company’s stock valued at $65,108,000 after buying an additional 331,404 shares during the period. Institutional investors and hedge funds own 96.29% of the company’s stock.

About PBF Energy

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.