PBF Energy (NYSE:PBF) Sets New 1-Year High - Here's Why

Key Points

• PBF Energy hit a new 52-week high, reaching as much as $64.67 in Tuesday trading and extending a sharp recent run above both its 50-day and 200-day moving averages.
• Despite the stock’s strength, Wall Street sentiment remains cautious: analysts’ consensus rating is “Reduce” with an average price target of $40, even after several firms recently raised targets.
• The company reported mixed recent earnings, with revenue topping estimates but EPS missing expectations, while also paying a quarterly dividend that works out to a 1.7% annual yield.

PBF Energy Inc. (NYSE:PBF - Get Free Report)'s stock price hit a new 52-week high on Tuesday . The company traded as high as $64.67 and last traded at $63.9740, with a volume of 2574897 shares traded. The stock had previously closed at $62.75.

Wall Street Analyst Weigh In

PBF has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of PBF Energy from $34.00 to $38.00 and gave the company an "underweight" rating in a report on Friday, June 12th. Evercore assumed coverage on shares of PBF Energy in a report on Friday. They set an "in-line" rating and a $58.00 price objective for the company. Wall Street Zen downgraded shares of PBF Energy from a "buy" rating to a "hold" rating in a research report on Tuesday, July 14th. BMO Capital Markets raised their target price on shares of PBF Energy from $43.00 to $50.00 and gave the stock a "market perform" rating in a report on Thursday, April 2nd. Finally, Citigroup raised their target price on shares of PBF Energy from $36.00 to $43.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Two investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $40.00.

PBF Energy Stock Performance

The business has a 50-day moving average of $44.92 and a 200 day moving average of $40.72. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.31 and a quick ratio of 0.62. The company has a market cap of $7.57 billion, a PE ratio of 17.24, a PEG ratio of 0.16 and a beta of 0.11.

PBF Energy (NYSE:PBF - Get Free Report) last announced its earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by ($0.09). The firm had revenue of $7.90 billion during the quarter, compared to analysts' expectations of $7.32 billion. PBF Energy had a negative return on equity of 4.12% and a net margin of 1.46%.The company's revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the previous year, the business posted ($3.53) earnings per share. Equities research analysts anticipate that PBF Energy Inc. will post 9.76 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Thursday, May 14th. PBF Energy's dividend payout ratio is 29.65%.

Insider Activity

In related news, insider Control Empresarial De Capital sold 570,000 shares of the business's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $46.36, for a total transaction of $26,425,200.00. Following the completion of the sale, the insider directly owned 17,142,128 shares in the company, valued at approximately $794,709,054.08. The trade was a 3.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 3,541,570 shares of company stock valued at $165,787,386 over the last quarter. Company insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC grew its stake in PBF Energy by 6.8% during the 1st quarter. Parallel Advisors LLC now owns 3,781 shares of the oil and gas company's stock worth $180,000 after buying an additional 242 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in PBF Energy by 3.9% in the first quarter. PNC Financial Services Group Inc. now owns 6,850 shares of the oil and gas company's stock valued at $326,000 after buying an additional 260 shares during the last quarter. Merit Financial Group LLC boosted its holdings in PBF Energy by 3.4% in the fourth quarter. Merit Financial Group LLC now owns 9,900 shares of the oil and gas company's stock worth $268,000 after acquiring an additional 325 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in PBF Energy by 5.1% in the first quarter. Janney Montgomery Scott LLC now owns 7,885 shares of the oil and gas company's stock worth $375,000 after acquiring an additional 383 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of PBF Energy by 1.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,617 shares of the oil and gas company's stock worth $863,000 after acquiring an additional 432 shares during the last quarter. Hedge funds and other institutional investors own 96.29% of the company's stock.

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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