Assetmark Inc. Reduces Position in PBF Energy Inc. $PBF

Key Points

• Assetmark Inc. cut its stake in PBF Energy by 81.4%, selling 48,791 shares and finishing the quarter with 11,179 shares worth about $303,000.
• Insiders have been heavy sellers — Control Empresarial De Capital sold 1.1M shares for ~$50.8M, and insiders sold a total of 11,051,825 shares worth ~$486.7M in the past 90 days.
• Analyst sentiment is mixed-to-negative: the consensus rating is "Reduce" with a $34 average price target (2 Buys, 8 Holds, 5 Sells), despite some firms issuing higher targets and neutral/overweight views.

Assetmark Inc. decreased its stake in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 81.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,179 shares of the oil and gas company's stock after selling 48,791 shares during the period. Assetmark Inc.'s holdings in PBF Energy were worth $303,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Invesco Ltd. grew its position in shares of PBF Energy by 147.4% in the third quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company's stock valued at $83,639,000 after purchasing an additional 1,651,516 shares during the period. AQR Capital Management LLC grew its position in shares of PBF Energy by 230.7% in the second quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company's stock valued at $45,183,000 after purchasing an additional 1,454,500 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of PBF Energy by 2,198.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,212,368 shares of the oil and gas company's stock valued at $36,577,000 after purchasing an additional 1,159,628 shares during the period. BNP Paribas Financial Markets grew its position in shares of PBF Energy by 276.2% in the second quarter. BNP Paribas Financial Markets now owns 1,028,799 shares of the oil and gas company's stock valued at $22,294,000 after purchasing an additional 755,310 shares during the period. Finally, PDT Partners LLC purchased a new stake in shares of PBF Energy in the third quarter valued at $11,605,000. Hedge funds and other institutional investors own 96.29% of the company's stock.

Analyst Upgrades and Downgrades

PBF has been the subject of a number of recent analyst reports. Zacks Research raised PBF Energy from a "strong sell" rating to a "hold" rating in a research report on Thursday, February 19th. Wall Street Zen downgraded PBF Energy from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. Scotiabank lifted their price objective on PBF Energy from $28.00 to $34.00 and gave the company a "sector perform" rating in a research report on Wednesday. The Goldman Sachs Group initiated coverage on PBF Energy in a research report on Friday, April 10th. They issued a "neutral" rating and a $49.00 price objective for the company. Finally, Piper Sandler lifted their price objective on PBF Energy from $41.00 to $42.00 and gave the company an "overweight" rating in a research report on Friday, February 13th. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $34.00.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital sold 1,100,000 shares of the business's stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $46.21, for a total transaction of $50,831,000.00. Following the transaction, the insider owned 22,996,898 shares in the company, valued at $1,062,686,656.58. The trade was a 4.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 11,051,825 shares of company stock valued at $486,676,087 in the last 90 days. 5.50% of the stock is currently owned by company insiders.

PBF Energy Price Performance

Shares of PBF Energy stock opened at $40.98 on Friday. PBF Energy Inc. has a twelve month low of $15.72 and a twelve month high of $52.18. The stock has a market capitalization of $4.79 billion, a P/E ratio of -27.88, a PEG ratio of 0.26 and a beta of 0.25. The company has a current ratio of 1.21, a quick ratio of 0.51 and a debt-to-equity ratio of 0.40. The business's fifty day moving average price is $41.77 and its 200 day moving average price is $35.47.

PBF Energy (NYSE:PBF - Get Free Report) last issued its earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.64. PBF Energy had a negative return on equity of 8.86% and a negative net margin of 0.54%.The firm had revenue of $7.14 billion for the quarter, compared to analysts' expectations of $7.17 billion. During the same quarter last year, the firm earned ($2.82) earnings per share. The firm's revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, research analysts anticipate that PBF Energy Inc. will post 3.94 earnings per share for the current year.

PBF Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 11th. Investors of record on Wednesday, February 25th were issued a $0.275 dividend. The ex-dividend date was Wednesday, February 25th. This represents a $1.10 dividend on an annualized basis and a yield of 2.7%. PBF Energy's dividend payout ratio (DPR) is presently -74.83%.

PBF Energy Profile

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.

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