Assetmark Inc. Cuts Stake in PBF Energy Inc. (NYSE:PBF)

Key Points

• Assetmark Inc. reduced its stake in PBF Energy by 38%, selling 19,529 shares and holding a total of 31,888 shares worth approximately $609,000.
• Several hedge funds increased their investments in PBF Energy, with Fifth Third Bancorp raising its position by 125.7% and Allworth Financial LP by 194.3% in the first quarter.
• Analysts have set a new price target for PBF Energy, with a consensus price of $25.08 and recent upgrades from UBS Group raising their target from $20.00 to $26.00.

Assetmark Inc. reduced its stake in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 38.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 31,888 shares of the oil and gas company's stock after selling 19,529 shares during the period. Assetmark Inc.'s holdings in PBF Energy were worth $609,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PBF. Fifth Third Bancorp boosted its stake in PBF Energy by 125.7% during the first quarter. Fifth Third Bancorp now owns 1,442 shares of the oil and gas company's stock worth $28,000 after acquiring an additional 803 shares in the last quarter. Allworth Financial LP boosted its stake in PBF Energy by 194.3% during the first quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company's stock worth $32,000 after acquiring an additional 1,090 shares in the last quarter. Parallel Advisors LLC boosted its stake in PBF Energy by 80.4% during the first quarter. Parallel Advisors LLC now owns 2,434 shares of the oil and gas company's stock worth $46,000 after acquiring an additional 1,085 shares in the last quarter. Golden State Wealth Management LLC boosted its stake in PBF Energy by 43.5% during the first quarter. Golden State Wealth Management LLC now owns 3,300 shares of the oil and gas company's stock worth $63,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in PBF Energy by 61.7% during the first quarter. Harbor Capital Advisors Inc. now owns 3,458 shares of the oil and gas company's stock worth $66,000 after acquiring an additional 1,320 shares in the last quarter. 96.29% of the stock is owned by institutional investors.

Insider Buying and Selling

In other PBF Energy news, insider Control Empresarial De Capital acquired 48,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were purchased at an average cost of $17.99 per share, with a total value of $872,515.00. Following the purchase, the insider owned 30,823,498 shares in the company, valued at approximately $554,514,729.02. The trade was a 0.16% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 6.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PBF shares. UBS Group upgraded shares of PBF Energy from a "neutral" rating to a "buy" rating and upped their target price for the stock from $20.00 to $26.00 in a research note on Tuesday, May 13th. Wells Fargo & Company upped their target price on shares of PBF Energy from $21.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Citigroup upped their target price on shares of PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Mizuho increased 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. Finally, Piper Sandler restated 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. Seven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $25.17.

PBF Energy Stock Down 3.8%

Shares of NYSE:PBF traded down $0.91 during trading on Wednesday, hitting $22.75. 3,060,052 shares of the company were exchanged, compared to its average volume of 3,162,816. The stock has a market capitalization of $2.63 billion, a P/E ratio of -2.65 and a beta of 0.92. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.31 and a quick ratio of 0.55. PBF Energy Inc. has a 12-month low of $13.61 and a 12-month high of $37.99. The firm's 50 day moving average price is $22.83 and its 200-day moving average price is $21.82.

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

PBF Energy Dividend Announcement

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

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.