PBF Energy (NYSE:PBF) Shares Gap Up on Insider Buying Activity

PBF Energy Inc. (NYSE:PBF)’s share price gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $45.10, but opened at $46.21. PBF Energy shares last traded at $45.78, with a volume of 71,244 shares.

Specifically, insider Control Empresarial De Capital acquired 51,000 shares of the company’s stock in a transaction on Friday, June 7th. The shares were purchased at an average price of $46.19 per share, for a total transaction of $2,355,690.00. Following the purchase, the insider now owns 14,875,198 shares in the company, valued at $687,085,395.62. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have acquired a total of 1,951,100 shares of company stock valued at $86,602,417 in the last 90 days. 5.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PBF. TD Cowen reduced their price target on PBF Energy from $54.00 to $45.00 and set a “hold” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. raised their target price on PBF Energy from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Wells Fargo & Company decreased their price target on PBF Energy from $67.00 to $66.00 and set an “overweight” rating for the company in a research note on Thursday, June 6th. Scotiabank increased their price objective on PBF Energy from $39.00 to $56.00 and gave the company a “sector perform” rating in a report on Thursday, April 11th. Finally, Mizuho reduced their target price on PBF Energy from $58.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, June 20th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $55.82.

PBF Energy Price Performance

The firm has a market cap of $5.46 billion, a price-to-earnings ratio of 3.19 and a beta of 1.63. The stock’s 50-day moving average price is $48.65 and its 200 day moving average price is $49.42. The company has a quick ratio of 0.78, a current ratio of 1.54 and a debt-to-equity ratio of 0.20.

PBF Energy (NYSE:PBF) last announced its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.24. The company had revenue of $8.65 billion during the quarter, compared to the consensus estimate of $8.29 billion. PBF Energy had a return on equity of 18.47% and a net margin of 4.95%. Equities research analysts predict that PBF Energy Inc. will post 5.67 earnings per share for the current year.

PBF Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Thursday, May 16th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Wednesday, May 15th. PBF Energy’s dividend payout ratio (DPR) is presently 6.92%.

Institutional Investors Weigh In On PBF Energy

A number of institutional investors have recently added to or reduced their stakes in PBF. GAMMA Investing LLC lifted its position in shares of PBF Energy by 95.3% during the 1st quarter. GAMMA Investing LLC now owns 459 shares of the oil and gas company’s stock worth $26,000 after buying an additional 224 shares during the period. Rise Advisors LLC acquired a new stake in shares of PBF Energy during the 1st quarter worth about $27,000. Creekmur Asset Management LLC bought a new position in PBF Energy during the 4th quarter valued at about $29,000. Fortitude Family Office LLC bought a new position in PBF Energy during the 4th quarter valued at about $44,000. Finally, Fifth Third Bancorp boosted its position in PBF Energy by 30.4% in the first quarter. Fifth Third Bancorp now owns 953 shares of the oil and gas company’s stock valued at $55,000 after buying an additional 222 shares in the last quarter. 96.29% of the stock is owned by institutional investors and hedge funds.

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.