Federated Hermes Inc. Raises Stock Position in PBF Energy Inc. (NYSE:PBF)

Key Points

• Federated Hermes Inc. increased its stake in PBF Energy by 341.4% in Q1, acquiring over 13,000 shares for a total holding of 17,615 shares valued at $336,000.
• Several hedge funds, including T. Rowe Price and Nuveen Asset Management, have also significantly increased their holdings in PBF Energy recently, indicating strong institutional interest in the stock.
• PBF Energy's quarterly earnings report showed a loss of ($1.03) EPS, which was better than analyst expectations but still reflected a 14.4% decline in revenue year-over-year.

Federated Hermes Inc. grew its holdings in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 341.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,615 shares of the oil and gas company's stock after purchasing an additional 13,624 shares during the quarter. Federated Hermes Inc.'s holdings in PBF Energy were worth $336,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PBF. T. Rowe Price Investment Management Inc. raised its stake in PBF Energy by 150.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company's stock valued at $56,191,000 after purchasing an additional 1,272,254 shares in the last quarter. Recurrent Investment Advisors LLC raised its stake in 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 purchasing an additional 573,161 shares in the last quarter. Nuveen Asset Management LLC raised its stake in PBF Energy by 94.7% in the fourth 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. Bank of New York Mellon Corp raised its stake in PBF Energy by 14.0% in the first quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company's stock valued at $40,504,000 after purchasing an additional 260,464 shares in the last quarter. Finally, Two Sigma Investments LP raised its stake in PBF Energy by 12.6% in the fourth quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company's stock valued at $43,690,000 after purchasing an additional 184,194 shares in the last quarter. Institutional investors own 96.29% of the company's stock.

PBF Energy Trading Up 0.0%

Shares of NYSE PBF traded up $0.00 during mid-day trading on Tuesday, hitting $21.90. The stock had a trading volume of 2,382,663 shares, compared to its average volume of 3,388,644. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.55 and a current ratio of 1.31. PBF Energy Inc. has a 1 year low of $13.61 and a 1 year high of $37.38. The business has a 50 day moving average price of $23.14 and a two-hundred day moving average price of $21.54. The firm has a market cap of $2.53 billion, a P/E ratio of -2.55 and a beta of 0.92.

PBF Energy (NYSE:PBF - Get Free Report) last issued its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, topping the consensus estimate of ($1.19) by $0.16. PBF Energy had a negative net margin of 3.24% and a negative return on equity of 17.46%. The company had revenue of $7.48 billion for the quarter, compared to the consensus estimate of $6.65 billion. During the same period in the previous year, the firm earned ($0.54) earnings per share. The firm's revenue for the quarter was down 14.4% on a year-over-year basis. On average, equities analysts anticipate that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

PBF Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Thursday, August 14th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend is Thursday, August 14th. PBF Energy's payout ratio is presently -12.81%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PBF. UBS Group raised shares of PBF Energy from a "neutral" rating to a "buy" rating and raised their target price for the company from $20.00 to $26.00 in a research note on Tuesday, May 13th. Citigroup lifted their price target on shares of PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Scotiabank reissued a "sector perform" rating and set a $25.00 price target (up from $16.00) on shares of PBF Energy in a research note on Friday, July 11th. Morgan Stanley lifted their price target on shares of PBF Energy from $20.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Piper Sandler reissued an "underweight" rating and set a $22.00 price target (up from $21.00) on shares of PBF Energy in a research note on Monday, August 4th. Seven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $25.17.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital acquired 48,500 shares of PBF Energy stock in a transaction on Thursday, June 5th. The shares were acquired at an average cost of $17.99 per share, with a total value of $872,515.00. Following the transaction, the insider owned 30,823,498 shares in the company, valued at $554,514,729.02. This trade represents a 0.16% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 6.70% of the stock is currently 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.