PBF Energy (NYSE:PBF) Shares Up 5.3% - Here's Why

Key Points

• PBF Energy shares rose 5.3% to approximately $89.53 during Tuesday trading, despite volume running 78% below the average session level.
• The company reported strong quarterly results, with EPS of $6.22 beating estimates of $4.15 and revenue of $11.68 billion surpassing the $9.61 billion consensus; revenue increased 56.2% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $65.55, while the company maintains a quarterly dividend of $0.275 per share. Insiders have sold more than 4.19 million shares over the past three months.

PBF Energy Inc. (NYSE:PBF - Get Free Report) shares were up 5.3% during trading on Tuesday. The company traded as high as $89.26 and last traded at $89.53. 747,619 shares were traded during mid-day trading, a decline of 78% from the average session volume of 3,351,368 shares. The stock had previously closed at $85.02.

Wall Street Analyst Weigh In

PBF has been the subject of several recent analyst reports. Freedom Capital cut shares of PBF Energy from a "hold" rating to a "strong sell" rating in a research note on Friday, July 31st. Morgan Stanley raised their price objective on PBF Energy from $38.00 to $76.00 and gave the company an "underweight" rating in a research note on Monday, September 14th. Mizuho boosted their price objective on PBF Energy from $65.00 to $89.00 and gave the company a "neutral" rating in a research report on Thursday, October 8th. Weiss Ratings raised PBF Energy from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday. Finally, Zacks Research raised shares of PBF Energy from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $65.55.

PBF Energy Stock Up 6.2%

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 cap of $10.70 billion, a P/E ratio of 7.99, a PEG ratio of 0.06 and a beta of 0.18. The firm has a 50-day simple moving average of $74.08 and a two-hundred day simple moving average of $56.25.

PBF Energy (NYSE:PBF - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share (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 firm had revenue of $11.68 billion for the quarter, compared to the consensus estimate of $9.61 billion. During the same quarter in the previous year, the company earned ($1.03) EPS. The company's revenue for the quarter was up 56.2% on a year-over-year basis. Equities research analysts expect that PBF Energy Inc. will post 24.69 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

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

Insider Buying and Selling

In other news, CEO Matthew C. Lucey sold 225,473 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer owned 495,771 shares in the company, valued at $35,655,850.32. This represents a 31.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Control Empresarial De Capital sold 490,000 shares of the 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 sale, the insider directly owned 14,992,128 shares in the company, valued at approximately $1,068,339,041.28. The trade was a 3.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 4,196,374 shares of company stock valued at $303,792,637. 5.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Leonteq Securities AG acquired a new position in shares of PBF Energy during the 1st quarter valued at $33,000. IFP Advisors Inc boosted its stake in PBF Energy by 68.7% in the 2nd quarter. IFP Advisors Inc now owns 1,451 shares of the oil and gas company's stock valued at $66,000 after buying an additional 591 shares in the last quarter. Strs Ohio bought a new position in shares of PBF Energy in the first quarter valued at approximately $143,000. Nykredit A S bought a new stake in shares of PBF Energy during the second quarter valued at approximately $149,000. Finally, Parallel Advisors LLC raised its holdings 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 during the last quarter. Institutional investors and hedge funds own 96.29% of the company's stock.

About PBF Energy

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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