PBF Energy (NYSE:PBF) Shares Up 8.1% - Still a Buy?

Key Points

• PBF Energy's shares surged 8.1% on Tuesday, trading as high as $30.87 before closing at $30.71, although trading volume declined by 68% compared to its average.
• Analysts have mixed views on PBF Energy, with target price ranges shifting from $16.00 to $29.00, and a range of ratings from "underperform" to "buy," indicating divided sentiment in the market.
• The company announced a quarterly dividend of $0.275 per share, representing an annual yield of 3.6%, although PBF Energy's dividend payout ratio is currently negative.

Shares of PBF Energy Inc. (NYSE:PBF - Get Free Report) shot up 8.1% on Tuesday . The company traded as high as $30.87 and last traded at $30.71. 1,032,799 shares were traded during trading, a decline of 68% from the average session volume of 3,195,796 shares. The stock had previously closed at $28.41.

Analyst Ratings Changes

A number of brokerages recently weighed in on PBF. Bank of America raised their price objective 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 increased their price target on PBF Energy from $16.00 to $29.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Wells Fargo & Company increased their price target on PBF Energy from $21.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Piper Sandler reiterated an "underweight" rating and issued a $22.00 price target (up from $21.00) on shares of PBF Energy in a research note on Monday, August 4th. Finally, UBS Group upgraded PBF Energy from a "neutral" rating to a "buy" rating and increased their price target for the company from $20.00 to $26.00 in a research note on Tuesday, May 13th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $24.83.

PBF Energy Stock Performance

The stock has a market capitalization of $3.50 billion, a PE ratio of -3.51 and a beta of 0.97. 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 firm has a 50 day moving average price of $24.77 and a 200-day moving average price of $21.30.

PBF Energy (NYSE:PBF - Get Free Report) last posted its earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) EPS for the quarter, topping the consensus estimate of ($1.19) by $0.16. The firm had revenue of $7.48 billion for the quarter, compared to analyst estimates of $6.65 billion. PBF Energy had a negative return on equity of 17.46% and a negative net margin of 3.24%.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 company earned ($0.54) earnings per share. Research analysts expect that PBF Energy Inc. will post -1.12 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Thursday, August 14th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, August 14th. PBF Energy's dividend payout ratio (DPR) is -12.81%.

Institutional Trading of PBF Energy

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in PBF Energy by 14.0% in the first quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company's stock valued at $40,504,000 after purchasing an additional 260,464 shares during the period. M&T Bank Corp acquired a new stake in PBF Energy in the first quarter valued at approximately $300,000. Nuveen Asset Management LLC grew its holdings in PBF Energy by 94.7% in the fourth quarter. Nuveen Asset Management LLC now owns 568,901 shares of the oil and gas company's stock valued at $15,104,000 after purchasing an additional 276,672 shares during the period. GF Fund Management CO. LTD. acquired a new stake in PBF Energy in the fourth quarter valued at approximately $803,000. Finally, Pekin Hardy Strauss Inc. acquired a new stake in PBF Energy in the first quarter valued at approximately $191,000. 96.29% of the stock is owned by institutional investors and hedge funds.

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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