Nuveen LLC Acquires Shares of 712,418 PBF Energy Inc. $PBF

Key Points

• Nuveen LLC acquired 712,418 shares of PBF Energy Inc., valued at approximately $13.6 million, during the first quarter, representing a 0.62% ownership of the company.
• PBF Energy recently reported a quarterly loss of ($1.03) earnings per share, surpassing analysts' expectations, while the company's revenue fell 14.4% year-over-year.
• The company has declared a quarterly dividend of $0.275, with a dividend yield of 5.0%, despite a negative payout ratio of -12.81% due to ongoing losses.

Nuveen LLC acquired a new stake in shares of PBF Energy Inc. (NYSE:PBF - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 712,418 shares of the oil and gas company's stock, valued at approximately $13,600,000. Nuveen LLC owned 0.62% of PBF Energy at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PBF. T. Rowe Price Investment Management Inc. increased its position in PBF Energy by 150.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company's stock worth $56,191,000 after buying an additional 1,272,254 shares in the last quarter. Deutsche Bank AG grew its stake in shares of PBF Energy by 697.2% during the 1st quarter. Deutsche Bank AG now owns 784,515 shares of the oil and gas company's stock valued at $14,976,000 after acquiring an additional 686,103 shares during the period. Recurrent Investment Advisors LLC increased its holdings in PBF Energy by 154.0% in the 4th quarter. Recurrent Investment Advisors LLC now owns 945,239 shares of the oil and gas company's stock worth $25,096,000 after acquiring an additional 573,161 shares in the last quarter. Nuveen Asset Management LLC raised its stake in PBF Energy by 94.7% during the 4th quarter. Nuveen Asset Management LLC now owns 568,901 shares of the oil and gas company's stock worth $15,104,000 after acquiring an additional 276,672 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in PBF Energy by 14.0% during the first quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company's stock valued at $40,504,000 after purchasing an additional 260,464 shares in the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PBF shares. Citigroup increased their price target on PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Morgan Stanley lifted their target price on PBF Energy from $20.00 to $24.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Mizuho boosted their price target on PBF Energy from $22.00 to $23.00 and gave the stock an "underperform" rating in a report on Tuesday, May 13th. Wells Fargo & Company increased their price objective on shares of PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, Piper Sandler reiterated an "underweight" rating and set a $22.00 price objective (up previously from $21.00) on shares of PBF Energy in a research report on Monday, August 4th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $25.17.

Insider Activity

In related news, insider Control Empresarial De Capital acquired 48,500 shares of the stock in a transaction dated Thursday, June 5th. The stock was acquired at an average cost of $17.99 per share, for a total transaction of $872,515.00. Following the completion of the purchase, the insider owned 30,823,498 shares of the company's stock, valued at approximately $554,514,729.02. This represents a 0.16% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.30% of the stock is currently owned by company insiders.

PBF Energy Price Performance

Shares of NYSE PBF traded up $1.50 during mid-day trading on Wednesday, hitting $26.33. 3,660,371 shares of the company's stock traded hands, compared to its average volume of 3,868,021. PBF Energy Inc. has a 1 year low of $13.61 and a 1 year high of $34.49. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.31 and a quick ratio of 0.55. The company's 50-day moving average is $23.86 and its two-hundred day moving average is $21.18. The company has a market capitalization of $3.05 billion, a P/E ratio of -3.06 and a beta of 0.92.

PBF Energy (NYSE:PBF - Get Free Report) last released its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, beating analysts' consensus estimates of ($1.19) by $0.16. The firm had revenue of $7.48 billion for the quarter, compared to analysts' expectations of $6.65 billion. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%.The company's quarterly revenue was down 14.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.54) earnings per share. On average, equities analysts anticipate that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.275 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.2%. PBF Energy's payout ratio is presently -12.81%.

PBF Energy Profile

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.