PBF Energy (NYSE:PBF) Shares Gap Down to $33.88

PBF Energy Inc. (NYSE:PBF) shares gapped down prior to trading on Friday . The stock had previously closed at $33.88, but opened at $32.88. PBF Energy shares last traded at $32.24, with a volume of 425,088 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of PBF Energy from $58.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Piper Sandler cut shares of PBF Energy from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $47.00 to $25.00 in a research note on Friday. Morgan Stanley reduced their price objective on shares of PBF Energy from $48.00 to $38.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Tudor Pickering raised shares of PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. Finally, Scotiabank reduced their price objective on shares of PBF Energy from $56.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, July 12th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, PBF Energy currently has an average rating of “Hold” and a consensus target price of $47.91.

PBF Energy Trading Down 5.5 %

The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.75. The firm’s 50 day moving average is $35.70 and its 200 day moving average is $45.57. The company has a market capitalization of $3.80 billion, a PE ratio of 2.22 and a beta of 1.56.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, August 1st. The oil and gas company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.39). PBF Energy had a return on equity of 12.81% and a net margin of 2.09%. The firm had revenue of $8.74 billion during the quarter, compared to analysts’ expectations of $8.64 billion. During the same period in the previous year, the firm earned $2.29 earnings per share. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. As a group, equities analysts predict that PBF Energy Inc. will post 1.25 EPS for the current year.

PBF Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Thursday, August 15th. PBF Energy’s payout ratio is currently 6.92%.

Insider Buying and Selling at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital bought 102,000 shares of PBF Energy stock in a transaction dated Wednesday, June 26th. The shares were purchased at an average cost of $44.91 per share, with a total value of $4,580,820.00. Following the transaction, the insider now directly owns 17,453,598 shares of the company’s stock, valued at $783,841,086.18. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have purchased 2,684,300 shares of company stock valued at $93,389,546. 5.30% of the stock is currently owned by company insiders.

Institutional Trading of PBF Energy

A number of hedge funds and other institutional investors have recently modified their holdings of PBF. Hennessy Advisors Inc. boosted its stake in PBF Energy by 18.4% in the 1st quarter. Hennessy Advisors Inc. now owns 578,934 shares of the oil and gas company’s stock worth $33,329,000 after purchasing an additional 89,900 shares in the last quarter. Van ECK Associates Corp boosted its stake in PBF Energy by 763.4% in the 1st quarter. Van ECK Associates Corp now owns 208,586 shares of the oil and gas company’s stock worth $12,008,000 after purchasing an additional 184,426 shares in the last quarter. Norges Bank bought a new position in PBF Energy in the 4th quarter worth about $54,832,000. Acadian Asset Management LLC lifted its stake in PBF Energy by 4.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,054,399 shares of the oil and gas company’s stock valued at $60,689,000 after acquiring an additional 48,525 shares during the period. Finally, Magnetar Financial LLC bought a new position in PBF Energy during the 1st quarter valued at about $1,394,000. 96.29% of the stock is 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.