PBF Energy (NYSE:PBF) Sets New 52-Week High - Here's What Happened

Key Points

• PBF Energy shares reached a new 52-week high of $91.53, closing well above the prior session’s $85.02 amid trading volume of roughly 3.4 million shares.
• The company reported strong quarterly results, with EPS of $6.22 versus the $4.15 consensus and revenue of $11.68 billion, up 56.2% year over year.
• Analyst sentiment remains mixed: PBF has an average “Hold” rating and a $65.55 price target, while insiders sold more than 4.3 million shares worth approximately $318.8 million over the past 90 days.

PBF Energy Inc. (NYSE:PBF - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $91.53 and last traded at $91.2060, with a volume of 3,398,105 shares trading hands. The stock had previously closed at $85.02.

Analyst Ratings Changes

PBF has been the topic of several research analyst reports. Evercore assumed coverage on PBF Energy in a research report on Friday, July 17th. They set an "in-line" rating and a $58.00 target price on the stock. Mizuho lifted their target price on PBF Energy from $65.00 to $89.00 and gave the stock a "neutral" rating in a report on Thursday, October 8th. Weiss Ratings upgraded PBF Energy from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Zacks Research raised PBF Energy from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Finally, Freedom Capital cut PBF Energy from a "hold" rating to a "strong sell" rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $65.55.

PBF Energy Stock Performance

The firm has a market capitalization of $10.81 billion, a P/E ratio of 16.01, a price-to-earnings-growth ratio of 0.06 and a beta of 0.18. The company's 50 day moving average is $74.59 and its 200-day moving average is $56.54. The company has a quick ratio of 0.67, a current ratio of 1.33 and a debt-to-equity ratio of 0.27.

PBF Energy (NYSE:PBF - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 EPS for the quarter, topping analysts' consensus estimates of $4.15 by $2.07. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The business had revenue of $11.68 billion during the quarter, compared to analysts' expectations of $9.61 billion. During the same period last year, the company posted ($1.03) earnings per share. The business's quarterly revenue was up 56.2% on a year-over-year basis. As a group, equities analysts anticipate that PBF Energy Inc. will post 24.69 EPS for the current year.

PBF Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.2750 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 14th. PBF Energy's dividend payout ratio is 9.73%.

Insider Transactions at PBF Energy

In related news, Director Thomas J. Nimbley sold 468,139 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $69.54, for a total value of $32,554,386.06. Following the completion of the sale, the director directly owned 793,737 shares of the company's stock, valued at $55,196,470.98. The trade was a 37.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew C. Lucey sold 225,473 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $71.92, for a total value of $16,216,018.16. Following the transaction, the chief executive officer directly owned 495,771 shares in the company, valued at approximately $35,655,850.32. This trade represents a 31.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,366,374 shares of company stock valued at $318,757,737 in the last 90 days. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PBF. Krilogy Financial LLC grew its stake in PBF Energy by 6.8% in the third quarter. Krilogy Financial LLC now owns 9,838 shares of the oil and gas company's stock valued at $836,000 after acquiring an additional 626 shares during the period. NorthCrest Asset Manangement LLC raised its position in shares of PBF Energy by 6.3% during the third quarter. NorthCrest Asset Manangement LLC now owns 9,625 shares of the oil and gas company's stock worth $741,000 after purchasing an additional 574 shares during the period. GK Wealth Management LLC acquired a new position in shares of PBF Energy during the third quarter worth approximately $267,000. Riversedge Advisors LLC bought a new position in shares of PBF Energy in the 3rd quarter worth $234,000. Finally, Wedmont Private Capital bought a new position in shares of PBF Energy in the 3rd quarter worth $186,000. 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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