PBF Energy (NYSE:PBF) Shares Down 8.2% After Earnings Miss

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.

Shares of PBF Energy Inc. (NYSE:PBF - Get Free Report) traded down 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 were traded 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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.95) by ($0.08). PBF Energy had a negative net margin of 3.30% and a negative return on equity of 15.67%. PBF Energy's revenue for the quarter was down 14.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.54) earnings per share.

PBF Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.84%. PBF Energy's dividend payout ratio (DPR) is presently -12.09%.

Analysts Set New Price Targets

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

Insider Activity

In other PBF Energy news, insider Control Empresarial De Capital purchased 48,500 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was purchased at an average price of $17.99 per share, for a total transaction of $872,515.00. Following the purchase, the insider directly owned 30,823,498 shares in the company, valued at approximately $554,514,729.02. This trade represents a 0.16% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PBF Energy

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

PBF Energy Stock Down 7.7%

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.29 and a quick ratio of 0.52. The business has a 50 day simple moving average of $22.64 and a 200 day simple moving average of $22.09. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -2.48 and a beta of 0.84.

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.

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