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

PBF Energy Inc. (NYSE:PBF)’s stock price gapped down before the market opened 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.

Analyst Ratings Changes

A number of research firms recently weighed in on PBF. Wolfe Research initiated coverage on shares of PBF Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Morgan Stanley dropped their target price on shares of PBF Energy from $48.00 to $38.00 and set an “equal weight” rating for the company in a research report on Monday. Scotiabank reduced their price target on PBF Energy from $56.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Piper Sandler downgraded PBF Energy from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $47.00 to $25.00 in a report on Friday. Finally, JPMorgan Chase & Co. cut their target price on PBF Energy from $58.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.91.

PBF Energy Price Performance

The company has a 50-day moving average of $35.87 and a 200-day moving average of $45.70. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.75 and a current ratio of 1.42. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 2.21 and a beta of 1.56.

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

PBF Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Thursday, August 15th. PBF Energy’s dividend payout ratio (DPR) is presently 6.92%.

Insider Activity

In other news, insider Control Empresarial De Capital acquired 102,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was acquired at an average cost of $44.91 per share, for a total transaction of $4,580,820.00. Following the completion of the acquisition, the insider now owns 17,453,598 shares in the company, valued at $783,841,086.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought a total of 2,684,300 shares of company stock worth $93,389,546 over the last three months. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Private Advisor Group LLC bought a new position in shares of PBF Energy in the 4th quarter valued at about $283,000. Quadrant Capital Group LLC grew its holdings in PBF Energy by 12.8% during the fourth quarter. Quadrant Capital Group LLC now owns 2,598 shares of the oil and gas company’s stock worth $114,000 after purchasing an additional 295 shares during the period. Norges Bank bought a new position in PBF Energy during the fourth quarter worth about $54,832,000. Corient Private Wealth LLC increased its position in PBF Energy by 3.9% during the fourth quarter. Corient Private Wealth LLC now owns 48,583 shares of the oil and gas company’s stock worth $2,136,000 after buying an additional 1,812 shares during the last quarter. Finally, Trexquant Investment LP raised its stake in PBF Energy by 454.8% in the fourth quarter. Trexquant Investment LP now owns 111,911 shares of the oil and gas company’s stock valued at $4,920,000 after buying an additional 91,738 shares during the period. 96.29% of the stock is owned by institutional investors and hedge funds.

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.