Fortitude Family Office LLC Acquires 1,056 Shares of PBF Energy Inc. (NYSE:PBF)

Fortitude Family Office LLC increased its holdings in shares of PBF Energy Inc. (NYSE:PBF) by 968.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,165 shares of the oil and gas company’s stock after purchasing an additional 1,056 shares during the period. Fortitude Family Office LLC’s holdings in PBF Energy were worth $31,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Neo Ivy Capital Management bought a new stake in shares of PBF Energy in the third quarter valued at about $2,404,000. Dakota Wealth Management bought a new stake in PBF Energy in the 3rd quarter valued at approximately $694,000. Intech Investment Management LLC lifted its stake in PBF Energy by 165.9% in the 3rd quarter. Intech Investment Management LLC now owns 46,107 shares of the oil and gas company’s stock valued at $1,427,000 after acquiring an additional 28,770 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in PBF Energy by 44.1% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 59,424 shares of the oil and gas company’s stock worth $1,839,000 after acquiring an additional 18,173 shares during the last quarter. Finally, Bridgewater Associates LP grew its stake in shares of PBF Energy by 40.5% during the 3rd quarter. Bridgewater Associates LP now owns 93,566 shares of the oil and gas company’s stock worth $2,896,000 after acquiring an additional 26,952 shares in the last quarter. 96.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. BMO Capital Markets lowered shares of PBF Energy from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $42.00 to $35.00 in a research note on Friday, October 4th. Piper Sandler downgraded PBF Energy from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $47.00 to $25.00 in a research report on Friday, September 20th. Scotiabank reduced their price target on PBF Energy from $45.00 to $31.00 and set a “sector perform” rating for the company in a research report on Thursday, October 10th. Wells Fargo & Company lowered PBF Energy from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $39.00 to $34.00 in a research report on Monday, December 9th. Finally, Mizuho downgraded PBF Energy from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $33.00 to $31.00 in a report on Monday, December 16th. Seven analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $32.00.

PBF Energy Stock Up 3.6 %

Shares of NYSE:PBF opened at $28.02 on Friday. PBF Energy Inc. has a 1 year low of $24.21 and a 1 year high of $62.88. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.34 and a quick ratio of 0.65. The business’s 50-day moving average is $29.12 and its 200-day moving average is $33.38. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -10.82 and a beta of 1.61.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the company earned $6.61 earnings per share. PBF Energy’s revenue for the quarter was down 21.9% compared to the same quarter last year. Equities research analysts predict that PBF Energy Inc. will post -2.87 earnings per share for the current year.

PBF Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were given a dividend of $0.275 per share. The ex-dividend date was Wednesday, November 13th. This represents a $1.10 annualized dividend and a dividend yield of 3.93%. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. PBF Energy’s dividend payout ratio (DPR) is currently -42.47%.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital acquired 70,000 shares of PBF Energy stock in a transaction on Thursday, December 26th. The stock was acquired at an average cost of $25.56 per share, with a total value of $1,789,200.00. Following the completion of the acquisition, the insider now owns 28,884,998 shares in the company, valued at approximately $738,300,548.88. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired 3,369,600 shares of company stock worth $102,820,721 in the last 90 days. Insiders own 6.20% of the company’s stock.

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.