PBF Energy (NYSE:PBF) Shares Down 4.9% - Here's What Happened

Key Points

• PBF Energy shares fell 4.9% to approximately $76.63 in mid-day trading, with volume down 94% from the average daily level.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $70.91 price target, while recent targets ranged from $76 to $99.
• The company reported strong quarterly results, including $6.22 in EPS versus $4.15 expected and 56.2% year-over-year revenue growth; it also pays a quarterly dividend of $0.275 per share. Insiders sold more than $304 million of stock during the last quarter.

PBF Energy Inc. (NYSE:PBF - Get Free Report)'s stock price was down 4.9% on Tuesday. The stock traded as low as $76.20 and last traded at $76.6320. Approximately 209,135 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 3,322,200 shares. The stock had previously closed at $80.55.

Analysts Set New Price Targets

Several analysts have recently weighed in on PBF shares. UBS Group reissued a "buy" rating and issued a $99.00 price target on shares of PBF Energy in a research note on Monday, October 5th. Piper Sandler initiated coverage on shares of PBF Energy in a report on Tuesday. They set a "neutral" rating and a $94.00 price target for the company. 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 research report on Tuesday, October 6th. BMO Capital Markets reiterated a "market perform" rating on shares of PBF Energy in a report on Thursday, October 1st. Finally, Morgan Stanley increased their price objective on PBF Energy from $38.00 to $76.00 and gave the stock an "underweight" rating in a research report on Monday, September 14th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $70.91.

PBF Energy Stock Down 6.7%

The business's 50 day moving average price is $77.06 and its 200-day moving average price is $52.36. The firm has a market capitalization of $8.91 billion, a PE ratio of 6.65, a P/E/G ratio of 0.08 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.

PBF Energy (NYSE:PBF - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share 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 firm had revenue of $11.68 billion during the quarter, compared to analysts' expectations of $9.61 billion. During the same quarter last year, the company posted ($1.03) EPS. The firm's quarterly revenue was up 56.2% on a year-over-year basis. As a group, equities research analysts forecast that PBF Energy Inc. will post 24.95 earnings per share for the current year.

PBF Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a $0.2750 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Friday, August 14th. PBF Energy's payout ratio is currently 9.73%.

Insider Buying and Selling at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital sold 170,000 shares of the business's stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $88.03, for a total transaction of $14,965,100.00. Following the sale, the insider directly owned 13,326,127 shares in the company, valued at $1,173,098,959.81. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas J. Nimbley sold 116,008 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $73.73, for a total transaction of $8,553,269.84. Following the sale, the director directly owned 793,737 shares in the company, valued at $58,522,229.01. This represents a 12.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,146,374 shares of company stock worth $304,686,537 in the last quarter. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PBF Energy

Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its position in PBF Energy by 11.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company's stock valued at $207,953,000 after buying an additional 454,731 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of PBF Energy by 54.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company's stock valued at $153,452,000 after acquiring an additional 1,137,533 shares in the last quarter. Sei Investments Co. raised its stake in shares of PBF Energy by 41.4% in the first quarter. Sei Investments Co. now owns 364,700 shares of the oil and gas company's stock valued at $17,367,000 after acquiring an additional 106,819 shares in the last quarter. Empowered Funds LLC raised its stake in shares of PBF Energy by 198.0% in the first quarter. Empowered Funds LLC now owns 355,820 shares of the oil and gas company's stock valued at $16,944,000 after acquiring an additional 236,418 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of PBF Energy by 4.7% in 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 acquiring an additional 8,361 shares in the last quarter. 96.29% of the stock is owned by hedge funds and other institutional investors.

PBF Energy Company Profile

PBF Energy Inc NYSE: PBF is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other refined petroleum products. The company purchases crude oil and other feedstocks, processes them at its refineries, and sells the resulting products to branded and unbranded fuel retailers, distributors, wholesalers and commercial customers.

PBF operates refineries in several major U.S. refining regions, including the East Coast, Midwest, Gulf Coast and West Coast.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.