PBF Energy (NYSE:PBF) Sets New 52-Week High - Here's Why

Key Points

• PBF Energy shares reached a new 52-week high of $34.29 during trading, closing at $34.01 with over 2.3 million shares traded.
• Several analysts have provided mixed ratings for PBF Energy, with target prices ranging from $22.00 to $37.00, resulting in a consensus rating of "Reduce" and a target price of $26.38.
• The company announced a quarterly dividend of $0.275 per share, yielding 3.2%, despite reporting a negative net margin of 3.24% and a revenue drop of 14.4% year-over-year.

Shares of PBF Energy Inc. (NYSE:PBF - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.29 and last traded at $34.01, with a volume of 2337335 shares. The stock had previously closed at $32.19.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Piper Sandler increased their target price on PBF Energy from $22.00 to $29.00 and gave the stock an "underweight" rating in a report on Thursday, September 11th. Mizuho raised their price objective on PBF Energy from $23.00 to $26.00 and gave the company an "underperform" rating in a report on Monday, September 15th. Tudor, Pickering, Holt & Co. cut PBF Energy from a "hold" rating to a "sell" rating and set a $24.00 price objective for the company. in a report on Monday, September 15th. UBS Group lifted their price target on PBF Energy from $28.00 to $37.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Citigroup lifted their price target on PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $26.38.

PBF Energy Trading Up 6.0%

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.31 and a quick ratio of 0.55. The business's 50-day moving average price is $25.84 and its two-hundred day moving average price is $22.00. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of -3.97 and a beta of 0.98.

PBF Energy (NYSE:PBF - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, beating the consensus estimate 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 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 business earned ($0.54) earnings per share. The company's revenue was down 14.4% on a year-over-year basis. 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 disclosed 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. This represents a $1.10 annualized dividend and a yield of 3.2%. The ex-dividend date was Thursday, August 14th. PBF Energy's payout ratio is currently -12.81%.

Institutional Trading of PBF Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB increased its holdings in PBF Energy by 761.0% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,412 shares of the oil and gas company's stock valued at $31,000 after purchasing an additional 1,248 shares during the period. Fifth Third Bancorp increased its holdings in PBF Energy by 125.7% in the first quarter. Fifth Third Bancorp now owns 1,442 shares of the oil and gas company's stock valued at $28,000 after purchasing an additional 803 shares during the period. Allworth Financial LP increased its holdings in PBF Energy by 194.3% in the first quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company's stock valued at $32,000 after purchasing an additional 1,090 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in PBF Energy in the first quarter valued at $35,000. Finally, Neo Ivy Capital Management acquired a new position in PBF Energy in the first quarter valued at $37,000. 96.29% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.