PBF Energy Inc. (NYSE:PBF) Shares Bought by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC grew its position in PBF Energy Inc. (NYSE:PBF) by 1,325.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,540 shares of the oil and gas company’s stock after purchasing an additional 170,666 shares during the period. PBF Energy makes up approximately 0.8% of HITE Hedge Asset Management LLC’s holdings, making the stock its 29th largest holding. HITE Hedge Asset Management LLC owned approximately 0.16% of PBF Energy worth $8,447,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its position in shares of PBF Energy by 95.3% in the first quarter. GAMMA Investing LLC now owns 459 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 224 shares in the last quarter. Rise Advisors LLC acquired a new stake in PBF Energy in the 1st quarter valued at $27,000. National Bank of Canada FI purchased a new position in PBF Energy in the second quarter valued at about $26,000. Creekmur Asset Management LLC acquired a new position in shares of PBF Energy during the fourth quarter worth about $29,000. Finally, CWM LLC boosted its position in shares of PBF Energy by 108.6% in the second quarter. CWM LLC now owns 1,093 shares of the oil and gas company’s stock worth $50,000 after buying an additional 569 shares during the period. Hedge funds and other institutional investors own 96.29% of the company’s stock.

Insider Activity at PBF Energy

In related news, insider Control Empresarial De Capital bought 307,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were purchased at an average cost of $39.22 per share, with a total value of $12,040,540.00. Following the completion of the transaction, the insider now directly owns 18,079,598 shares of the company’s stock, valued at $709,081,833.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders purchased 2,997,300 shares of company stock worth $100,768,276 in the last 90 days. 5.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PBF has been the topic of several analyst reports. Piper Sandler downgraded PBF Energy from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $47.00 to $25.00 in a report on Friday, September 20th. The Goldman Sachs Group decreased their target price on shares of PBF Energy from $57.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, July 1st. Tudor, Pickering, Holt & Co. lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, September 9th. Tudor Pickering upgraded PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. Finally, UBS Group cut their price target on PBF Energy from $57.00 to $44.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 13th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, PBF Energy presently has a consensus rating of “Hold” and an average price target of $47.91.

PBF Energy Stock Performance

Shares of PBF opened at $31.19 on Wednesday. The stock has a market capitalization of $3.65 billion, a PE ratio of 2.16 and a beta of 1.56. The business’s fifty day moving average price is $35.34 and its 200 day moving average price is $45.29. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.75. PBF Energy Inc. has a 12-month low of $30.61 and a 12-month high of $62.88.

PBF Energy (NYSE:PBF) last posted its quarterly 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 net margin of 2.09% and a return on equity of 12.81%. The business had revenue of $8.74 billion during the quarter, compared to analyst estimates of $8.64 billion. During the same period last year, the firm posted $2.29 earnings per share. The company’s quarterly revenue was down 4.6% on a year-over-year basis. Equities research analysts forecast that PBF Energy Inc. will post 0.6 EPS for the current year.

PBF Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Thursday, August 15th. PBF Energy’s dividend payout ratio (DPR) is 6.92%.

PBF Energy 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.