PBF Energy (NYSE:PBF) Shares Gap Up - Here's Why

Key Points

• PBF Energy shares experienced a significant gap up, opening at $31.53 after closing at $30.12, indicating strong trading activity with 922,228 shares exchanged.
• Analysts have shown mixed sentiment towards PBF Energy, with target price increases from several firms, including UBS raising it to $37.00, while the overall consensus rating remains at "Reduce."
• PBF Energy reported a quarterly revenue of $7.48 billion, exceeding expectations of $6.65 billion, despite posting a net loss and a downward trend in earnings per share (EPS).

PBF Energy Inc. (NYSE:PBF - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $30.12, but opened at $31.53. PBF Energy shares last traded at $31.16, with a volume of 922,228 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PBF shares. Mizuho increased their target price on shares of PBF Energy from $23.00 to $26.00 and gave the stock an "underperform" rating in a research report on Monday, September 15th. Citigroup upped their price target on shares of PBF Energy from $16.00 to $29.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. UBS Group boosted their target price on shares of PBF Energy from $28.00 to $37.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Morgan Stanley set a $27.00 price target on PBF Energy and gave the company an "underweight" rating in a research report on Friday. Finally, Scotiabank reiterated a "sector perform" rating and issued a $25.00 price target (up from $16.00) on shares of PBF Energy in a research report on Friday, July 11th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and eight have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $26.62.

PBF Energy Stock Performance

The company has a quick ratio of 0.55, a current ratio of 1.31 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $3.53 billion, a P/E ratio of -3.55 and a beta of 0.85. The company's 50-day moving average is $26.68 and its two-hundred day moving average is $22.44.

PBF Energy (NYSE:PBF - Get Free Report) last released 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. 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 analysts' expectations of $6.65 billion. During the same quarter in the previous year, the company earned ($0.54) EPS. The business's quarterly revenue was down 14.4% compared to the same quarter last year. Equities analysts anticipate that PBF Energy Inc. will post -1.12 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were given a dividend of $0.275 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.10 annualized dividend and a dividend yield of 3.6%. PBF Energy's dividend payout ratio is -12.81%.

Insider Activity at PBF Energy

In other news, SVP Trecia M. Canty sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $34.13, for a total value of $1,706,500.00. Following the completion of the sale, the senior vice president directly owned 173,332 shares in the company, valued at approximately $5,915,821.16. The trade was a 22.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Connor Thomas L. O sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $34.00, for a total transaction of $1,020,000.00. Following the completion of the sale, the senior vice president owned 207,984 shares of the company's stock, valued at approximately $7,071,456. The trade was a 12.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.

Institutional Trading of PBF Energy

Institutional investors have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its stake in PBF Energy by 170.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,728,843 shares of the oil and gas company's stock worth $109,364,000 after buying an additional 3,612,447 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of PBF Energy by 230.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company's stock worth $45,183,000 after acquiring an additional 1,454,500 shares during the period. Norges Bank purchased a new position in shares of PBF Energy during the 2nd quarter worth approximately $24,599,000. BNP Paribas Financial Markets boosted its position in shares of PBF Energy by 276.2% during the second quarter. BNP Paribas Financial Markets now owns 1,028,799 shares of the oil and gas company's stock valued at $22,294,000 after purchasing an additional 755,310 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of PBF Energy during the first quarter valued at approximately $13,600,000. 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.

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