PBF Energy (NYSE:PBF) Stock Price Up 7.4% - Here's Why

Key Points

• PBF Energy shares rose 7.4% on Wednesday, reaching as high as $43.38 before closing at $43.33. Trading volume was well below average, with about 703,566 shares changing hands.
• Recent analyst commentary has been mixed, but the overall tone is cautious: the stock carries an average rating of "Reduce" and a consensus price target of $36.15. Several firms recently trimmed or adjusted targets, while only two analysts currently rate it a Buy.
• The company reported better-than-expected revenue in its latest quarter at $7.90 billion, though EPS missed estimates at -$0.88. PBF also paid a quarterly dividend of $0.275 per share, implying a 2.5% annualized yield.

Shares of PBF Energy Inc. (NYSE:PBF - Get Free Report) rose 7.4% during trading on Wednesday . The stock traded as high as $43.38 and last traded at $43.33. Approximately 703,566 shares changed hands during trading, a decline of 80% from the average daily volume of 3,461,850 shares. The stock had previously closed at $40.36.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PBF. Wall Street Zen downgraded shares of PBF Energy from a "buy" rating to a "hold" rating in a research note on Saturday, April 18th. Piper Sandler raised their target price on shares of PBF Energy from $41.00 to $42.00 and gave the company an "overweight" rating in a research report on Friday, February 13th. Mizuho raised their target price on shares of PBF Energy from $43.00 to $48.00 and gave the company a "neutral" rating in a research report on Wednesday, May 27th. The Goldman Sachs Group started coverage on shares of PBF Energy in a research report on Friday, April 10th. They set a "neutral" rating and a $49.00 target price on the stock. Finally, Morgan Stanley raised their target price on shares of PBF Energy from $27.00 to $34.00 and gave the company an "underweight" rating in a research report on Friday, April 24th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $36.15.

PBF Energy Stock Up 6.9%

The business has a fifty day simple moving average of $41.96 and a 200 day simple moving average of $37.25. The firm has a market cap of $5.11 billion, a price-to-earnings ratio of 11.66, a PEG ratio of 0.16 and a beta of 0.12. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.31 and a quick ratio of 0.62.

PBF Energy (NYSE:PBF - Get Free Report) last announced its earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing analysts' consensus estimates of ($0.79) by ($0.09). The firm had revenue of $7.90 billion for the quarter, compared to analyst estimates of $7.32 billion. PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. PBF Energy's revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($3.53) EPS. As a group, equities analysts forecast that PBF Energy Inc. will post 6.7 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Thursday, May 14th. PBF Energy's dividend payout ratio is 29.65%.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital sold 1,100,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $46.21, for a total value of $50,831,000.00. Following the transaction, the insider directly owned 22,996,898 shares of the company's stock, valued at $1,062,686,656.58. This trade represents a 4.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 7,582,425 shares of company stock valued at $358,083,629. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PBF Energy

A number of hedge funds have recently modified their holdings of the company. Parallel Advisors LLC grew its holdings in shares of PBF Energy by 6.8% in the first quarter. Parallel Advisors LLC now owns 3,781 shares of the oil and gas company's stock valued at $180,000 after purchasing an additional 242 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of PBF Energy by 3.9% in the first quarter. PNC Financial Services Group Inc. now owns 6,850 shares of the oil and gas company's stock valued at $326,000 after purchasing an additional 260 shares during the period. Merit Financial Group LLC boosted its stake in PBF Energy by 3.0% during the third quarter. Merit Financial Group LLC now owns 9,575 shares of the oil and gas company's stock worth $289,000 after buying an additional 276 shares during the period. Arizona State Retirement System boosted its stake in PBF Energy by 1.4% during the third quarter. Arizona State Retirement System now owns 25,666 shares of the oil and gas company's stock worth $774,000 after buying an additional 353 shares during the period. Finally, Next Level Private LLC boosted its stake in PBF Energy by 0.6% during the fourth quarter. Next Level Private LLC now owns 66,660 shares of the oil and gas company's stock worth $1,808,000 after buying an additional 378 shares during the period. Hedge funds and other institutional investors own 96.29% of the company's stock.

About PBF Energy

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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