PBF Energy (NYSE:PBF) Shares Gap Down – Here’s What Happened

PBF Energy Inc. (NYSE:PBF)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $42.63, but opened at $39.00. PBF Energy shares last traded at $36.9760, with a volume of 325,348 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PBF. The Goldman Sachs Group began coverage on PBF Energy in a research note on Friday, April 10th. They set a “neutral” rating and a $49.00 price objective for the company. Scotiabank raised PBF Energy to a “hold” rating in a research note on Friday, March 27th. Mizuho lifted their price objective on PBF Energy from $38.00 to $45.00 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. Tudor Pickering raised PBF Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Finally, Citigroup lifted their price objective on PBF Energy from $29.00 to $36.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $33.54.

PBF Energy Stock Down 12.6%

The firm has a market cap of $4.36 billion, a PE ratio of -25.35, a P/E/G ratio of 0.22 and a beta of 0.25. The stock has a 50-day simple moving average of $41.36 and a two-hundred day simple moving average of $35.24. The company has a quick ratio of 0.51, a current ratio of 1.21 and a debt-to-equity ratio of 0.40.

PBF Energy (NYSE:PBF) last released its quarterly earnings data on Thursday, February 12th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.15) by $0.64. The firm had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $7.17 billion. PBF Energy had a negative return on equity of 8.86% and a negative net margin of 0.54%.The company’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($2.82) earnings per share. Analysts expect that PBF Energy Inc. will post -1.12 earnings per share for the current year.

PBF Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 11th. Stockholders of record on Wednesday, February 25th were issued a $0.275 dividend. The ex-dividend date was Wednesday, February 25th. This represents a $1.10 annualized dividend and a dividend yield of 3.0%. PBF Energy’s payout ratio is currently -74.83%.

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital sold 1,100,000 shares of PBF Energy stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $46.21, for a total value of $50,831,000.00. Following the transaction, the insider owned 22,996,898 shares in the company, valued at approximately $1,062,686,656.58. The trade was a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 11,100,825 shares of company stock valued at $488,323,877 in the last quarter. 5.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PBF. Smartleaf Asset Management LLC increased its holdings in shares of PBF Energy by 197.7% in the third quarter. Smartleaf Asset Management LLC now owns 887 shares of the oil and gas company’s stock worth $27,000 after buying an additional 589 shares during the period. Torren Management LLC purchased a new position in PBF Energy during the 4th quarter valued at about $30,000. Los Angeles Capital Management LLC purchased a new position in PBF Energy during the 4th quarter valued at about $31,000. Deseret Mutual Benefit Administrators increased its holdings in PBF Energy by 62.3% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,146 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 440 shares during the period. Finally, Hantz Financial Services Inc. increased its holdings in PBF Energy by 235.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,299 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 912 shares during the period. Hedge funds and other institutional investors 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.