PBF Energy Inc. $PBF Shares Bought by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP nearly doubled its PBF Energy stake in the second quarter, increasing holdings by 90.4% to 63,433 shares worth approximately $2.9 million. Institutional investors collectively own 96.29% of the company.
• PBF Energy reported strong quarterly results, earning $6.22 per share versus the $4.15 analyst consensus and generating $11.68 billion in revenue, up 56.2% year over year.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and a $53.42 price target, while insiders sold more than 6.2 million shares worth approximately $389 million over the past 90 days.

Engineers Gate Manager LP lifted its stake in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 90.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 63,433 shares of the oil and gas company's stock after buying an additional 30,117 shares during the quarter. Engineers Gate Manager LP owned approximately 0.05% of PBF Energy worth $2,887,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in PBF Energy by 127.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company's stock valued at $171,595,000 after acquiring an additional 3,550,820 shares in the last quarter. California State Teachers Retirement System grew its holdings in PBF Energy by 4,932.4% during the 2nd quarter. California State Teachers Retirement System now owns 5,096,920 shares of the oil and gas company's stock worth $232,012,000 after acquiring an additional 4,995,638 shares in the last quarter. State Street Corp grew its holdings in PBF Energy by 1.3% during the 4th quarter. State Street Corp now owns 4,854,750 shares of the oil and gas company's stock worth $131,661,000 after acquiring an additional 60,294 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of PBF Energy by 11.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company's stock valued at $207,953,000 after purchasing an additional 454,731 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of PBF Energy by 54.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company's stock valued at $153,452,000 after purchasing an additional 1,137,533 shares during the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at PBF Energy

In related news, Director Thomas Nimbley sold 116,008 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $73.73, for a total transaction of $8,553,269.84. Following the transaction, the director owned 793,737 shares in the company, valued at $58,522,229.01. This trade represents a 12.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Trecia Canty sold 75,000 shares of PBF Energy stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $74.10, for a total value of $5,557,500.00. Following the transaction, the senior vice president directly owned 191,779 shares in the company, valued at approximately $14,210,823.90. This trade represents a 28.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 6,231,944 shares of company stock valued at $388,985,033 in the last 90 days. Company insiders own 5.50% of the company's stock.

Wall Street Analysts Forecast Growth

PBF has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PBF Energy in a research report on Friday, August 7th. Zacks Research raised PBF Energy from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 23rd. Morgan Stanley raised their price target on PBF Energy from $34.00 to $38.00 and gave the company an "underweight" rating in a research note on Friday, June 12th. Evercore began coverage on PBF Energy in a report on Friday, July 17th. They set an "in-line" rating and a $58.00 price target for the company. Finally, The Goldman Sachs Group upped their price objective on PBF Energy from $71.00 to $81.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $53.42.

PBF Energy Stock Down 0.1%

Shares of NYSE:PBF opened at $78.25 on Monday. The company has a market capitalization of $9.28 billion, a PE ratio of 6.92, a P/E/G ratio of 0.08 and a beta of 0.09. The company has a current ratio of 1.33, a quick ratio of 0.67 and a debt-to-equity ratio of 0.27. PBF Energy Inc. has a twelve month low of $25.62 and a twelve month high of $82.61. The firm has a 50 day simple moving average of $66.93 and a 200-day simple moving average of $51.00.

PBF Energy (NYSE:PBF - Get Free Report) last issued its earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.15 by $2.07. The business had revenue of $11.68 billion during the quarter, compared to analysts' expectations of $9.61 billion. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The company's revenue for the quarter was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.03) EPS. On average, equities analysts predict that PBF Energy Inc. will post 17.89 EPS for the current fiscal year.

PBF Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.4%. The ex-dividend date was Friday, August 14th. PBF Energy's dividend payout ratio is currently 9.73%.

PBF Energy Company Profile

PBF Energy Inc is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other petroleum products. Through its refining operations, the company processes crude oil and other feedstocks into products used by commercial, industrial and consumer customers.

The company operates refineries in several regions of the United States, including the East Coast, Gulf Coast, Midwest and West Coast. Its refinery portfolio includes facilities in Delaware City, Delaware; Paulsboro, New Jersey; Toledo, Ohio; Chalmette, Louisiana; and Torrance, California.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.