Fifth Third Bancorp Buys 30,716 Shares of PBF Energy Inc. $PBF

Key Points

• Fifth Third Bancorp dramatically increased its PBF Energy stake in the first quarter, buying 30,716 additional shares and lifting its holdings by 2,197.1% to 32,114 shares worth about $1.53 million.
• PBF Energy reported mixed quarterly results: revenue of $7.90 billion beat expectations, but EPS of -$0.88 missed estimates. The company also posted year-over-year revenue growth of 11.9%.
• The stock has attracted significant institutional interest, with 96.29% of shares owned by institutions, even as insiders sold shares and analysts maintain a cautious stance with a consensus rating of “Reduce” and a $43.92 average price target.

Fifth Third Bancorp boosted its stake in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 2,197.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 32,114 shares of the oil and gas company's stock after buying an additional 30,716 shares during the period. Fifth Third Bancorp's holdings in PBF Energy were worth $1,529,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Hsbc Holdings PLC increased its position in PBF Energy by 34.2% during the first quarter. Hsbc Holdings PLC now owns 90,790 shares of the oil and gas company's stock valued at $4,347,000 after acquiring an additional 23,116 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of PBF Energy by 3.6% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 17,055 shares of the oil and gas company's stock worth $812,000 after acquiring an additional 600 shares during the last quarter. Abel Hall LLC purchased a new position in shares of PBF Energy during the 1st quarter worth about $231,000. Moran Wealth Management LLC purchased a new position in shares of PBF Energy during the 1st quarter worth about $281,000. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of PBF Energy by 71.0% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 71,796 shares of the oil and gas company's stock worth $3,419,000 after purchasing an additional 29,814 shares during the period. 96.29% of the stock is currently owned by institutional investors.

PBF Energy Trading Down 3.9%

PBF stock opened at $61.83 on Friday. PBF Energy Inc. has a 12 month low of $21.24 and a 12 month high of $68.33. The firm's 50-day moving average is $46.28 and its 200 day moving average is $41.49. The company has a market capitalization of $7.31 billion, a PE ratio of 16.66, a P/E/G ratio of 0.15 and a beta of 0.11. 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 released its quarterly earnings data on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by ($0.09). The company had revenue of $7.90 billion during the quarter, compared to analysts' expectations of $7.32 billion. PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. PBF Energy's quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the firm earned ($3.53) earnings per share. On average, research analysts anticipate that PBF Energy Inc. will post 10.94 EPS for the current year.

PBF Energy Dividend Announcement

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

Insider Transactions at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital sold 570,000 shares of the firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $46.36, for a total transaction of $26,425,200.00. Following the transaction, the insider directly owned 17,142,128 shares in the company, valued at $794,709,054.08. This trade represents a 3.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 3,541,570 shares of company stock valued at $165,787,386 over the last quarter. 5.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PBF has been the topic of a number of recent analyst reports. Morgan Stanley increased their price objective on shares of PBF Energy from $34.00 to $38.00 and gave the stock an "underweight" rating in a research report on Friday, June 12th. Scotiabank boosted their target price 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. Mizuho upped their target price on PBF Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. TD Cowen increased their price target on PBF Energy from $39.00 to $68.00 and gave the stock a "hold" rating in a report on Tuesday. Finally, Freedom Capital raised PBF Energy to a "hold" rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $43.92.

PBF Energy 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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