PBF Energy (NYSE:PBF) Trading Down 4.6% - Here's Why

Key Points

• PBF Energy shares fell 4.6% in midday trading to about $68.93, with volume below the stock’s average daily level.
• Analyst sentiment remains mixed: the consensus rating is “Hold”, with a $46.31 average price target, despite one recent upgrade to “Strong Buy” and Citigroup raising its target to $74.
• PBF recently reported strong quarterly results, earning $6.22 per share versus the $4.15 estimate and generating $11.68 billion in revenue. The company also declared a $0.275 quarterly dividend, equal to a 1.6% yield.

PBF Energy Inc. (NYSE:PBF - Get Free Report)'s stock price dropped 4.6% during mid-day trading on Monday . The company traded as low as $68.21 and last traded at $68.9320. 2,863,857 shares were traded during trading, a decline of 15% from the average daily volume of 3,369,183 shares. The stock had previously closed at $72.28.

Analyst Ratings Changes

PBF has been the subject of a number of research reports. Wall Street Zen raised PBF Energy from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Evercore assumed coverage on PBF Energy in a research note on Friday, July 17th. They set an "in-line" rating and a $58.00 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PBF Energy in a research note on Monday, May 11th. Scotiabank lifted their price target on PBF Energy from $28.00 to $34.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Citigroup boosted their price target on PBF Energy from $65.00 to $74.00 and gave the company a "neutral" rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, PBF Energy currently has an average rating of "Hold" and a consensus price target of $46.31.

PBF Energy Trading Down 6.3%

The company has a current ratio of 1.33, a quick ratio of 0.67 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $8.01 billion, a P/E ratio of 6.03, a P/E/G ratio of 0.12 and a beta of 0.10. The business's fifty day simple moving average is $49.20 and its two-hundred day simple moving average is $42.98.

PBF Energy (NYSE:PBF - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share for the quarter, topping the consensus estimate of $4.15 by $2.07. The company had revenue of $11.68 billion for the quarter, compared to analyst estimates of $9.61 billion. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%.PBF Energy's revenue for the quarter was up 56.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.03) EPS. As a group, analysts forecast that PBF Energy Inc. will post 10.94 earnings per share for the current year.

PBF Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, August 14th. PBF Energy's dividend payout ratio (DPR) is presently 9.73%.

Insiders Place Their Bets

In related news, insider Control Empresarial De Capital sold 570,000 shares of PBF Energy stock in a transaction on Monday, June 29th. The stock was sold at an average price of $46.36, for a total transaction of $26,425,200.00. Following the completion of the sale, the insider directly owned 17,142,128 shares of the company's stock, valued at $794,709,054.08. The trade was a 3.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 3,196,570 shares of company stock valued at $155,004,356 in the last quarter. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wedge Capital Management L L P NC raised its stake in PBF Energy by 19.3% during the 2nd quarter. Wedge Capital Management L L P NC now owns 43,848 shares of the oil and gas company's stock worth $1,996,000 after buying an additional 7,107 shares during the period. Parallel Advisors LLC increased its stake in PBF Energy by 6.8% during the 1st quarter. Parallel Advisors LLC now owns 3,781 shares of the oil and gas company's stock worth $180,000 after purchasing an additional 242 shares in the last quarter. Bull Harbor Capital LLC acquired a new stake in PBF Energy during the 1st quarter worth approximately $212,000. Amundi acquired a new stake in PBF Energy during the 1st quarter worth approximately $1,574,000. Finally, EverSource Wealth Advisors LLC lifted its stake in PBF Energy by 24.5% in the first quarter. EverSource Wealth Advisors LLC now owns 4,728 shares of the oil and gas company's stock valued at $225,000 after buying an additional 931 shares in the last quarter. 96.29% of the stock is owned by 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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