Soviero Asset Management LP Trims Stock Position in PBF Energy Inc. (NYSE:PBF)

Soviero Asset Management LP reduced its holdings in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 63.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,000 shares of the oil and gas company's stock after selling 261,000 shares during the period. PBF Energy makes up 2.5% of Soviero Asset Management LP's holdings, making the stock its 16th largest position. Soviero Asset Management LP owned approximately 0.13% of PBF Energy worth $3,982,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp grew its holdings in PBF Energy by 2,119.6% during the fourth quarter. Van ECK Associates Corp now owns 411,307 shares of the oil and gas company's stock worth $10,920,000 after acquiring an additional 392,776 shares during the period. Canada Pension Plan Investment Board grew its holdings in PBF Energy by 5.5% during the fourth quarter. Canada Pension Plan Investment Board now owns 336,300 shares of the oil and gas company's stock worth $8,929,000 after acquiring an additional 17,400 shares during the period. Norges Bank acquired a new stake in PBF Energy in the fourth quarter valued at approximately $20,896,000. Heartland Advisors Inc. acquired a new stake in PBF Energy in the fourth quarter valued at approximately $1,420,000. Finally, Raymond James Financial Inc. acquired a new stake in PBF Energy in the fourth quarter valued at approximately $1,654,000. 96.29% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Control Empresarial De Capital bought 155,000 shares of PBF Energy stock in a transaction dated Monday, March 3rd. The stock was acquired at an average cost of $20.20 per share, with a total value of $3,131,000.00. Following the acquisition, the insider now owns 30,249,998 shares of the company's stock, valued at approximately $611,049,959.60. This trade represents a 0.52% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders purchased 331,000 shares of company stock valued at $6,075,180 in the last three months. 5.30% of the stock is owned by corporate insiders.

PBF Energy Trading Up 2.8%

NYSE:PBF traded up $0.55 on Thursday, reaching $20.68. The company's stock had a trading volume of 3,218,036 shares, compared to its average volume of 2,510,324. PBF Energy Inc. has a 12-month low of $13.62 and a 12-month high of $49.87. The company has a quick ratio of 0.54, a current ratio of 1.25 and a debt-to-equity ratio of 0.26. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of -4.39 and a beta of 0.76. The stock has a 50 day moving average price of $18.20 and a 200 day moving average price of $24.32.

PBF Energy (NYSE:PBF - Get Free Report) last posted its earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) EPS for the quarter, beating analysts' consensus estimates of ($3.50) by $0.41. PBF Energy had a negative return on equity of 7.40% and a negative net margin of 1.61%. The company had revenue of $7.07 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter in the previous year, the business earned $0.85 earnings per share. The company's revenue for the quarter was down 18.3% on a year-over-year basis. On average, equities analysts anticipate that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

PBF Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Thursday, May 15th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.10 annualized dividend and a yield of 5.32%. PBF Energy's payout ratio is -12.09%.

Analysts Set New Price Targets

PBF has been the topic of several research analyst reports. The Goldman Sachs Group dropped their price objective on PBF Energy from $28.00 to $23.00 and set a "neutral" rating on the stock in a report on Thursday, March 27th. Scotiabank dropped their price objective on PBF Energy from $25.00 to $16.00 and set a "sector perform" rating on the stock in a report on Friday, April 11th. Morgan Stanley decreased their target price on PBF Energy from $28.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Mizuho raised their target price on PBF Energy from $22.00 to $23.00 and gave the company an "underperform" rating in a research report on Tuesday, May 13th. Finally, Piper Sandler decreased their target price on PBF Energy from $23.00 to $20.00 and set an "underweight" rating on the stock in a research report on Friday, May 2nd. Seven investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $22.91.

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.