Hsbc Holdings PLC Raises Stock Position in PBF Energy Inc. $PBF

Key Points

• HSBC Holdings PLC boosted its stake in PBF Energy by 81.7% in the fourth quarter, buying an additional 30,430 shares and bringing its total to 67,674 shares worth about $1.84 million.
• PBF Energy reported mixed quarterly results: EPS of -$0.88 missed estimates, but revenue of $7.90 billion came in above expectations and was up 11.9% year over year.
• The company also paid a quarterly dividend of $0.275 per share and carries a 2.1% annualized yield, while analysts remain cautious overall with a consensus rating of “Reduce” and an average target price of $36.69.

Hsbc Holdings PLC raised its position in PBF Energy Inc. (NYSE:PBF - Free Report) by 81.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,674 shares of the oil and gas company's stock after purchasing an additional 30,430 shares during the quarter. Hsbc Holdings PLC owned about 0.06% of PBF Energy worth $1,840,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Corient Private Wealth LLC raised its position in shares of PBF Energy by 4.1% during the 4th quarter. Corient Private Wealth LLC now owns 12,309 shares of the oil and gas company's stock valued at $334,000 after buying an additional 483 shares during the period. Pacer Advisors Inc. grew its position in PBF Energy by 15.6% in the fourth quarter. Pacer Advisors Inc. now owns 19,473 shares of the oil and gas company's stock worth $528,000 after acquiring an additional 2,635 shares during the period. Empowered Funds LLC grew its position in PBF Energy by 7.3% in the fourth quarter. Empowered Funds LLC now owns 119,402 shares of the oil and gas company's stock worth $3,238,000 after acquiring an additional 8,154 shares during the period. Voloridge Investment Management LLC increased its stake in PBF Energy by 49.7% during the fourth quarter. Voloridge Investment Management LLC now owns 1,729,304 shares of the oil and gas company's stock worth $46,899,000 after acquiring an additional 574,001 shares during the last quarter. Finally, SummitTX Capital L.P. acquired a new stake in PBF Energy during the fourth quarter worth $821,000. Hedge funds and other institutional investors own 96.29% of the company's stock.

PBF Energy Trading Down 0.3%

Shares of PBF traded down $0.17 during midday trading on Friday, hitting $53.14. 1,692,350 shares of the stock were exchanged, compared to its average volume of 2,622,319. PBF Energy Inc. has a 52-week low of $21.24 and a 52-week high of $54.82. 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 stock has a fifty day simple moving average of $42.73 and a 200 day simple moving average of $39.18. The firm has a market cap of $6.29 billion, a P/E ratio of 14.32, a P/E/G ratio of 0.16 and a beta of 0.11.

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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by ($0.09). PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. The firm had revenue of $7.90 billion during the quarter, compared to analysts' expectations of $7.32 billion. During the same quarter in the prior year, the firm posted ($3.53) EPS. PBF Energy's quarterly revenue was up 11.9% compared to the same quarter last year. On average, research analysts anticipate that PBF Energy Inc. will post 8.26 EPS for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently declared 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 2.1%. PBF Energy's dividend payout ratio is 29.65%.

Insider Activity

In other news, insider Control Empresarial De Capital sold 270,000 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $53.18, for a total value of $14,358,600.00. Following the completion of the transaction, the insider owned 15,812,128 shares of the company's stock, valued at approximately $840,888,967.04. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 3,441,570 shares of company stock worth $160,335,386 over the last 90 days. 5.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on PBF. Weiss Ratings restated a "sell (d-)" rating on shares of PBF Energy in a research report on Monday, May 11th. Citigroup increased their price target on PBF Energy from $36.00 to $43.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. TD Cowen raised PBF Energy from a "sell" rating to a "hold" rating and raised their price objective for the stock from $36.00 to $39.00 in a research report on Monday, June 29th. Freedom Capital upgraded shares of PBF Energy to a "hold" rating in a report on Tuesday, July 7th. Finally, Mizuho upped their target price on shares of PBF Energy from $43.00 to $48.00 and gave the company a "neutral" rating in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $36.69.

Trending Headlines about PBF Energy

Here are the key news stories impacting PBF Energy this week:

• Positive Sentiment: PBF Energy stock has benefited from a rise in refining-related optimism, with a recent report noting that the end of the U.S.-Iran ceasefire helped boost energy shares and “gushed” PBF higher this week. Article Title
• Positive Sentiment: Wall Street Zen upgraded PBF Energy from “hold” to “buy,” adding to a generally constructive backdrop for the stock.
• Positive Sentiment: Recent strength in crack spreads and broader refining business trends continue to support sentiment toward PBF Energy’s earnings power. Article Title

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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