PBF Energy (NYSE:PBF) Reaches New 1-Year High – Still a Buy?

PBF Energy Inc. (NYSE:PBF)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $52.18 and last traded at $50.2010, with a volume of 2938971 shares changing hands. The stock had previously closed at $51.23.

Wall Street Analyst Weigh In

PBF has been the subject of several research reports. Wolfe Research lowered shares of PBF Energy from a “peer perform” rating to an “underperform” rating and set a $23.00 price objective for the company. in a report on Monday, December 8th. BMO Capital Markets reaffirmed a “market perform” rating and set a $34.00 target price on shares of PBF Energy in a research note on Monday, January 5th. Weiss Ratings reiterated a “sell (d)” rating on shares of PBF Energy in a research report on Monday, December 29th. Mizuho increased their price target on shares of PBF Energy from $38.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 17th. Finally, Piper Sandler raised their price objective on shares of PBF Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $31.69.

PBF Energy Price Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 1.21 and a quick ratio of 0.51. The firm has a market cap of $5.87 billion, a PE ratio of -34.15, a price-to-earnings-growth ratio of 0.64 and a beta of 0.41. The firm has a 50-day simple moving average of $38.68 and a 200 day simple moving average of $34.07.

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

PBF Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 11th. Investors of record on Wednesday, February 25th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $1.10 annualized dividend and a yield of 2.2%. PBF Energy’s payout ratio is presently -74.83%.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital sold 469,700 shares of the firm’s stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $49.44, for a total transaction of $23,221,968.00. Following the completion of the transaction, the insider owned 20,975,698 shares of the company’s stock, valued at approximately $1,037,038,509.12. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas J. Nimbley sold 50,000 shares of PBF Energy stock in a transaction that occurred on Thursday, March 26th. The shares were sold at an average price of $51.36, for a total transaction of $2,568,000.00. Following the transaction, the director owned 790,716 shares of the company’s stock, valued at $40,611,173.76. The trade was a 5.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 9,598,799 shares of company stock worth $406,300,229. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC grew its stake in shares of PBF Energy by 81.7% in the fourth quarter. Hsbc Holdings PLC now owns 67,674 shares of the oil and gas company’s stock worth $1,840,000 after acquiring an additional 30,430 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of PBF Energy by 4.1% in the 4th quarter. Corient Private Wealth LLC now owns 12,309 shares of the oil and gas company’s stock worth $334,000 after purchasing an additional 483 shares during the last quarter. Pacer Advisors Inc. boosted its stake in PBF Energy by 15.6% in the 4th quarter. Pacer Advisors Inc. now owns 19,473 shares of the oil and gas company’s stock worth $528,000 after purchasing an additional 2,635 shares in the last quarter. Empowered Funds LLC boosted its stake in PBF Energy by 7.3% in the 4th quarter. Empowered Funds LLC now owns 119,402 shares of the oil and gas company’s stock worth $3,238,000 after purchasing an additional 8,154 shares in the last quarter. Finally, Voloridge Investment Management LLC grew its position in PBF Energy by 49.7% during the 4th quarter. Voloridge Investment Management LLC now owns 1,729,304 shares of the oil and gas company’s stock valued at $46,899,000 after purchasing an additional 574,001 shares during the last quarter. 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.