Cetera Investment Advisers Cuts Stock Position in PBF Energy Inc. $PBF

Key Points

• Cetera Investment Advisers cut its PBF Energy stake by 83.5% in the first quarter, selling 64,460 shares and retaining 12,765 shares valued at approximately $608,000. Institutional investors collectively own 96.29% of the company.
• PBF Energy reported a strong second quarter, with adjusted earnings of $6.22 per share versus a $1.03 loss a year earlier, revenue up 56.2% to $11.68 billion, and gross debt reduced by more than $1 billion. The company also declared a quarterly dividend of $0.275 per share.
• Despite favorable refining conditions and bullish ratings from some analysts, sentiment remains mixed: the stock’s average rating is “Reduce” with a $50.15 price target, while insiders have sold substantial amounts of stock, including more than $337 million over the past 90 days.

Cetera Investment Advisers lessened its stake in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 83.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,765 shares of the oil and gas company's stock after selling 64,460 shares during the period. Cetera Investment Advisers' holdings in PBF Energy were worth $608,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Leonteq Securities AG purchased a new stake in shares of PBF Energy in the first quarter worth $33,000. Torren Management LLC bought a new position in shares of PBF Energy during the fourth quarter valued at $30,000. Los Angeles Capital Management LLC purchased a new position in shares of PBF Energy in the 4th quarter worth about $31,000. Smartleaf Asset Management LLC raised its position in shares of PBF Energy by 65.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,466 shares of the oil and gas company's stock worth $38,000 after purchasing an additional 579 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in PBF Energy in the 4th quarter worth about $57,000. Hedge funds and other institutional investors own 96.29% of the company's stock.

More PBF Energy News

Here are the key news stories impacting PBF Energy this week:

• Positive Sentiment: PBF’s second-quarter performance showed a sharp turnaround, with adjusted earnings of $6.22 per share versus a $1.03 loss in the prior-year period. The Martinez refinery restart was completed in May, gross debt fell by more than $1 billion, and the company declared a $0.275 quarterly dividend. PBF Energy Gains as Investors Continue to Digest Strong Q2 Results and Favorable Refining Conditions
• Positive Sentiment: Favorable industry conditions are supporting the bullish case: gasoline prices above $4 per gallon and tight fuel markets can improve refining margins for independent refiners such as PBF. 4 Refining Stocks to Buy as Gas Prices Top $4 a Gallon
• Neutral Sentiment: PBF is also being highlighted as a potential long-term value stock, reflecting its low valuation relative to recent earnings performance. Why PBF Energy Is a Top Value Stock for the Long-Term
• Negative Sentiment: Several insiders sold a combined 603,645 shares for approximately $44 million, including sizable sales by CEO Matthew Lucey, Director Thomas Nimbley, SVP Trecia Canty, and Control Empresarial de Capital. The control shareholder still owns roughly 14.4 million shares, but the concentration of sales may concern investors. PBF Energy Insider Sale Filing
• Negative Sentiment: Recent analyst targets have a median of $41, well below the stock’s recent level near its 52-week high, suggesting some analysts remain cautious about the durability of refining margins and PBF’s earnings cycle. PBF Energy Market Analysis

Analyst Ratings Changes

Several analysts recently commented on the stock. Zacks Research raised shares of PBF Energy from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 23rd. Freedom Capital cut shares of PBF Energy from a "hold" rating to a "strong sell" rating in a report on Friday, July 31st. Citigroup lifted their target price on shares of PBF Energy from $65.00 to $74.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Weiss Ratings reiterated a "sell (d-)" rating on shares of PBF Energy in a research note on Friday, August 7th. Finally, UBS Group increased their price target on shares of PBF Energy from $62.00 to $84.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $50.15.

PBF Energy Trading Up 4.4%

Shares of NYSE:PBF opened at $75.04 on Tuesday. The company has a market cap of $8.90 billion, a P/E ratio of 6.64, a PEG ratio of 0.08 and a beta of 0.10. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.33 and a quick ratio of 0.67. PBF Energy Inc. has a 1 year low of $22.13 and a 1 year high of $75.68. The stock's fifty day moving average price is $55.03 and its 200-day moving average price is $45.76.

PBF Energy (NYSE:PBF - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $6.22 EPS for the quarter, beating the consensus estimate of $4.15 by $2.07. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%.The company had revenue of $11.68 billion for the quarter, compared to analysts' expectations of $9.61 billion. During the same period last year, the firm posted ($1.03) earnings per share. PBF Energy's revenue was up 56.2% compared to the same quarter last year. Sell-side analysts expect that PBF Energy Inc. will post 15.74 earnings per share for the current year.

PBF Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 14th. PBF Energy's dividend payout ratio (DPR) is presently 9.73%.

Insider Activity

In other news, insider Control Empresarial De Capital sold 6,356 shares of PBF Energy stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $74.28, for a total value of $472,123.68. Following the completion of the sale, the insider directly owned 14,405,397 shares in the company, valued at $1,070,032,889.16. The trade was a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Paul T. Davis sold 63,295 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $70.40, for a total transaction of $4,455,968.00. Following the transaction, the senior vice president directly owned 183,426 shares of the company's stock, valued at $12,913,190.40. The trade was a 25.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 5,702,666 shares of company stock worth $337,355,274. 5.50% of the stock is owned by corporate insiders.

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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