Assetmark Inc. Sells 19,529 Shares of 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. trimmed its position in 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 filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Fifth Third Bancorp raised its position in PBF Energy by 125.7% during the 1st quarter. Fifth Third Bancorp now owns 1,442 shares of the oil and gas company's stock worth $28,000 after purchasing an additional 803 shares during the last quarter. Allworth Financial LP boosted its holdings in PBF Energy by 194.3% in the first quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company's stock valued at $32,000 after acquiring an additional 1,090 shares during the last quarter. Parallel Advisors LLC boosted its holdings in PBF Energy by 80.4% in 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. Sterling Capital Management LLC increased its holdings in shares of PBF Energy by 783.2% during the fourth quarter. Sterling Capital Management LLC now owns 3,162 shares of the oil and gas company's stock valued at $84,000 after acquiring an additional 2,804 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its holdings in shares of PBF Energy by 43.5% in the 1st quarter. Golden State Wealth Management LLC now owns 3,300 shares of the oil and gas company's stock worth $63,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 96.29% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PBF shares. UBS Group raised shares of PBF Energy from a "neutral" rating to a "buy" rating and raised their price target for the company from $20.00 to $26.00 in a research report on Tuesday, May 13th. Piper Sandler raised their target price on PBF Energy from $20.00 to $21.00 and gave the company an "underweight" rating in a research report on Tuesday, July 22nd. Scotiabank reaffirmed a "sector perform" rating and issued a $25.00 price target (up previously from $16.00) on shares of PBF Energy in a report on Friday, July 11th. Wells Fargo & Company boosted their price objective on PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Finally, Citigroup raised their price objective on shares of PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Seven investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $25.08.

Insider Buying and Selling

In other news, insider Control Empresarial De Capital acquired 48,500 shares of PBF Energy stock in a transaction dated Thursday, June 5th. The stock was purchased at an average cost 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. This trade represents a 0.16% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.30% of the company's stock.

PBF Energy Price Performance

PBF stock opened at $21.69 on Friday. The firm has a market cap of $2.51 billion, a P/E ratio of -2.53 and a beta of 0.92. The firm's fifty day moving average is $22.71 and its 200 day moving average is $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.

PBF Energy (NYSE:PBF - Get Free Report) last announced its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share for the quarter, beating analysts' consensus estimates of ($1.19) by $0.16. PBF Energy had a negative net margin of 3.24% and a negative return on equity of 17.13%. The firm had revenue of $7.48 billion for the quarter, compared to analyst estimates of $6.65 billion. During the same quarter in the previous year, the firm posted ($0.54) EPS. The company's revenue for the quarter was down 14.4% compared to the same quarter last year. Research analysts predict that PBF Energy Inc. will post -1.12 earnings per share for the current year.

PBF Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend is Thursday, August 14th. PBF Energy's dividend payout ratio is currently -12.09%.

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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