PBF Energy (NYSE:PBF) Shares Down 8.2% on Disappointing Earnings

Key Points

• PBF Energy's shares fell 8.2% after the company reported earnings per share of ($1.03), missing analyst expectations by $0.08, and experienced a 14.4% drop in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.275, leading to an annualized dividend yield of 4.84%, despite a negative dividend payout ratio of -12.09%.
• Analysts have adjusted their price targets for PBF Energy, with recommendations ranging from a "buy" rating with a target of $26.00 to a "sell" rating, resulting in a consensus price target of $25.08.

PBF Energy Inc. (NYSE:PBF - Get Free Report)'s stock price fell 8.2% during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $22.50 and last traded at $22.62. 3,559,991 shares traded hands during mid-day trading, an increase of 15% from the average session volume of 3,106,435 shares. The stock had previously closed at $24.63.

The oil and gas company reported ($1.03) earnings per share for the quarter, topping the consensus estimate of ($1.19) by $0.16. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%. The company had revenue of $7.48 billion during the quarter, compared to analyst estimates of $6.65 billion. During the same quarter last year, the firm posted ($0.54) EPS. The firm's revenue for the quarter was down 14.4% on a year-over-year basis.

PBF Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.275 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.10 annualized dividend and a dividend yield of 4.8%. PBF Energy's dividend payout ratio is currently -12.81%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PBF. Morgan Stanley upped their price target on PBF Energy from $20.00 to $24.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Citigroup upped their price target on PBF Energy from $16.00 to $29.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. UBS Group upgraded PBF Energy from a "neutral" rating to a "buy" rating and upped their price target for the company from $20.00 to $26.00 in a research report on Tuesday, May 13th. Scotiabank reiterated a "sector perform" rating and set a $25.00 price target (up from $16.00) on shares of PBF Energy in a research report on Friday, July 11th. Finally, Wells Fargo & Company upped their price target on PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Seven research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, PBF Energy presently has a consensus rating of "Hold" and an average price target of $25.08.

Insider Activity

In other news, insider Control Empresarial De Capital bought 48,500 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was bought at an average price of $17.99 per share, for a total transaction of $872,515.00. Following the transaction, the insider directly owned 30,823,498 shares of the company's stock, valued at $554,514,729.02. This represents a 0.16% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 6.70% of the company's stock.

Institutional Trading of PBF Energy

A number of hedge funds have recently bought and sold shares of the company. Teacher Retirement System of Texas lifted its position in PBF Energy by 4.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 13,220 shares of the oil and gas company's stock worth $286,000 after buying an additional 527 shares during the last quarter. AlphaQuest LLC lifted its position in PBF Energy by 193.3% in the 2nd quarter. AlphaQuest LLC now owns 33,017 shares of the oil and gas company's stock worth $715,000 after buying an additional 21,759 shares during the last quarter. ARGA Investment Management LP lifted its position in PBF Energy by 63.0% in the 2nd quarter. ARGA Investment Management LP now owns 79,619 shares of the oil and gas company's stock worth $1,725,000 after buying an additional 30,786 shares during the last quarter. Yousif Capital Management LLC lifted its position in PBF Energy by 5.4% in the 2nd quarter. Yousif Capital Management LLC now owns 44,688 shares of the oil and gas company's stock worth $968,000 after buying an additional 2,284 shares during the last quarter. Finally, CWM LLC lifted its position in PBF Energy by 673.9% in the 2nd quarter. CWM LLC now owns 41,897 shares of the oil and gas company's stock worth $908,000 after buying an additional 36,483 shares during the last quarter. Institutional investors own 96.29% of the company's stock.

PBF Energy Stock Up 5.6%

The stock has a 50-day moving average of $22.71 and a two-hundred day moving average of $21.86. The company has a market cap of $2.65 billion, a P/E ratio of -2.66 and a beta of 0.92. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.55 and a current ratio of 1.31.

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.