PBF Energy Inc. (NYSE:PBF) Increases Dividend to $0.28 Per Share

PBF Energy Inc. (NYSE:PBF) announced a quarterly dividend on Thursday, October 31st, Zacks reports. Investors of record on Wednesday, November 13th will be paid a dividend of 0.275 per share by the oil and gas company on Wednesday, November 27th. This represents a $1.10 annualized dividend and a dividend yield of 3.92%. The ex-dividend date is Wednesday, November 13th. This is an increase from PBF Energy’s previous quarterly dividend of $0.25.

PBF Energy has increased its dividend payment by an average of 41.5% annually over the last three years. PBF Energy has a payout ratio of 526.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect PBF Energy to earn $0.36 per share next year, which means the company may not be able to cover its $1.00 annual dividend with an expected future payout ratio of 277.8%.

PBF Energy Stock Performance

Shares of PBF Energy stock opened at $28.07 on Friday. The company’s 50 day moving average price is $32.15 and its two-hundred day moving average price is $40.48. The firm has a market capitalization of $3.29 billion, a P/E ratio of 4.67 and a beta of 1.55. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.75. PBF Energy has a fifty-two week low of $27.94 and a fifty-two week high of $62.88.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.40) by ($0.10). PBF Energy had a net margin of 2.09% and a return on equity of 12.81%. The company had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the previous year, the company earned $6.61 earnings per share. The business’s revenue was down 21.9% on a year-over-year basis. On average, equities analysts forecast that PBF Energy will post -2.27 earnings per share for the current fiscal year.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital purchased 300,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average cost of $29.01 per share, for a total transaction of $8,703,000.00. Following the completion of the acquisition, the insider now owns 25,640,498 shares in the company, valued at $743,830,846.98. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought a total of 4,307,400 shares of company stock worth $137,242,347 in the last quarter. 5.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on PBF. TD Cowen lowered their price objective on PBF Energy from $32.00 to $27.00 and set a “hold” rating for the company in a research report on Friday. UBS Group lowered their target price on PBF Energy from $57.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, August 13th. Mizuho cut their price target on PBF Energy from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. The Goldman Sachs Group lowered their price objective on shares of PBF Energy from $45.00 to $39.00 and set a “neutral” rating for the company in a research note on Friday, October 4th. Finally, Wolfe Research began coverage on PBF Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $34.45.

PBF Energy Company Profile

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.