Empowered Funds LLC Raises Stock Holdings in PBF Energy Inc. $PBF

Key Points

• Institutional ownership increased: Empowered Funds raised its PBF Energy stake by 198% to 355,820 shares, while several other funds also added positions. Institutions now own 96.29% of the company.
• Insiders have been selling: Control Empresarial De Capital sold 220,000 shares for approximately $14.1 million, contributing to insider sales of 3.4 million shares worth $164.1 million during the quarter.
• Mixed financial and analyst outlook: PBF reported quarterly revenue of $7.90 billion but missed EPS estimates, while analysts maintain a consensus “Hold” rating with an average price target of $45.62. The company also declared a quarterly dividend of $0.275 per share.

Empowered Funds LLC boosted its position in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 198.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 355,820 shares of the oil and gas company's stock after buying an additional 236,418 shares during the quarter. Empowered Funds LLC owned approximately 0.30% of PBF Energy worth $16,944,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Quantinno Capital Management LP raised its stake in shares of PBF Energy by 5.9% during the first quarter. Quantinno Capital Management LP now owns 38,006 shares of the oil and gas company's stock valued at $1,810,000 after acquiring an additional 2,116 shares during the last quarter. Entropy Technologies LP bought a new stake in shares of PBF Energy in the first quarter worth about $2,965,000. Arrowstreet Capital Limited Partnership grew its stake in shares of PBF Energy by 54.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company's stock worth $153,452,000 after purchasing an additional 1,137,533 shares during the last quarter. Caxton Associates LLP purchased a new position in PBF Energy during the 1st quarter valued at about $935,000. Finally, Sei Investments Co. increased its holdings in PBF Energy by 41.4% during the 1st quarter. Sei Investments Co. now owns 364,700 shares of the oil and gas company's stock valued at $17,367,000 after purchasing an additional 106,819 shares during the period. Hedge funds and other institutional investors own 96.29% of the company's stock.

Insider Buying and Selling at PBF Energy

In related news, insider Control Empresarial De Capital sold 220,000 shares of the firm's stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $63.96, for a total transaction of $14,071,200.00. Following the completion of the transaction, the insider owned 15,492,128 shares of the company's stock, valued at $990,876,506.88. This trade represents a 1.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 3,399,570 shares of company stock valued at $164,111,586. Corporate insiders own 5.50% of the company's stock.

PBF Energy Trading Down 2.5%

Shares of NYSE PBF opened at $61.22 on Wednesday. PBF Energy Inc. has a 1 year low of $21.24 and a 1 year high of $68.33. The stock has a market cap of $7.24 billion, a P/E ratio of 16.50, a price-to-earnings-growth ratio of 0.10 and a beta of 0.11. The firm has a 50-day moving average of $47.45 and a 200 day moving average of $42.20. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.31 and a quick ratio of 0.62.

PBF Energy (NYSE:PBF - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share 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 business had revenue of $7.90 billion during the quarter, compared to analysts' expectations of $7.32 billion. During the same quarter last year, the company posted ($3.53) EPS. PBF Energy's revenue for the quarter was up 11.9% compared to the same quarter last year. As a group, sell-side analysts expect that PBF Energy Inc. will post 10.94 EPS for the current fiscal year.

PBF Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Thursday, May 14th. PBF Energy's payout ratio is currently 29.65%.

Analyst Ratings Changes

PBF has been the subject of a number of research reports. BMO Capital Markets increased their price target on shares of PBF Energy from $43.00 to $50.00 and gave the stock a "market perform" rating in a research note on Thursday, April 2nd. TD Cowen upped their target price on PBF Energy from $39.00 to $68.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. Evercore assumed coverage on PBF Energy in a research report on Friday, July 17th. They issued an "in-line" rating and a $58.00 target price for the company. Zacks Research upgraded PBF Energy from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Finally, Scotiabank lifted their price target on PBF Energy from $28.00 to $34.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $45.62.

About PBF Energy

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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