PBF Energy (NYSE:PBF) Shares Down 4.6% – Here’s Why

PBF Energy Inc. (NYSE:PBF) shares traded down 4.6% during trading on Wednesday . The company traded as low as $19.40 and last traded at $19.42. 721,654 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 2,517,490 shares. The stock had previously closed at $20.35.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley decreased their price objective on shares of PBF Energy from $28.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. reduced their target price on shares of PBF Energy from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Mizuho lifted their target price on shares of PBF Energy from $22.00 to $23.00 and gave the stock an “underperform” rating in a report on Tuesday, May 13th. TD Cowen cut their price objective on shares of PBF Energy from $19.00 to $17.00 and set a “sell” rating for the company in a report on Tuesday, March 11th. Finally, UBS Group raised shares of PBF Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $20.00 to $26.00 in a report on Tuesday, May 13th. Seven research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.91.

PBF Energy Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 0.54. The firm has a fifty day moving average of $18.04 and a two-hundred day moving average of $23.91. The stock has a market capitalization of $2.23 billion, a P/E ratio of -4.11 and a beta of 0.76.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results on Thursday, May 1st. The oil and gas company reported ($3.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.50) by $0.41. The business had revenue of $7.07 billion for the quarter, compared to analyst estimates of $6.27 billion. PBF Energy had a negative return on equity of 7.40% and a negative net margin of 1.61%. The company’s revenue was down 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.85 earnings per share. On average, analysts predict that PBF Energy Inc. will post -1.12 EPS for the current year.

PBF Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 5.70%. The ex-dividend date was Thursday, May 15th. PBF Energy’s dividend payout ratio is presently -12.09%.

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital bought 16,000 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was bought at an average cost of $13.88 per share, for a total transaction of $222,080.00. Following the acquisition, the insider now directly owns 30,737,998 shares of the company’s stock, valued at $426,643,412.24. The trade was a 0.05% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders bought 331,000 shares of company stock worth $6,075,180 in the last three months. 6.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of PBF. T. Rowe Price Investment Management Inc. boosted its stake in shares of PBF Energy by 170.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,728,843 shares of the oil and gas company’s stock valued at $109,364,000 after buying an additional 3,612,447 shares during the period. Norges Bank purchased a new position in shares of PBF Energy in the 4th quarter valued at about $20,896,000. Nuveen LLC purchased a new position in shares of PBF Energy in the 1st quarter valued at about $13,600,000. Deutsche Bank AG boosted its stake in shares of PBF Energy by 697.2% in the 1st quarter. Deutsche Bank AG now owns 784,515 shares of the oil and gas company’s stock valued at $14,976,000 after buying an additional 686,103 shares during the period. Finally, Recurrent Investment Advisors LLC boosted its stake in shares of PBF Energy by 154.0% in the 4th quarter. Recurrent Investment Advisors LLC now owns 945,239 shares of the oil and gas company’s stock valued at $25,096,000 after buying an additional 573,161 shares during the period. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

About PBF Energy

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.