Connor Clark & Lunn Investment Management Ltd. Purchases New Position in PBF Energy Inc. $PBF

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired a new stake in PBF Energy, purchasing 21,113 shares valued at approximately $403,000 in the first quarter.
• Institutional investors dominate PBF Energy's ownership, with 96.29% of the stock held by them, indicating strong institutional interest in the company.
• PBF Energy reported a quarterly EPS of ($1.03), beating analyst expectations, despite a 14.4% decline in revenue year over year.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of PBF Energy Inc. (NYSE:PBF - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 21,113 shares of the oil and gas company's stock, valued at approximately $403,000.

Several other large investors have also recently added to or reduced their stakes in PBF. T. Rowe Price Investment Management Inc. lifted its position in PBF Energy by 150.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company's stock worth $56,191,000 after buying an additional 1,272,254 shares during the period. Deutsche Bank AG grew its stake in shares of PBF Energy by 697.2% in the first quarter. Deutsche Bank AG now owns 784,515 shares of the oil and gas company's stock valued at $14,976,000 after buying an additional 686,103 shares in the last quarter. Recurrent Investment Advisors LLC grew its stake in shares of PBF Energy by 154.0% in the fourth quarter. Recurrent Investment Advisors LLC now owns 945,239 shares of the oil and gas company's stock valued at $25,096,000 after buying an additional 573,161 shares in the last quarter. Nuveen Asset Management LLC grew its stake in PBF Energy by 94.7% during the 4th quarter. Nuveen Asset Management LLC now owns 568,901 shares of the oil and gas company's stock valued at $15,104,000 after purchasing an additional 276,672 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in PBF Energy by 14.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company's stock worth $40,504,000 after buying an additional 260,464 shares during the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

PBF Energy Stock Up 3.3%

Shares of PBF traded up $0.7970 during midday trading on Monday, hitting $25.1170. The stock had a trading volume of 328,171 shares, compared to its average volume of 3,148,397. The company has a 50 day simple moving average of $23.73 and a two-hundred day simple moving average of $21.14. PBF Energy Inc. has a twelve month low of $13.61 and a twelve month high of $34.57. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of -2.94 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 (NYSE:PBF - Get Free Report) last released its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.19) by $0.16. The business had revenue of $7.48 billion for the quarter, compared to the consensus estimate of $6.65 billion. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%.PBF Energy's quarterly revenue was down 14.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.54) earnings per share. On average, analysts anticipate that PBF Energy Inc. will post -1.12 EPS for the current year.

PBF Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Thursday, August 14th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Thursday, August 14th. PBF Energy's dividend payout ratio is presently -12.81%.

Analyst Ratings Changes

Several brokerages recently issued reports on PBF. Scotiabank reissued 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. Morgan Stanley upped their price target on PBF Energy from $20.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Wells Fargo & Company increased their target price 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. Piper Sandler restated an "underweight" rating and set a $22.00 target price (up previously from $21.00) on shares of PBF Energy in a research note on Monday, August 4th. Finally, Mizuho increased their target price on PBF Energy from $22.00 to $23.00 and gave the stock an "underperform" rating in a report on Tuesday, May 13th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $25.17.

Insiders Place Their Bets

In related news, insider Control Empresarial De Capital acquired 48,500 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was acquired at an average cost of $17.99 per share, for a total transaction of $872,515.00. Following the completion of the acquisition, the insider directly owned 30,823,498 shares of the company's stock, valued at approximately $554,514,729.02. This trade represents a 0.16% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 5.30% of the stock is owned by insiders.

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.