BNP Paribas Financial Markets Trims Holdings in PBF Energy Inc. $PBF

Key Points

• BNP Paribas Financial Markets cut its PBF Energy stake by 54.8% in the fourth quarter, selling more than 321,000 shares and leaving it with 264,654 shares valued at about $7.2 million.
• Analysts remain mixed on PBF Energy, with recent target-price changes and ratings ranging from strong buy to sell; MarketBeat shows a consensus rating of “Reduce” and an average target price of $36.15.
• PBF Energy reported a smaller-than-expected quarterly loss of $0.88 per share on revenue of $7.90 billion, while also paying a quarterly dividend of $0.275 per share, equal to a 2.7% annualized yield.

BNP Paribas Financial Markets cut its stake in PBF Energy Inc. (NYSE:PBF - Free Report) by 54.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 264,654 shares of the oil and gas company's stock after selling 321,103 shares during the quarter. BNP Paribas Financial Markets owned about 0.23% of PBF Energy worth $7,177,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. First Eagle Investment Management LLC grew its position in PBF Energy by 7.9% during the third quarter. First Eagle Investment Management LLC now owns 547,546 shares of the oil and gas company's stock worth $16,519,000 after buying an additional 40,129 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in PBF Energy during the third quarter worth about $823,000. Allianz Asset Management GmbH grew its position in PBF Energy by 1,232.0% during the third quarter. Allianz Asset Management GmbH now owns 267,091 shares of the oil and gas company's stock worth $8,058,000 after buying an additional 247,039 shares in the last quarter. Quantbot Technologies LP purchased a new position in PBF Energy during the third quarter worth about $1,546,000. Finally, State of New Jersey Common Pension Fund D purchased a new position in PBF Energy during the fourth quarter worth about $1,485,000. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Mizuho boosted their target price on PBF Energy from $43.00 to $48.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 27th. Piper Sandler boosted their target price on PBF Energy from $41.00 to $42.00 and gave the stock an "overweight" rating in a research report on Friday, February 13th. Zacks Research upgraded PBF Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 8th. TD Cowen reduced their target price on PBF Energy from $41.00 to $36.00 and set a "sell" rating for the company in a research report on Monday, April 27th. Finally, The Goldman Sachs Group assumed coverage on PBF Energy in a research report on Friday, April 10th. They set a "neutral" rating and a $49.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat, PBF Energy has a consensus rating of "Reduce" and an average target price of $36.15.

Insider Activity

In other news, insider Control Empresarial De Capital sold 1,100,000 shares of the company's stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $46.21, for a total value of $50,831,000.00. Following the completion of the transaction, the insider directly owned 22,996,898 shares in the company, valued at approximately $1,062,686,656.58. This represents a 4.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders sold 7,582,425 shares of company stock valued at $358,083,629. 5.50% of the stock is currently owned by corporate insiders.

PBF Energy Price Performance

PBF opened at $40.31 on Wednesday. The stock has a 50-day moving average price of $41.96 and a 200-day moving average price of $37.25. PBF Energy Inc. has a 12-month low of $19.47 and a 12-month high of $52.18. The company has a current ratio of 1.31, a quick ratio of 0.62 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $4.77 billion, a P/E ratio of 10.86, a PEG ratio of 0.16 and a beta of 0.12.

PBF Energy (NYSE:PBF - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.79) by ($0.09). PBF Energy had a negative return on equity of 4.12% and a net margin of 1.46%.The firm had revenue of $7.90 billion during the quarter, compared to analysts' expectations of $7.32 billion. During the same quarter in the previous year, the company posted ($3.53) earnings per share. PBF Energy's revenue for the quarter was up 11.9% compared to the same quarter last year. Equities analysts predict that PBF Energy Inc. will post 6.7 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Thursday, May 14th. PBF Energy's dividend payout ratio is presently 29.65%.

PBF Energy Company 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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