PBF Energy (NYSE:PBF) Hits New 1-Year High - Here's What Happened

Key Points

• PBF Energy shares reached a new 52-week high of $35.05 during trading, closing at $35.18 with a trading volume of 237,024 shares.
• Analysts have varied opinions on the stock, with UBS Group giving a "buy" rating and a target price increase to $37.00, while others like Morgan Stanley maintain an "underweight" rating with a target of $27.00.
• The company reported a negative EPS of ($1.03) for its last quarter but beat expectations, and its revenues totaled $7.48 billion, down 14.4% compared to the previous year.

Shares of PBF Energy Inc. (NYSE:PBF - Get Free Report) hit a new 52-week high during trading on Friday . The stock traded as high as $35.05 and last traded at $35.18, with a volume of 237024 shares changing hands. The stock had previously closed at $34.10.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PBF shares. Morgan Stanley set a $27.00 price objective on shares of PBF Energy and gave the stock an "underweight" rating in a report on Friday, October 3rd. Scotiabank raised their price objective on shares of PBF Energy from $25.00 to $28.00 and gave the stock a "sector perform" rating in a report on Thursday, October 9th. UBS Group raised their price objective on shares of PBF Energy from $28.00 to $37.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. Wells Fargo & Company raised their price objective on shares of PBF Energy from $21.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Finally, Tudor, Pickering, Holt & Co. lowered shares of PBF Energy from a "hold" rating to a "sell" rating and set a $24.00 target price for the company. in a research report on Monday, September 15th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and eight have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $26.75.

PBF Energy Price Performance

The business's 50-day moving average price is $28.61 and its 200 day moving average price is $23.52. The company has a quick ratio of 0.55, a current ratio of 1.31 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $4.05 billion, a P/E ratio of -4.07 and a beta of 0.85.

PBF Energy (NYSE:PBF - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $7.48 billion during the quarter, compared to analyst estimates of $6.65 billion. During the same period last year, the business earned ($0.54) earnings per share. PBF Energy's revenue was down 14.4% compared to the same quarter last year. Analysts anticipate that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were given a dividend of $0.275 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.10 annualized dividend and a yield of 3.1%. PBF Energy's payout ratio is presently -12.81%.

Insider Activity at PBF Energy

In other PBF Energy news, SVP Connor Thomas L. O sold 30,000 shares of PBF Energy 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 completion of the sale, the senior vice president directly owned 207,984 shares in the company, valued at $7,071,456. The trade was a 12.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Trecia M. Canty sold 50,000 shares of PBF Energy stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $34.13, for a total transaction of $1,706,500.00. Following the sale, the senior vice president owned 173,332 shares of the company's stock, valued at approximately $5,915,821.16. The trade was a 22.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.30% of the company's stock.

Institutional Investors Weigh In On PBF Energy

Hedge funds have recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. raised its stake in shares of PBF Energy by 170.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,728,843 shares of the oil and gas company's stock worth $109,364,000 after acquiring an additional 3,612,447 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of PBF Energy by 230.7% during the second quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company's stock worth $45,183,000 after acquiring an additional 1,454,500 shares in the last quarter. Norges Bank purchased a new position in shares of PBF Energy during the second quarter worth approximately $24,599,000. BNP Paribas Financial Markets raised its stake in shares of PBF Energy by 276.2% during the second quarter. BNP Paribas Financial Markets now owns 1,028,799 shares of the oil and gas company's stock worth $22,294,000 after acquiring an additional 755,310 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of PBF Energy during the first quarter worth approximately $13,600,000. 96.29% of the stock is currently owned by institutional investors.

About PBF Energy

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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