PBF Energy Inc. (NYSE:PBF) Holdings Cut by Assetmark Inc.

Assetmark Inc. trimmed its stake in shares of PBF Energy Inc. (NYSE:PBF) by 63.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 711,408 shares of the oil and gas company’s stock after selling 1,246,715 shares during the quarter. Assetmark Inc.’s holdings in PBF Energy were worth $22,018,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. National Bank of Canada FI acquired a new position in shares of PBF Energy during the second quarter valued at $26,000. CWM LLC increased its stake in shares of PBF Energy by 108.6% in the second quarter. CWM LLC now owns 1,093 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 569 shares during the period. Headlands Technologies LLC acquired a new position in shares of PBF Energy during the first quarter worth approximately $82,000. Harbor Capital Advisors Inc. acquired a new position in shares of PBF Energy during the third quarter worth approximately $59,000. Finally, EverSource Wealth Advisors LLC increased its position in PBF Energy by 152.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,071 shares of the oil and gas company’s stock valued at $110,000 after acquiring an additional 1,252 shares during the period. Institutional investors and hedge funds own 96.29% of the company’s stock.

PBF Energy Trading Up 1.1 %

NYSE:PBF opened at $30.92 on Friday. The stock has a fifty day simple moving average of $31.82 and a 200 day simple moving average of $39.55. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of -11.94 and a beta of 1.56. PBF Energy Inc. has a 1-year low of $27.94 and a 1-year high of $62.88. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21.

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 ($1.41) by ($0.09). PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The firm had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the previous year, the business earned $6.61 earnings per share. The business’s quarterly revenue was down 21.9% compared to the same quarter last year. Sell-side analysts forecast that PBF Energy Inc. will post -2.73 earnings per share for the current year.

PBF Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend is Wednesday, November 13th. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. PBF Energy’s payout ratio is -42.47%.

Insider Activity

In related news, insider Control Empresarial De Capital acquired 85,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were purchased at an average cost of $28.37 per share, with a total value of $2,411,450.00. Following the completion of the transaction, the insider now owns 26,197,498 shares of the company’s stock, valued at approximately $743,223,018.26. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have acquired 4,492,400 shares of company stock worth $142,172,797 in the last 90 days. Company insiders own 5.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PBF. Bank of America assumed coverage on PBF Energy in a research report on Thursday, October 17th. They set an “underperform” rating and a $25.00 price target for the company. Piper Sandler lowered shares of PBF Energy from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $47.00 to $25.00 in a research report on Friday, September 20th. TD Cowen dropped their price target on shares of PBF Energy from $32.00 to $27.00 and set a “hold” rating on the stock in a research report on Friday, November 1st. StockNews.com cut shares of PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, November 4th. Finally, Tudor, Pickering, Holt & Co. cut PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, September 9th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, PBF Energy has a consensus rating of “Hold” and a consensus price target of $34.18.

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.