PBF Energy (NYSE:PBF) Stock Price 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) shares were down 6.3% during mid-day trading on Wednesday . The stock traded as low as $28.68 and last traded at $28.10. Approximately 846,762 shares traded hands during trading, a decline of 74% from the average daily volume of 3,215,380 shares. The stock had previously closed at $29.98.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PBF shares. Tudor, Pickering, Holt & Co. downgraded shares of PBF Energy from a "hold" rating to a "sell" rating and set a $24.00 price objective for the company. in a research note on Monday. Morgan Stanley boosted their price objective on shares of PBF Energy from $20.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Mizuho boosted their price objective on shares of PBF Energy from $23.00 to $26.00 and gave the stock an "underperform" rating in a research note on Monday. Piper Sandler boosted their price objective on shares of PBF Energy from $22.00 to $29.00 and gave the stock an "underweight" rating in a research note on Thursday. Finally, Citigroup boosted their price objective on shares of PBF Energy from $16.00 to $29.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, PBF Energy currently has an average rating of "Reduce" and a consensus price target of $25.54.

PBF Energy Price Performance

The company has a market cap of $3.23 billion, a PE ratio of -3.25 and a beta of 0.98. The business's 50 day moving average price is $25.18 and its 200-day moving average price is $21.47. The company has a quick ratio of 0.55, a current ratio of 1.31 and a debt-to-equity ratio of 0.46.

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

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Thursday, August 14th. PBF Energy's dividend payout ratio is -12.81%.

Hedge Funds Weigh In On PBF Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its stake in shares of PBF Energy by 25.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,609 shares of the oil and gas company's stock valued at $57,000 after buying an additional 522 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of PBF Energy by 4.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 13,220 shares of the oil and gas company's stock valued at $286,000 after buying an additional 527 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of PBF Energy by 5.7% during the 2nd quarter. Bank of Montreal Can now owns 11,734 shares of the oil and gas company's stock valued at $254,000 after buying an additional 629 shares during the last quarter. Signaturefd LLC boosted its stake in shares of PBF Energy by 8.1% during the 2nd quarter. Signaturefd LLC now owns 8,872 shares of the oil and gas company's stock valued at $192,000 after buying an additional 664 shares during the last quarter. Finally, Vident Advisory LLC boosted its stake in shares of PBF Energy by 9.5% during the 4th quarter. Vident Advisory LLC now owns 8,022 shares of the oil and gas company's stock valued at $213,000 after buying an additional 698 shares during the last quarter. 96.29% of the stock is currently owned by hedge funds and other 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.