Corient Private Wealth LP Grows Holdings in PBF Energy Inc. $PBF

Key Points

• Corient Private Wealth increased its PBF Energy stake by 200.5% in the second quarter, owning 40,681 shares valued at approximately $1.85 million. Institutional investors collectively hold 96.29% of the company.
• PBF Energy reported strong quarterly results, with earnings of $6.22 per share versus the $4.15 consensus estimate and revenue of $11.68 billion, up 56.2% year over year.
• The stock opened at $70.51, while analysts maintained a consensus “Hold” rating with an average price target of $59.55. The company also declared a quarterly dividend of $0.275 per share, yielding 1.6% annually.

Corient Private Wealth LP lifted its stake in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 200.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,681 shares of the oil and gas company's stock after buying an additional 27,142 shares during the quarter. Corient Private Wealth LP's holdings in PBF Energy were worth $1,852,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Leonteq Securities AG bought a new position in PBF Energy during the 1st quarter valued at $33,000. Eurizon Capital SGR S.p.A. bought a new stake in shares of PBF Energy in the 4th quarter worth about $57,000. Global Retirement Partners LLC increased its position in shares of PBF Energy by 3,354.7% in the 4th quarter. Global Retirement Partners LLC now owns 2,211 shares of the oil and gas company's stock worth $60,000 after purchasing an additional 2,147 shares during the last quarter. Strs Ohio acquired a new stake in shares of PBF Energy in the 1st quarter valued at about $143,000. Finally, Nykredit A S acquired a new stake in shares of PBF Energy in the 2nd quarter valued at about $149,000. Institutional investors own 96.29% of the company's stock.

PBF Energy Stock Down 1.3%

Shares of PBF stock opened at $70.51 on Thursday. PBF Energy Inc. has a 1 year low of $25.62 and a 1 year high of $82.61. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.67 and a current ratio of 1.33. The business's fifty day moving average is $70.04 and its 200-day moving average is $52.96. The stock has a market cap of $8.36 billion, a PE ratio of 6.24, a price-to-earnings-growth ratio of 0.06 and a beta of 0.09.

PBF Energy (NYSE:PBF - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share for the quarter, beating the consensus estimate of $4.15 by $2.07. The business had revenue of $11.68 billion during the quarter, compared to analyst estimates of $9.61 billion. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%.The company's revenue was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.03) earnings per share. Equities analysts expect that PBF Energy Inc. will post 22.61 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Friday, August 14th. PBF Energy's dividend payout ratio is presently 9.73%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. UBS Group upped their price target on PBF Energy from $62.00 to $84.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded PBF Energy from a "sell (d-)" rating to a "buy (b-)" rating in a research report on Tuesday. TD Cowen raised their price target on PBF Energy from $39.00 to $68.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. Citigroup boosted their price objective on PBF Energy from $65.00 to $74.00 and gave the company a "neutral" rating in a research report on Friday, July 31st. Finally, Evercore started coverage on PBF Energy in a research note on Friday, July 17th. They set an "in-line" rating and a $58.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $59.55.

Insider Activity

In related news, Director Thomas J. Nimbley sold 468,139 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $69.54, for a total value of $32,554,386.06. Following the sale, the director directly owned 793,737 shares in the company, valued at $55,196,470.98. The trade was a 37.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Control Empresarial De Capital sold 570,000 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $46.36, for a total transaction of $26,425,200.00. Following the sale, the insider directly owned 17,142,128 shares of the company's stock, valued at approximately $794,709,054.08. This represents a 3.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 6,176,374 shares of company stock worth $392,439,037. Corporate insiders own 5.50% of the company's stock.

About PBF Energy

PBF Energy Inc is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other petroleum products. Through its refining operations, the company processes crude oil and other feedstocks into products used by commercial, industrial and consumer customers.

The company operates refineries in several regions of the United States, including the East Coast, Gulf Coast, Midwest and West Coast. Its refinery portfolio includes facilities in Delaware City, Delaware; Paulsboro, New Jersey; Toledo, Ohio; Chalmette, Louisiana; and Torrance, California.

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