PBF Energy (NYSE:PBF) Shares Up 6.2% - What's Next?

Key Points

• PBF Energy shares jumped 6.2% to about $70.64, despite trading volume running 81% below the average session volume.
• The company reported strong quarterly results, with EPS of $6.22 versus the $4.15 consensus and revenue up 56.2% year over year to $11.68 billion.
• Analyst sentiment remains mixed: UBS raised its price target to $84 and Goldman Sachs to $81, but MarketBeat’s consensus rating is “Reduce” with a $50.92 target; insiders have also sold more than 6.1 million shares over the past 90 days.

PBF Energy Inc. (NYSE:PBF - Get Free Report) shot up 6.2% during trading on Wednesday . The stock traded as high as $68.89 and last traded at $70.6350. 627,381 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 3,317,398 shares. The stock had previously closed at $66.51.

Analysts Set New Price Targets

Several brokerages have weighed in on PBF. Evercore initiated coverage on PBF Energy in a research report on Friday, July 17th. They issued an "in-line" rating and a $58.00 target price on the stock. Wall Street Zen upgraded shares of PBF Energy from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. UBS Group increased their price objective on shares of PBF Energy from $62.00 to $84.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. Morgan Stanley boosted their target price on shares of PBF Energy from $34.00 to $38.00 and gave the company an "underweight" rating in a research note on Friday, June 12th. Finally, The Goldman Sachs Group upped their target price on shares of PBF Energy from $71.00 to $81.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have given a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat, PBF Energy currently has an average rating of "Reduce" and a consensus target price of $50.92.

PBF Energy Stock Up 6.3%

The company has a market capitalization of $8.38 billion, a price-to-earnings ratio of 6.27, a price-to-earnings-growth ratio of 0.08 and a beta of 0.10. The company has a quick ratio of 0.67, a current ratio of 1.33 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average price of $58.69 and a 200-day moving average price of $47.35.

PBF Energy (NYSE:PBF - Get Free Report) last announced its earnings results on Thursday, July 30th. The oil and gas company reported $6.22 EPS for the quarter, topping the consensus estimate of $4.15 by $2.07. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The company 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 revenue for the quarter was up 56.2% on a year-over-year basis. As a group, equities analysts anticipate that PBF Energy Inc. will post 15.74 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a $0.275 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.10 dividend on an annualized basis and a yield of 1.6%. PBF Energy's dividend payout ratio is currently 9.73%.

Insider Activity

In related news, Director Thomas J. Nimbley sold 468,139 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $69.54, for a total transaction of $32,554,386.06. Following the transaction, the director owned 793,737 shares of the company's stock, valued at approximately $55,196,470.98. The trade was a 37.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Control Empresarial De Capital sold 570,000 shares of the company's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $46.36, for a total transaction of $26,425,200.00. Following the transaction, the insider directly owned 17,142,128 shares of the company's stock, valued at $794,709,054.08. This represents a 3.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,163,674 shares of company stock valued at $371,707,094 over the last 90 days. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PBF Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in shares of PBF Energy by 4,932.4% during the 2nd quarter. California State Teachers Retirement System now owns 5,096,920 shares of the oil and gas company's stock valued at $232,012,000 after acquiring an additional 4,995,638 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in PBF Energy by 127.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company's stock worth $171,595,000 after buying an additional 3,550,820 shares during the last quarter. Invesco Ltd. boosted its holdings in PBF Energy by 147.4% during the third quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company's stock worth $83,639,000 after buying an additional 1,651,516 shares during the last quarter. AQR Capital Management LLC grew its position in shares of PBF Energy by 230.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company's stock worth $45,183,000 after buying an additional 1,454,500 shares during the period. Finally, Norges Bank acquired a new position in shares of PBF Energy during the 4th quarter worth about $34,243,000. 96.29% of the stock is currently owned by institutional investors and hedge funds.

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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