PBF Energy Inc. (NYSE:PBF) Announces Quarterly Dividend of $0.33

Key Points

• PBF Energy raised its quarterly dividend 18.2% to $0.325 per share, payable November 24 to shareholders of record November 12. The annualized dividend is $1.30, yielding approximately 1.7%.
• The company reported quarterly earnings of $12.78 per share, beating analysts’ $11.12 estimate, while revenue increased 58.6% year over year to $12.13 billion.
• Analysts maintain a consensus “Hold” rating, with an average price target of $70.91. Despite the dividend increase, PBF’s reported payout ratio is 220%, indicating earnings do not currently cover the dividend.

PBF Energy Inc. (NYSE:PBF - Get Free Report) declared a quarterly dividend on Thursday, October 29th. Investors of record on Thursday, November 12th will be given a dividend of $0.3250 per share by the oil and gas company on Tuesday, November 24th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Thursday, November 12th. This is a 18.2% increase from PBF Energy's previous quarterly dividend of $0.2750.

PBF Energy has raised its dividend payment by an average of 0.3% per year over the last three years and has increased its dividend every year for the last 2 years. PBF Energy has a payout ratio of 220.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect PBF Energy to earn $20.74 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 5.3%.

PBF Energy Stock Up 3.4%

NYSE PBF traded up $2.48 on Thursday, hitting $75.76. 3,638,754 shares of the company were exchanged, compared to its average volume of 3,335,385. The company has a market cap of $8.98 billion, a PE ratio of 6.70, a PEG ratio of 0.08 and a beta of 0.18. PBF Energy has a 12 month low of $25.62 and a 12 month high of $92.46. The stock has a fifty day moving average of $77.17 and a 200-day moving average of $53.06. The company has a current ratio of 1.33, a quick ratio of 0.67 and a debt-to-equity ratio of 0.27.

PBF Energy (NYSE:PBF - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $12.78 EPS for the quarter, topping analysts' consensus estimates of $11.12 by $1.66. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The business had revenue of $12.13 billion during the quarter, compared to analysts' expectations of $10.60 billion. During the same period last year, the company posted ($0.52) earnings per share. The business's quarterly revenue was up 58.6% on a year-over-year basis. As a group, analysts forecast that PBF Energy will post 24.95 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PBF shares. Evercore initiated coverage on shares of PBF Energy in a research report on Friday, July 17th. They set an "in-line" rating and a $58.00 price objective on the stock. Zacks Research raised PBF Energy from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 23rd. Citigroup upped their price target on PBF Energy from $74.00 to $91.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 6th. Morgan Stanley increased their price target on PBF Energy from $38.00 to $76.00 and gave the stock an "underweight" rating in a report on Monday, September 14th. Finally, Weiss Ratings raised PBF Energy from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, PBF Energy presently has a consensus rating of "Hold" and an average price target of $70.91.

PBF Energy Company Profile

PBF Energy Inc NYSE: PBF is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other refined petroleum products. The company purchases crude oil and other feedstocks, processes them at its refineries, and sells the resulting products to branded and unbranded fuel retailers, distributors, wholesalers and commercial customers.

PBF operates refineries in several major U.S. refining regions, including the East Coast, Midwest, Gulf Coast and West Coast.

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