PBF Energy (NYSE:PBF) Trading Up 4.5% After Dividend Announcement

PBF Energy Inc. (NYSE:PBF)’s stock price traded up 4.5% during trading on Monday following a dividend announcement from the company. The stock traded as high as $18.32 and last traded at $18.32. 1,238,193 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 2,428,965 shares. The stock had previously closed at $17.53.

The newly announced dividend which will be paid on Thursday, May 29th. Investors of record on Thursday, May 15th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 5.87%. The ex-dividend date is Thursday, May 15th. PBF Energy’s payout ratio is presently -12.09%.

Analysts Set New Price Targets

PBF has been the topic of several analyst reports. Piper Sandler dropped their price target on shares of PBF Energy from $23.00 to $20.00 and set an “underweight” rating on the stock in a research note on Friday, May 2nd. TD Cowen lowered their target price on shares of PBF Energy from $19.00 to $17.00 and set a “sell” rating on the stock in a research report on Tuesday, March 11th. The Goldman Sachs Group cut their target price on PBF Energy from $28.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, March 27th. UBS Group decreased their price target on PBF Energy from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company cut their price objective on PBF Energy from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Friday, May 2nd. Seven investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $22.82.

PBF Energy Stock 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 market cap of $2.16 billion, a price-to-earnings ratio of -3.98 and a beta of 0.76. The firm’s 50 day moving average price is $18.08 and its 200-day moving average price is $25.02.

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

Insider Buying and Selling at PBF Energy

In related news, insider Control Empresarial De Capital purchased 155,000 shares of the stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $20.20 per share, for a total transaction of $3,131,000.00. Following the completion of the transaction, the insider now directly owns 30,249,998 shares of the company’s stock, valued at approximately $611,049,959.60. The trade was a 0.52 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired 481,000 shares of company stock valued at $10,380,180 in the last 90 days. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PBF Energy

Several institutional investors have recently added to or reduced their stakes in PBF. Fifth Third Bancorp raised its stake in shares of PBF Energy by 125.7% in the first quarter. Fifth Third Bancorp now owns 1,442 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 803 shares during the last quarter. Fortitude Family Office LLC raised its position in PBF Energy by 968.8% in the 4th quarter. Fortitude Family Office LLC now owns 1,165 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,056 shares during the last quarter. Allworth Financial LP boosted its stake in PBF Energy by 194.3% in the first quarter. Allworth Financial LP now owns 1,651 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 1,090 shares in the last quarter. Neo Ivy Capital Management bought a new stake in shares of PBF Energy during the first quarter worth $37,000. Finally, Parallel Advisors LLC increased its stake in shares of PBF Energy by 80.4% in the first quarter. Parallel Advisors LLC now owns 2,434 shares of the oil and gas company’s stock valued at $46,000 after buying an additional 1,085 shares in the last quarter. 96.29% of the stock is owned by institutional investors.

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.