PBF Energy (NYSE:PBF) Reaches New 1-Year High - Here's What Happened

Key Points

• PBF Energy reached a new 52-week high of $85.75, extending gains as its shares traded above both their 50-day and 200-day moving averages.
• The company reported strong quarterly results, with earnings per share of $6.22 surpassing estimates of $4.15 and revenue rising 56.2% year over year to $11.68 billion.
• Analyst sentiment remains mixed: PBF has a consensus “Hold” rating and an average price target of $62.45, while insiders sold approximately $309.2 million of stock over the prior 90 days.

PBF Energy Inc. (NYSE:PBF - Get Free Report) hit a new 52-week high on Thursday. The company traded as high as $85.75 and last traded at $83.4930, with a volume of 2282448 shares. The stock had previously closed at $82.88.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PBF shares. UBS Group reiterated a "buy" rating and set a $99.00 price objective on shares of PBF Energy in a research note on Monday. Mizuho lifted their price objective on shares of PBF Energy from $57.00 to $65.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. Zacks Research raised PBF Energy from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 23rd. BMO Capital Markets restated a "market perform" rating on shares of PBF Energy in a research report on Thursday, October 1st. Finally, Citigroup lifted their price target on shares of PBF Energy from $74.00 to $91.00 and gave the company a "neutral" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $62.45.

PBF Energy Stock Up 0.7%

The company has a market cap of $9.90 billion, a price-to-earnings ratio of 7.39, a price-to-earnings-growth ratio of 0.06 and a beta of 0.18. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.67 and a current ratio of 1.33. The stock's fifty day moving average is $73.18 and its two-hundred day moving average is $55.45.

PBF Energy (NYSE:PBF - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 3.94% and a return on equity of 11.27%. The firm's revenue was up 56.2% on a year-over-year basis. During the same period last year, the firm earned ($1.03) earnings per share. Sell-side analysts predict that PBF Energy Inc. will post 24.87 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a $0.2750 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, August 14th. PBF Energy's dividend payout ratio is presently 9.73%.

Insider Buying and Selling

In other news, insider Control Empresarial De Capital sold 490,000 shares of the business's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $71.26, for a total transaction of $34,917,400.00. Following the completion of the transaction, the insider owned 14,992,128 shares of the company's stock, valued at approximately $1,068,339,041.28. The trade was a 3.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Lucey sold 225,473 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $71.92, for a total transaction of $16,216,018.16. Following the sale, the chief executive officer owned 495,771 shares in the company, valued at approximately $35,655,850.32. This trade represents a 31.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,296,374 shares of company stock worth $309,244,637 over the last ninety days. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in PBF. Leonteq Securities AG bought a new stake in shares of PBF Energy in the 1st quarter worth approximately $33,000. IFP Advisors Inc boosted its holdings in PBF Energy by 68.7% in the second quarter. IFP Advisors Inc now owns 1,451 shares of the oil and gas company's stock worth $66,000 after purchasing an additional 591 shares during the last quarter. Strs Ohio bought a new stake in shares of PBF Energy in the first quarter worth $143,000. Nykredit A S bought a new stake in shares of PBF Energy during the 2nd quarter valued at about $149,000. Finally, Parallel Advisors LLC increased its holdings in PBF Energy by 6.8% during the first quarter. Parallel Advisors LLC now owns 3,781 shares of the oil and gas company's stock valued at $180,000 after buying an additional 242 shares during the last quarter. Institutional investors own 96.29% of the company's stock.

PBF Energy Company Profile

PBF Energy Inc is an independent petroleum refiner and supplier of transportation fuels, petrochemical feedstocks, lubricants, asphalt and other petroleum products. The company sells products under the PBF and Belvieu brands and serves wholesale, commercial and retail customers, as well as other users of refined petroleum products.

PBF Energy owns and operates six refineries in the United States: facilities in California, Delaware, Louisiana, New Jersey and Ohio. Together, these refineries process a range of crude oils and produce gasoline, ultra-low-sulfur diesel, jet fuel, heating oil, petrochemical feedstocks and other refined products.

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