Advisors Asset Management Inc. Reduces Stake in PBF Energy Inc. $PBF

Advisors Asset Management Inc. reduced its stake in shares of PBF Energy Inc. (NYSE:PBF) by 3.3% in the 1st quarter, HoldingsChannel reports. The firm owned 16,571 shares of the oil and gas company’s stock after selling 572 shares during the quarter. Advisors Asset Management Inc.’s holdings in PBF Energy were worth $316,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. raised its position in shares of PBF Energy by 170.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,728,843 shares of the oil and gas company’s stock worth $109,364,000 after purchasing an additional 3,612,447 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of PBF Energy by 14.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,121,727 shares of the oil and gas company’s stock worth $40,504,000 after purchasing an additional 260,464 shares during the last quarter. American Century Companies Inc. raised its position in shares of PBF Energy by 1.7% during the 1st quarter. American Century Companies Inc. now owns 1,897,910 shares of the oil and gas company’s stock worth $36,231,000 after purchasing an additional 32,285 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of PBF Energy by 12.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,675,273 shares of the oil and gas company’s stock worth $31,981,000 after purchasing an additional 182,456 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in shares of PBF Energy by 12.6% during the 4th quarter. Two Sigma Investments LP now owns 1,645,584 shares of the oil and gas company’s stock worth $43,690,000 after purchasing an additional 184,194 shares during the last quarter. 96.29% of the stock is currently owned by institutional investors and hedge funds.

PBF Energy Stock Up 1.6%

Shares of PBF Energy stock opened at $28.63 on Friday. The company has a fifty day moving average price of $25.11 and a 200 day moving average price of $21.44. The company has a current ratio of 1.31, a quick ratio of 0.55 and a debt-to-equity ratio of 0.46. PBF Energy Inc. has a twelve month low of $13.61 and a twelve month high of $34.31. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of -3.33 and a beta of 0.98.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, July 31st. The oil and gas company reported ($1.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.16. PBF Energy had a negative net margin of 3.24% and a negative return on equity of 17.46%. The firm had revenue of $7.48 billion during the quarter, compared to analysts’ expectations of $6.65 billion. During the same period in the prior year, the company earned ($0.54) EPS. The firm’s revenue was down 14.4% on a year-over-year basis. Equities research analysts forecast that PBF Energy Inc. will post -1.12 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Thursday, August 14th. PBF Energy’s dividend payout ratio is presently -12.81%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PBF. Scotiabank reiterated a “sector perform” rating and issued a $25.00 price target (up from $16.00) on shares of PBF Energy in a report on Friday, July 11th. Wells Fargo & Company boosted their price target on PBF Energy from $21.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, July 15th. Piper Sandler boosted their price target on PBF Energy from $22.00 to $29.00 and gave the company an “underweight” rating in a report on Thursday. Bank of America boosted their price target on PBF Energy from $16.00 to $21.00 and gave the company an “underperform” rating in a report on Wednesday, September 3rd. Finally, Citigroup boosted their price objective on shares of PBF Energy from $16.00 to $29.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, PBF Energy has a consensus rating of “Reduce” and a consensus target price of $25.42.

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.