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

Other hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board increased its position in PBF Energy by 5.5% during the fourth quarter. Canada Pension Plan Investment Board now owns 336,300 shares of the oil and gas company's stock valued at $8,929,000 after acquiring an additional 17,400 shares during the last quarter. Norges Bank purchased a new stake in PBF Energy during the fourth quarter valued at $20,896,000. Bank of New York Mellon Corp increased its position 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 acquiring an additional 260,464 shares during the last quarter. M&T Bank Corp purchased a new stake in PBF Energy during the first quarter valued at $300,000. Finally, Nuveen Asset Management LLC increased its position in PBF Energy by 94.7% during the fourth quarter. Nuveen Asset Management LLC now owns 568,901 shares of the oil and gas company's stock valued at $15,104,000 after acquiring an additional 276,672 shares during the last quarter. Hedge funds and other institutional investors own 96.29% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on PBF shares. Mizuho upped their price objective on 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 upped their price objective on PBF Energy from $20.00 to $21.00 and gave the company an "underweight" rating in a research report on Tuesday, July 22nd. UBS Group upgraded 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. Wells Fargo & Company boosted their price target on PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, Morgan Stanley boosted their price target on PBF Energy from $20.00 to $24.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $25.08.

PBF Energy Stock Performance

NYSE:PBF opened at $21.69 on Friday. The stock has a 50-day simple moving average of $22.71 and a two-hundred day simple moving average of $21.99. PBF Energy Inc. has a 52-week low of $13.61 and a 52-week high of $38.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.52 and a current ratio of 1.29. The firm has a market capitalization of $2.51 billion, a PE ratio of -2.53 and a beta of 0.92.

PBF Energy (NYSE:PBF - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share for the quarter, topping analysts' consensus estimates of ($1.19) by $0.16. The firm had revenue of $7.48 billion during the quarter, compared to analyst estimates of $6.65 billion. PBF Energy had a negative return on equity of 17.13% and a negative net margin of 3.24%. The business's quarterly revenue was down 14.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.54) earnings per share. Analysts forecast 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 will be paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th will be paid 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 5.1%. PBF Energy's dividend payout ratio is -12.09%.

Insider Buying and Selling at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital acquired 48,500 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was purchased at an average price of $17.99 per share, with a total value of $872,515.00. Following the completion of the purchase, the insider directly owned 30,823,498 shares in the company, valued at approximately $554,514,729.02. The trade was a 0.16% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.30% of the stock is currently owned by company insiders.

PBF Energy Company 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.

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