PBF Energy Inc. $PBF Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its PBF Energy stake by 23.6% in the first quarter, selling 267,066 shares and retaining 865,015 shares valued at approximately $41.2 million. Institutional investors collectively own 96.29% of the company.
• PBF Energy shares opened at $74.42, near their 52-week high, after the company reported quarterly EPS of $6.22—well above the $4.15 consensus—and revenue growth of 56.2% year over year.
• Insiders have been selling shares: company insiders sold nearly 5 million shares worth $283.4 million over the past three months. Analysts remain mixed, with a consensus “Reduce” rating and an average price target of $50.15.

Bank of America Corp DE decreased its holdings in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 23.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 865,015 shares of the oil and gas company's stock after selling 267,066 shares during the period. Bank of America Corp DE owned approximately 0.73% of PBF Energy worth $41,192,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PBF. Hsbc Holdings PLC raised its stake in shares of PBF Energy by 81.7% in the fourth quarter. Hsbc Holdings PLC now owns 67,674 shares of the oil and gas company's stock worth $1,840,000 after purchasing an additional 30,430 shares during the last quarter. Goldman Sachs Group Inc. boosted its position 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 buying an additional 3,550,820 shares during the last quarter. Brandywine Global Investment Management LLC boosted its position in PBF Energy by 351.3% in the fourth quarter. Brandywine Global Investment Management LLC now owns 265,493 shares of the oil and gas company's stock valued at $7,200,000 after buying an additional 206,666 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in PBF Energy in the 4th quarter worth approximately $1,485,000. Finally, Jefferies Financial Group Inc. increased its holdings in PBF Energy by 7,210.8% in the 4th quarter. Jefferies Financial Group Inc. now owns 628,215 shares of the oil and gas company's stock worth $17,037,000 after buying an additional 619,622 shares during the period. Institutional investors and hedge funds own 96.29% of the company's stock.

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital sold 150,000 shares of the company's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $70.13, for a total transaction of $10,519,500.00. Following the completion of the transaction, the insider directly owned 14,621,753 shares of the company's stock, valued at approximately $1,025,423,537.89. This represents a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas J. Nimbley sold 260,063 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $67.84, for a total value of $17,642,673.92. Following the transaction, the director owned 793,737 shares in the company, valued at $53,847,118.08. The trade was a 24.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,958,701 shares of company stock worth $283,396,325 over the last three months. Company insiders own 5.50% of the company's stock.

PBF Energy Stock Up 5.8%

Shares of PBF opened at $74.42 on Friday. PBF Energy Inc. has a 52-week low of $22.08 and a 52-week high of $74.74. The company has a quick ratio of 0.67, a current ratio of 1.33 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $53.79 and a two-hundred day simple moving average of $45.18. The company has a market capitalization of $8.82 billion, a PE ratio of 6.59, a price-to-earnings-growth ratio of 0.08 and a beta of 0.10.

PBF Energy (NYSE:PBF - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.15 by $2.07. The business had revenue of $11.68 billion during the quarter, compared to the consensus estimate of $9.61 billion. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The business's revenue was up 56.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.03) EPS. As a group, equities analysts forecast that PBF Energy Inc. will post 15.74 EPS for the current year.

PBF Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 14th. PBF Energy's payout ratio is 9.73%.

Wall Street Analysts Forecast Growth

PBF has been the subject of several research reports. Freedom Capital cut shares of PBF Energy from a "hold" rating to a "strong sell" rating in a research note on Friday, July 31st. Zacks Research upgraded shares of PBF Energy from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Mizuho raised their target price on shares of PBF Energy from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. UBS Group boosted their price objective on PBF Energy from $62.00 to $84.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Finally, Morgan Stanley upped their target price on PBF Energy from $34.00 to $38.00 and gave the stock an "underweight" rating in a research note on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eight have issued a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, PBF Energy currently has a consensus rating of "Reduce" and a consensus price target of $50.15.

PBF Energy News Summary

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

• Negative Sentiment: Control Empresarial De Capital, a major PBF Energy holder, sold a combined 370,375 shares on August 11–12 for approximately $25.7 million. The transactions reduced its position by about 2.5%, though it still owns roughly 14.6 million shares. Control Empresarial De Capital SEC filing
• Negative Sentiment: Director Thomas J. Nimbley sold 260,063 shares for approximately $17.6 million, cutting his holdings by 24.7% to 793,737 shares. The size of the reduction could weigh on sentiment, particularly after PBF’s recent advance. Thomas J. Nimbley SEC filing
• Negative Sentiment: SVP Paul T. Davis sold 63,295 shares for approximately $4.5 million, reducing his ownership by 25.7% to 183,426 shares. CFO Joseph Daniel Marino also sold 4,033 shares worth about $279,000, lowering his holdings by 7.6% to 48,851 shares. Paul T. Davis SEC filing Joseph Daniel Marino SEC filing

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.

Want to see what other hedge funds are holding PBF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PBF Energy Inc. (NYSE:PBF - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source