Allianz Asset Management GmbH Lowers Stock Holdings in PBF Energy Inc. (NYSE:PBF)

Key Points

• Allianz Asset Management GmbH reduced its stake in PBF Energy by 56.2%, selling 46,289 shares in Q1 and holding 36,055 shares valued at approximately $688,000.
• Canada Pension Plan Investment Board and Nuveen Asset Management increased their holdings in PBF Energy during the fourth quarter, with the former owning 336,300 shares valued at $8.9 million and the latter increasing their position by 94.7%.
• PBF Energy reported a quarterly earnings loss of ($1.03) per share, despite revenue of $7.48 billion, and plans to distribute a quarterly dividend of $0.275 on August 28.

Allianz Asset Management GmbH reduced its stake in PBF Energy Inc. (NYSE:PBF - Free Report) by 56.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,055 shares of the oil and gas company's stock after selling 46,289 shares during the period. Allianz Asset Management GmbH's holdings in PBF Energy were worth $688,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC grew its stake in shares of PBF Energy by 10.1% during the 1st quarter. Verdence Capital Advisors LLC now owns 13,840 shares of the oil and gas company's stock worth $264,000 after purchasing an additional 1,269 shares during the period. Victory Capital Management Inc. increased its holdings in shares of PBF Energy by 163.6% during the 1st quarter. Victory Capital Management Inc. now owns 125,435 shares of the oil and gas company's stock worth $2,395,000 after buying an additional 77,858 shares during the last quarter. Signaturefd LLC increased its position in shares of PBF Energy by 34.9% in the first quarter. Signaturefd LLC now owns 8,208 shares of the oil and gas company's stock worth $157,000 after acquiring an additional 2,124 shares in the last quarter. Edgestream Partners L.P. lifted its stake in shares of PBF Energy by 48.9% during the first quarter. Edgestream Partners L.P. now owns 175,054 shares of the oil and gas company's stock worth $3,342,000 after purchasing an additional 57,484 shares in the last quarter. Finally, CWM LLC lifted its position in shares of PBF Energy by 290.9% during the first quarter. CWM LLC now owns 5,414 shares of the oil and gas company's stock worth $103,000 after purchasing an additional 4,029 shares in the last quarter. Hedge funds and other institutional investors own 96.29% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PBF shares. Wells Fargo & Company boosted their target price on PBF Energy from $21.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Citigroup lifted their target price on shares of PBF Energy from $16.00 to $29.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Scotiabank reissued a "sector perform" rating and set a $25.00 price objective (up previously from $16.00) on shares of PBF Energy in a research report on Friday, July 11th. Mizuho upped their target price on shares of PBF Energy from $22.00 to $23.00 and gave the stock an "underperform" rating in a research report on Tuesday, May 13th. Finally, Piper Sandler reiterated an "underweight" rating and set a $22.00 price target (up previously from $21.00) on shares of PBF Energy in a research report on Monday. Seven analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $25.17.

PBF Energy Stock Down 3.8%

NYSE:PBF traded down $0.91 during trading hours on Wednesday, reaching $22.75. 3,060,052 shares of the company traded hands, compared to its average volume of 3,162,816. PBF Energy Inc. has a 1 year low of $13.61 and a 1 year high of $37.99. The stock has a market capitalization of $2.63 billion, a P/E ratio of -2.65 and a beta of 0.92. The business's 50-day moving average price is $22.83 and its two-hundred day moving average price is $21.82. The company has a current ratio of 1.31, a quick ratio of 0.55 and a debt-to-equity ratio of 0.46.

PBF Energy (NYSE:PBF - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share for the quarter, topping the consensus estimate of ($1.19) by $0.16. The business had revenue of $7.48 billion for the quarter, compared to the consensus estimate of $6.65 billion. PBF Energy had a negative net margin of 3.24% and a negative return on equity of 17.46%. The company's quarterly revenue was down 14.4% on a year-over-year basis. During the same period last year, the firm earned ($0.54) earnings per share. Analysts predict that PBF Energy Inc. will post -1.12 earnings per share for the current year.

PBF Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th will be given a $0.275 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.8%. PBF Energy's dividend payout ratio (DPR) is presently -12.81%.

Insider Buying and Selling at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital purchased 48,500 shares of the stock in a transaction on Thursday, June 5th. The shares were bought at an average cost of $17.99 per share, with a total value of $872,515.00. Following the completion of the acquisition, the insider owned 30,823,498 shares in the company, valued at $554,514,729.02. This trade represents a 0.16% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.70% of the stock is owned by insiders.

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.