PBF Energy Inc. $PBF Stock Position Lowered by William Blair Investment Management LLC

Key Points

• William Blair Investment Management LLC has reduced its stake in PBF Energy Inc. by 7.6%, now holding 989,117 shares valued at approximately $21.4 million.
• Several hedge funds have increased their holdings in PBF Energy, with T. Rowe Price growing its stake by 170.7% during the first quarter, reaching over 5.7 million shares valued at about $109.4 million.
• PBF Energy reported a net revenue of $7.48 billion for the last quarter, surpassing analyst expectations, despite a 14.4% decline compared to the same quarter a year ago.

William Blair Investment Management LLC reduced its position in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 7.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 989,117 shares of the oil and gas company's stock after selling 81,176 shares during the quarter. William Blair Investment Management LLC owned 0.86% of PBF Energy worth $21,434,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PBF. T. Rowe Price Investment Management Inc. grew its stake in PBF Energy by 170.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,728,843 shares of the oil and gas company's stock valued at $109,364,000 after acquiring an additional 3,612,447 shares in the last quarter. Nuveen LLC acquired a new position in PBF Energy during the first quarter worth $13,600,000. Deutsche Bank AG boosted its holdings in PBF Energy by 697.2% during the first quarter. Deutsche Bank AG now owns 784,515 shares of the oil and gas company's stock valued at $14,976,000 after acquiring an additional 686,103 shares during the period. Bank of New York Mellon Corp boosted its holdings in PBF Energy by 14.0% during the first quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company's stock valued at $40,504,000 after acquiring an additional 260,464 shares during the period. Finally, Trexquant Investment LP boosted its holdings in PBF Energy by 255.2% during the first quarter. Trexquant Investment LP now owns 319,076 shares of the oil and gas company's stock valued at $6,091,000 after acquiring an additional 229,236 shares during the period. 96.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at PBF Energy

In other PBF Energy news, SVP Connor Thomas L. O sold 30,000 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president owned 207,984 shares in the company, valued at $7,071,456. This represents a 12.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Trecia M. Canty sold 50,000 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president owned 173,332 shares in the company, valued at approximately $5,915,821.16. The trade was a 22.39% decrease in their position. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PBF shares. Morgan Stanley set a $27.00 target price on shares of PBF Energy and gave the company an "underweight" rating in a research note on Friday, October 3rd. Bank of America increased their target price 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. Tudor Pickering cut shares of PBF Energy from a "hold" rating to a "strong sell" rating in a research note on Monday, September 15th. Tudor, Pickering, Holt & Co. cut 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 note on Monday, September 15th. Finally, Piper Sandler raised their price target on shares of PBF Energy from $22.00 to $29.00 and gave the stock an "underweight" rating in a research note on Thursday, September 11th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and eight have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $26.17.

PBF Energy Price Performance

Shares of PBF stock opened at $28.77 on Monday. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of -3.35 and a beta of 0.85. PBF Energy Inc. has a 12-month low of $13.61 and a 12-month high of $34.29. The firm has a fifty day moving average of $27.98 and a 200-day moving average of $23.21. The company has a quick ratio of 0.55, a current ratio of 1.31 and a debt-to-equity ratio of 0.46.

PBF Energy (NYSE:PBF - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, beating the consensus estimate 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 business had revenue of $7.48 billion for the quarter, compared to analysts' expectations of $6.65 billion. During the same period in the previous year, the firm posted ($0.54) EPS. The firm's revenue was down 14.4% compared to the same quarter last year. On average, equities research analysts forecast that PBF Energy Inc. will post -1.12 earnings per share for the current year.

PBF Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Thursday, August 14th were paid a $0.275 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.8%. PBF Energy's dividend payout ratio is -12.81%.

PBF Energy Company 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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