TD Asset Management Inc Takes Position in PBF Energy Inc. (NYSE:PBF)

Key Points

• TD Asset Management Inc acquired a new position in PBF Energy, purchasing 70,140 shares valued at approximately $1.34 million during the first quarter.
• Analysts have set a price target range for PBF Energy, with Morgan Stanley raising it to $24.00, while Citigroup lifted theirs significantly from $16.00 to $29.00.
• PBF Energy announced a quarterly dividend of $0.275, equating to an annualized yield of 5.1%, which will be distributed on August 28th.

TD Asset Management Inc bought a new position in PBF Energy Inc. (NYSE:PBF - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 70,140 shares of the oil and gas company's stock, valued at approximately $1,339,000. TD Asset Management Inc owned about 0.06% of PBF Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PBF. Bank of New York Mellon Corp grew its position in PBF Energy by 14.0% in the first 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 acquiring an additional 260,464 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in PBF Energy by 150.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,116,396 shares of the oil and gas company's stock worth $56,191,000 after buying an additional 1,272,254 shares during the last quarter. Two Sigma Investments LP boosted its stake in PBF Energy by 12.6% in the fourth quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company's stock worth $43,690,000 after buying an additional 184,194 shares in the last quarter. JPMorgan Chase & Co. grew its position in PBF Energy by 60.4% during the fourth quarter. JPMorgan Chase & Co. now owns 1,492,573 shares of the oil and gas company's stock valued at $39,628,000 after acquiring an additional 562,287 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake in shares of 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 acquiring an additional 17,100 shares in the last quarter. Hedge funds and other institutional investors own 96.29% of the company's stock.

PBF Energy Stock Performance

PBF Energy stock traded down $0.91 during midday trading on Wednesday, reaching $22.75. 3,077,762 shares of the company traded hands, compared to its average volume of 3,504,117. The business has a 50 day moving average of $22.83 and a two-hundred day moving average of $21.82. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of -2.65 and a beta of 0.92. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.31 and a quick ratio of 0.55. PBF Energy Inc. has a 12 month low of $13.61 and a 12 month high of $37.99.

PBF Energy (NYSE:PBF - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.19) by $0.16. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%. The business had revenue of $7.48 billion during the quarter, compared to the consensus estimate of $6.65 billion. During the same period in the previous year, the company posted ($0.54) EPS. The business's quarterly revenue was down 14.4% compared to the same quarter last year. As a group, research analysts predict that PBF Energy Inc. will post -1.12 earnings per share for the current year.

PBF Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th will be paid a dividend of $0.275 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.10 dividend on an annualized basis and a yield of 4.8%. PBF Energy's dividend payout ratio (DPR) is presently -12.81%.

Analysts Set New Price Targets

Several equities analysts recently commented on PBF shares. Wells Fargo & Company increased their target price on shares of PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Mizuho increased their target price on PBF Energy from $22.00 to $23.00 and gave the company an "underperform" rating in a report on Tuesday, May 13th. Piper Sandler reissued an "underweight" rating and set a $22.00 price objective (up previously from $21.00) on shares of PBF Energy in a research note on Monday. UBS Group upgraded shares of PBF Energy from a "neutral" rating to a "buy" rating and upped their price target for the company from $20.00 to $26.00 in a report on Tuesday, May 13th. Finally, Scotiabank reiterated a "sector perform" rating and set a $25.00 target price (up from $16.00) on shares of PBF Energy in a report on Friday, July 11th. Seven analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $25.17.

Insider Buying and Selling

In other news, insider Control Empresarial De Capital acquired 48,500 shares of PBF Energy stock in a transaction dated Thursday, June 5th. The stock was purchased at an average cost of $17.99 per share, with a total value of $872,515.00. Following the completion of the purchase, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.30% of the company's stock.

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.