T. Rowe Price Investment Management Inc. Buys 3,612,447 Shares of PBF Energy Inc. $PBF

Key Points

• T. Rowe Price Investment Management significantly increased its stake in PBF Energy by 170.7%, acquiring a total of 5,728,843 shares valued at approximately $109.36 million.
• PBF Energy reported a quarterly earnings per share (EPS) of ($1.03), beating estimates, with revenues of $7.48 billion, although this represented a 14.4% decline year-over-year.
• The firm declared a quarterly dividend of $0.275 per share, resulting in an annualized yield of 5.0%, despite having a negative dividend payout ratio.

T. Rowe Price Investment Management Inc. lifted its stake in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 170.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,728,843 shares of the oil and gas company's stock after acquiring an additional 3,612,447 shares during the quarter. T. Rowe Price Investment Management Inc. owned 4.97% of PBF Energy worth $109,364,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Bank of New York Mellon Corp raised its position in PBF Energy by 14.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company's stock worth $40,504,000 after purchasing an additional 260,464 shares during the last quarter. American Century Companies Inc. boosted its position in shares of PBF Energy by 1.7% during the 1st quarter. American Century Companies Inc. now owns 1,897,910 shares of the oil and gas company's stock worth $36,231,000 after acquiring an additional 32,285 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in PBF Energy by 12.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,675,273 shares of the oil and gas company's stock valued at $31,981,000 after buying an additional 182,456 shares in the last quarter. Two Sigma Investments LP raised its holdings in PBF Energy by 12.6% during the 4th quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company's stock worth $43,690,000 after purchasing an additional 184,194 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake in PBF Energy by 1.2% during the fourth quarter. Two Sigma Advisers LP now owns 1,401,700 shares of the oil and gas company's stock worth $37,215,000 after buying an additional 17,100 shares during the last quarter. Institutional investors and hedge funds own 96.29% of the company's stock.

PBF Energy Stock Up 3.5%

NYSE PBF traded up $0.87 during trading on Wednesday, reaching $25.70. The company's stock had a trading volume of 965,337 shares, compared to its average volume of 3,176,792. PBF Energy Inc. has a 1-year low of $13.61 and a 1-year high of $34.49. The stock has a market capitalization of $2.97 billion, a PE ratio of -2.99 and a beta of 0.92. 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 business has a 50-day moving average price of $23.80 and a 200-day moving average price of $21.15.

PBF Energy (NYSE:PBF - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $7.48 billion for the quarter, compared to analyst estimates of $6.65 billion. During the same quarter in the prior year, the firm earned ($0.54) EPS. The company's revenue was down 14.4% on a year-over-year basis. On average, research analysts forecast that PBF Energy Inc. will post -1.12 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Thursday, August 14th. This represents a $1.10 annualized dividend and a dividend yield of 4.3%. PBF Energy's dividend payout ratio is -12.81%.

Analyst Upgrades and Downgrades

Several brokerages have commented on PBF. Wells Fargo & Company lifted their price objective on shares of PBF Energy from $21.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Morgan Stanley raised their target price 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. Scotiabank reissued a "sector perform" rating and set a $25.00 target price (up from $16.00) on shares of PBF Energy in a research note on Friday, July 11th. Mizuho raised their price target on shares of PBF Energy from $22.00 to $23.00 and gave the stock an "underperform" rating in a research report on Tuesday, May 13th. Finally, Citigroup upped their price objective on shares of PBF Energy from $16.00 to $29.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average target price of $25.17.

Insider Buying and Selling at PBF Energy

In related news, insider Control Empresarial De Capital purchased 48,500 shares of PBF Energy stock in a transaction dated Thursday, June 5th. The shares were bought at an average cost of $17.99 per share, for a total transaction of $872,515.00. Following the purchase, the insider owned 30,823,498 shares in the company, valued at approximately $554,514,729.02. This trade represents a 0.16% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.70% of the company's stock.

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.