PBF Energy (NYSE:PBF) Stock Price Down 9.3% - Here's What Happened

Key Points

• PBF Energy shares plunged about 9.3% to roughly $41.91 intraday, with volume around 729,304 shares — roughly 80% below the stock's average daily trading volume.
• The company reported Q1 EPS of ($0.88), missing analysts' estimates by $0.09 while revenue of $7.90 billion topped expectations; profitability remains thin (net margin 1.46%) and return on equity was negative (4.12%).
• Analyst sentiment is tilted negative with a MarketBeat consensus of "Reduce" and an average price target of $35.92 (2 Buys, 8 Holds, 5 Sells), and insiders have been active sellers (10.64 million shares sold in the past quarter).

PBF Energy Inc. (NYSE:PBF - Get Free Report) dropped 9.3% during trading on Wednesday . The stock traded as low as $41.32 and last traded at $41.9110. Approximately 729,304 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 3,675,110 shares. The stock had previously closed at $46.19.

Analyst Upgrades and Downgrades

PBF has been the topic of several analyst reports. Morgan Stanley lifted their target price on shares of PBF Energy from $27.00 to $34.00 and gave the stock an "underweight" rating in a research note on Friday, April 24th. Tudor Pickering raised shares of PBF Energy from a "strong sell" rating to a "hold" rating in a research report on Friday, February 13th. Mizuho upped their price target on PBF Energy from $38.00 to $45.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 17th. Scotiabank increased their price objective on shares of PBF Energy from $28.00 to $34.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, The Goldman Sachs Group assumed coverage on PBF Energy in a report on Friday, April 10th. They issued a "neutral" rating and a $49.00 target price for the company. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and five have issued a Sell rating to the company's stock. According to data from MarketBeat, PBF Energy presently has a consensus rating of "Reduce" and an average price target of $35.92.

PBF Energy Trading Down 9.9%

The company has a current ratio of 1.31, a quick ratio of 0.62 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $4.87 billion, a PE ratio of 11.22, a P/E/G ratio of 0.19 and a beta of 0.15. The stock has a 50 day moving average price of $42.79 and a 200-day moving average price of $36.12.

PBF Energy (NYSE:PBF - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.79) by ($0.09). The business had revenue of $7.90 billion during the quarter, compared to analysts' expectations of $7.32 billion. PBF Energy had a negative return on equity of 4.12% and a net margin of 1.46%.The business's quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($3.53) EPS. Sell-side analysts expect that PBF Energy Inc. will post 6.08 earnings per share for the current year.

PBF Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Thursday, May 14th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.6%. PBF Energy's dividend payout ratio (DPR) is presently 29.65%.

Insider Activity

In related news, insider Control Empresarial De Capital sold 1,100,000 shares of PBF Energy stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $46.21, for a total transaction of $50,831,000.00. Following the transaction, the insider directly owned 22,996,898 shares in the company, valued at approximately $1,062,686,656.58. The trade was a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 10,641,825 shares of company stock valued at $475,752,667 over the last quarter. Company insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On PBF Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its position in PBF Energy by 361.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 189,148 shares of the oil and gas company's stock valued at $8,718,000 after purchasing an additional 148,124 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in PBF Energy during the first quarter valued at approximately $8,527,000. Archer Investment Corp purchased a new position in PBF Energy during the first quarter valued at approximately $231,000. State of Michigan Retirement System lifted its holdings in PBF Energy by 3.1% during the first quarter. State of Michigan Retirement System now owns 20,000 shares of the oil and gas company's stock valued at $952,000 after purchasing an additional 600 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in PBF Energy by 4.7% during the first quarter. Principal Financial Group Inc. now owns 186,598 shares of the oil and gas company's stock valued at $8,886,000 after purchasing an additional 8,361 shares in the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

PBF Energy Company Profile

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.

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