PBF Energy Inc. (NYSE:PBF) Declares $0.28 Quarterly Dividend

Key Points

• PBF Energy declared a quarterly dividend of $0.275 per share (annualized $1.10) with an ex‑dividend/record date of May 14 and payment on May 29, implying a yield of about 2.6%.
• The payout is currently unsustainable on reported earnings — PBF shows a ~220% payout ratio and posted an EPS miss of ($0.88) vs. ($0.79) est. for the quarter — but analysts project earnings recovery (roughly $4.33 next year), which would lower the payout ratio to about 25% and make the dividend coverable.

PBF Energy Inc. (NYSE:PBF - Get Free Report) announced a quarterly dividend on Thursday, April 30th. Stockholders of record on Thursday, May 14th will be given a dividend of 0.275 per share by the oil and gas company on Friday, May 29th. This represents a c) annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Thursday, May 14th.

PBF Energy has increased its dividend payment by an average of 0.3%annually over the last three years and has increased its dividend every year for the last 2 years. PBF Energy has a payout ratio of 220.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect PBF Energy to earn $4.33 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 25.4%.

PBF Energy Trading Down 0.7%

PBF opened at $43.08 on Friday. The stock has a market capitalization of $5.04 billion, a PE ratio of -29.48, a P/E/G ratio of 0.18 and a beta of 0.25. PBF Energy has a one year low of $16.47 and a one year high of $52.18. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.51 and a current ratio of 1.21. The business's 50 day moving average price is $42.56 and its 200 day moving average price is $35.90.

PBF Energy (NYSE:PBF - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.79) by ($0.09). The business had revenue of $7.90 billion during the quarter, compared to analyst estimates of $7.32 billion. PBF Energy had a negative net margin of 0.54% and a negative return on equity of 8.86%. The business's revenue for the quarter was up 11.9% on a year-over-year basis. During the same period last year, the company earned ($3.53) EPS. As a group, equities research analysts expect that PBF Energy will post 5.92 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PBF shares. Morgan Stanley boosted their price target on shares of PBF Energy from $27.00 to $34.00 and gave the company an "underweight" rating in a research note on Friday, April 24th. The Goldman Sachs Group began coverage on shares of PBF Energy in a research report on Friday, April 10th. They set a "neutral" rating and a $49.00 price objective for the company. Piper Sandler lifted their target price on shares of PBF Energy from $41.00 to $42.00 and gave the company an "overweight" rating in a report on Friday, February 13th. Citigroup upped their price target on PBF Energy from $29.00 to $36.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 14th. Finally, BMO Capital Markets boosted their price objective on PBF Energy from $43.00 to $50.00 and gave the company a "market perform" rating in a report on Thursday, April 2nd. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $35.38.

PBF Energy Company Profile

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.

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