Goldman Sachs Group Inc. Boosts Stake in PBF Energy Inc. $PBF

Key Points

• Goldman Sachs increased its PBF Energy stake by 127.9% in the fourth quarter, adding 3.55 million shares and bringing its total holdings to 6.33 million shares worth about $171.6 million.
• PBF Energy reported mixed quarterly results: revenue of $7.90 billion topped estimates, but EPS of -$0.88 missed expectations. The company also posted a modest quarterly dividend of $0.275 per share, or $1.10 annually for a 2.6% yield.
• Wall Street sentiment remains cautious, with analysts assigning a consensus rating of “Reduce” and an average target price of $36.15. Recent insider selling and a higher-than-average level of institutional ownership were also highlighted.

Goldman Sachs Group Inc. increased its holdings in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 127.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,327,255 shares of the oil and gas company's stock after purchasing an additional 3,550,820 shares during the quarter. Goldman Sachs Group Inc. owned 5.46% of PBF Energy worth $171,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of PBF. Smartleaf Asset Management LLC raised its position in PBF Energy by 197.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 887 shares of the oil and gas company's stock worth $27,000 after buying an additional 589 shares during the last quarter. Torren Management LLC purchased a new stake in shares of PBF Energy during the 4th quarter valued at about $30,000. Hantz Financial Services Inc. grew its stake in shares of PBF Energy by 235.7% in the third quarter. Hantz Financial Services Inc. now owns 1,299 shares of the oil and gas company's stock worth $39,000 after acquiring an additional 912 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in shares of PBF Energy in the fourth quarter worth approximately $57,000. Finally, Global Retirement Partners LLC raised its holdings in shares of PBF Energy by 3,354.7% during the fourth quarter. Global Retirement Partners LLC now owns 2,211 shares of the oil and gas company's stock valued at $60,000 after purchasing an additional 2,147 shares during the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.

PBF Energy Stock Performance

NYSE:PBF opened at $42.64 on Monday. The stock has a 50-day simple moving average of $42.34 and a two-hundred day simple moving average of $37.21. PBF Energy Inc. has a 52-week low of $18.10 and a 52-week high of $52.18. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.62 and a current ratio of 1.31. The firm has a market capitalization of $5.04 billion, a PE ratio of 11.49, a P/E/G ratio of 0.16 and a beta of 0.12.

PBF Energy (NYSE:PBF - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing the consensus estimate 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 company had revenue of $7.90 billion during the quarter, compared to the consensus estimate of $7.32 billion. During the same period last year, the business earned ($3.53) EPS. The firm's quarterly revenue was up 11.9% compared to the same quarter last year. Analysts forecast that PBF Energy Inc. will post 6.7 EPS for the current year.

PBF Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Thursday, May 14th were paid a dividend of $0.275 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.10 dividend on an annualized basis and a yield of 2.6%. PBF Energy's dividend payout ratio (DPR) is presently 29.65%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PBF shares. Wall Street Zen downgraded shares of PBF Energy from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. BMO Capital Markets boosted their target price on shares of PBF Energy from $43.00 to $50.00 and gave the company a "market perform" rating in a research note on Thursday, April 2nd. The Goldman Sachs Group began coverage on PBF Energy in a report on Friday, April 10th. They set a "neutral" rating and a $49.00 price target on the stock. Scotiabank raised their price target on PBF Energy from $28.00 to $34.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PBF Energy in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $36.15.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital sold 220,000 shares of PBF Energy stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $43.58, for a total transaction of $9,587,600.00. Following the transaction, the insider owned 18,217,698 shares of the company's stock, valued at $793,927,278.84. The trade was a 1.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James E. Fedena sold 77,085 shares of the company's stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $49.60, for a total transaction of $3,823,416.00. Following the completion of the transaction, the senior vice president owned 139,016 shares of the company's stock, valued at approximately $6,895,193.60. The trade was a 35.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 8,342,425 shares of company stock worth $389,768,969. Company insiders own 5.50% of the company's stock.

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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