PBF Energy Inc. $PBF Shares Acquired by ARGA Investment Management LP

Key Points

• ARGA Investment Management LP increased its stake in PBF Energy Inc. by 63.0%, owning approximately 79,619 shares valued at $1.725 million by the end of the recent reporting period.
• Several hedge funds also expanded their positions, including MassMutual Private Wealth & Trust FSB, which boosted its stake by 761.0%, indicating strong institutional interest in the company.
• PBF Energy recently reported a quarterly earnings per share (EPS) of ($1.03), surpassing analysts' expectations, despite a 14.4% year-over-year revenue decline.

ARGA Investment Management LP boosted its stake in PBF Energy Inc. (NYSE:PBF - Free Report) by 63.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,619 shares of the oil and gas company's stock after purchasing an additional 30,786 shares during the period. ARGA Investment Management LP owned approximately 0.07% of PBF Energy worth $1,725,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB boosted its position in shares of PBF Energy by 761.0% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,412 shares of the oil and gas company's stock worth $31,000 after buying an additional 1,248 shares during the period. Allworth Financial LP boosted its stake in shares of PBF Energy by 194.3% in the first quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company's stock valued at $32,000 after purchasing an additional 1,090 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of PBF Energy in the first quarter valued at $35,000. Neo Ivy Capital Management purchased a new position in PBF Energy in the 1st quarter valued at about $37,000. Finally, Activest Wealth Management grew its stake in shares of PBF Energy by 199,900.0% during the first quarter. Activest Wealth Management now owns 2,000 shares of the oil and gas company's stock valued at $38,000 after acquiring an additional 1,999 shares in the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on PBF. Scotiabank boosted their price target on PBF Energy from $25.00 to $28.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 9th. Tudor Pickering cut PBF Energy from a "hold" rating to a "strong sell" rating in a research note on Monday, September 15th. Tudor, Pickering, Holt & Co. downgraded shares of PBF Energy from a "hold" rating to a "sell" rating and set a $24.00 price target for the company. in a research report on Monday, September 15th. Mizuho lifted their price target on shares of PBF Energy from $23.00 to $26.00 and gave the stock an "underperform" rating in a research note on Monday, September 15th. Finally, Bank of America increased their price objective on shares of PBF Energy from $16.00 to $21.00 and gave the company an "underperform" rating in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Buy rating, five have given a Hold rating and eight have issued a Sell rating to the company's stock. According to data from MarketBeat, PBF Energy currently has a consensus rating of "Reduce" and an average target price of $26.75.

Insider Transactions at PBF Energy

In related news, SVP Connor Thomas L. O sold 30,000 shares of the stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $34.00, for a total transaction of $1,020,000.00. Following the sale, the senior vice president owned 207,984 shares in the company, valued at $7,071,456. This represents a 12.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Trecia M. Canty sold 50,000 shares of the firm's stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $34.13, for a total transaction of $1,706,500.00. Following the completion of the transaction, the senior vice president directly owned 173,332 shares in the company, valued at $5,915,821.16. This represents a 22.39% decrease in their position. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.

PBF Energy Price Performance

Shares of NYSE PBF opened at $34.06 on Friday. The company has a current ratio of 1.31, a quick ratio of 0.55 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of -3.96 and a beta of 0.85. PBF Energy Inc. has a twelve month low of $13.61 and a twelve month high of $34.29. The business has a 50 day simple moving average of $28.61 and a 200-day simple moving average of $23.52.

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

PBF Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were issued a $0.275 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.10 annualized dividend and a dividend yield of 3.2%. PBF Energy's payout ratio is -12.81%.

PBF Energy 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.

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