M&T Bank Corp Takes Position in PBF Energy Inc. (NYSE:PBF)

M&T Bank Corp acquired a new position in shares of PBF Energy Inc. (NYSE:PBF - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 15,734 shares of the oil and gas company's stock, valued at approximately $300,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board boosted its holdings in PBF Energy by 5.5% in the fourth quarter. Canada Pension Plan Investment Board now owns 336,300 shares of the oil and gas company's stock worth $8,929,000 after purchasing an additional 17,400 shares in the last quarter. Norges Bank bought a new stake in PBF Energy in the fourth quarter worth $20,896,000. Bank of New York Mellon Corp boosted its holdings in PBF Energy by 14.0% in the first quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company's stock worth $40,504,000 after purchasing an additional 260,464 shares in the last quarter. Heartland Advisors Inc. bought a new stake in PBF Energy in the fourth quarter worth $1,420,000. Finally, Nuveen Asset Management LLC boosted its holdings in PBF Energy by 94.7% in the fourth quarter. Nuveen Asset Management LLC now owns 568,901 shares of the oil and gas company's stock worth $15,104,000 after purchasing an additional 276,672 shares in the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at PBF Energy

In other news, insider Control Empresarial De Capital bought 48,500 shares of the stock in a transaction dated Thursday, June 5th. The stock was bought at an average price of $17.99 per share, for a total transaction of $872,515.00. Following the completion of the acquisition, the insider directly owned 30,823,498 shares in the company, valued at approximately $554,514,729.02. This trade represents a 0.16% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 6.70% of the company's stock.

Wall Street Analyst Weigh In

PBF has been the subject of a number of research analyst reports. The Goldman Sachs Group cut their price objective on shares of PBF Energy from $28.00 to $23.00 and set a "neutral" rating for the company in a research report on Thursday, March 27th. UBS Group raised shares of PBF Energy from a "neutral" rating to a "buy" rating and upped their price objective for the company from $20.00 to $26.00 in a research report on Tuesday, May 13th. Mizuho upped their price objective on shares of PBF Energy from $22.00 to $23.00 and gave the company an "underperform" rating in a research report on Tuesday, May 13th. Piper Sandler cut their price objective on shares of PBF Energy from $23.00 to $20.00 and set an "underweight" rating for the company in a research report on Friday, May 2nd. Finally, Morgan Stanley upped their price objective on shares of PBF Energy from $20.00 to $24.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Seven investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, PBF Energy currently has an average rating of "Hold" and an average target price of $25.00.

PBF Energy Price Performance

Shares of NYSE:PBF traded up $0.16 during midday trading on Monday, hitting $24.53. The stock had a trading volume of 2,081,328 shares, compared to its average volume of 2,740,911. The company's 50-day moving average price is $22.21 and its 200-day moving average price is $22.17. The company has a market capitalization of $2.84 billion, a P/E ratio of -2.70 and a beta of 0.84. The company has a quick ratio of 0.52, a current ratio of 1.29 and a debt-to-equity ratio of 0.43. PBF Energy Inc. has a fifty-two week low of $13.62 and a fifty-two week high of $42.64.

PBF Energy (NYSE:PBF - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.50) by $0.41. PBF Energy had a negative net margin of 3.30% and a negative return on equity of 15.67%. The firm had revenue of $7.07 billion during the quarter, compared to analysts' expectations of $6.27 billion. During the same period in the prior year, the company posted $0.85 EPS. The company's revenue was down 18.3% on a year-over-year basis. As a group, equities research analysts predict that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Thursday, May 15th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend was Thursday, May 15th. PBF Energy's dividend payout ratio is presently -12.09%.

About PBF Energy

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.