PBF Energy (NYSE:PBF) Shares Down 6.3% - Here's Why

Key Points

• PBF Energy's stock fell by 6.3%, trading at $28.10, with volume down 74% from the average, indicating a significant drop in trading activity.
• Analysts have varied opinions on PBF Energy, with price targets ranging from $21.00 to $29.00, and a consensus rating suggesting a strong Reduce on the stock.
• The company reported a loss of ($1.03) EPS in its last quarterly earnings and revenues of $7.48 billion, exceeding expectations but showing a 14.4% year-over-year decline.

PBF Energy Inc. (NYSE:PBF - Get Free Report) traded down 6.3% on Wednesday . The stock traded as low as $28.68 and last traded at $28.10. 846,762 shares traded hands during trading, a decline of 74% from the average session volume of 3,215,380 shares. The stock had previously closed at $29.98.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Bank of America lifted their price target on PBF Energy from $16.00 to $21.00 and gave the company an "underperform" rating in a research report on Wednesday, September 3rd. Citigroup boosted their price target on PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Mizuho boosted their price target on PBF Energy from $22.00 to $23.00 and gave the stock an "underperform" rating in a research note on Tuesday, May 13th. Wells Fargo & Company boosted their price target on PBF Energy from $21.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Finally, Piper Sandler restated an "underweight" rating and issued a $22.00 price target (up previously from $21.00) on shares of PBF Energy in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $24.83.

PBF Energy Stock Performance

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 has a 50-day simple moving average of $24.93 and a 200 day simple moving average of $21.36. The firm has a market cap of $3.27 billion, a PE ratio of -3.29 and a beta of 0.98.

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

PBF Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were given a $0.275 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.9%. PBF Energy's dividend payout ratio is presently -12.81%.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its stake in shares of PBF Energy by 231.4% in the second quarter. Osaic Holdings Inc. now owns 6,399 shares of the oil and gas company's stock worth $137,000 after acquiring an additional 4,468 shares during the period. Nomura Holdings Inc. bought a new position in shares of PBF Energy in the second quarter worth about $5,843,000. Kestra Investment Management LLC boosted its stake in shares of PBF Energy by 427.4% in the second quarter. Kestra Investment Management LLC now owns 4,599 shares of the oil and gas company's stock worth $100,000 after acquiring an additional 3,727 shares during the period. Caxton Associates LLP boosted its stake in shares of PBF Energy by 308.5% in the second quarter. Caxton Associates LLP now owns 282,434 shares of the oil and gas company's stock worth $6,120,000 after acquiring an additional 213,290 shares during the period. Finally, Corient Private Wealth LLC boosted its stake in shares of PBF Energy by 14.0% in the second quarter. Corient Private Wealth LLC now owns 12,040 shares of the oil and gas company's stock worth $261,000 after acquiring an additional 1,480 shares during the period. Institutional investors own 96.29% 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.

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.