Principal Financial Group Inc. Sells 189,361 Shares of PBF Energy Inc. (NYSE:PBF)

Principal Financial Group Inc. cut its holdings in PBF Energy Inc. (NYSE:PBF) by 45.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 231,369 shares of the oil and gas company’s stock after selling 189,361 shares during the quarter. Principal Financial Group Inc. owned approximately 0.20% of PBF Energy worth $7,161,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Harbor Capital Advisors Inc. bought a new stake in PBF Energy in the third quarter valued at about $59,000. Private Management Group Inc. grew its stake in shares of PBF Energy by 27.5% in the third quarter. Private Management Group Inc. now owns 848,696 shares of the oil and gas company’s stock valued at $26,267,000 after buying an additional 183,183 shares in the last quarter. Key Financial Inc increased its holdings in PBF Energy by 2,351.9% during the third quarter. Key Financial Inc now owns 11,328 shares of the oil and gas company’s stock worth $351,000 after buying an additional 10,866 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in PBF Energy by 27.9% during the third quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 573 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of PBF Energy by 1.7% in the third quarter. Nisa Investment Advisors LLC now owns 28,853 shares of the oil and gas company’s stock valued at $893,000 after buying an additional 485 shares during the last quarter. Institutional investors and hedge funds own 96.29% of the company’s stock.

Insider Buying and Selling

In related news, insider Control Empresarial De Capital acquired 805,300 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was acquired at an average price of $32.62 per share, for a total transaction of $26,268,886.00. Following the completion of the acquisition, the insider now owns 20,634,898 shares of the company’s stock, valued at approximately $673,110,372.76. This represents a 4.06 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders purchased 4,492,400 shares of company stock worth $142,172,797. 6.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. TD Cowen cut their target price on shares of PBF Energy from $32.00 to $27.00 and set a “hold” rating for the company in a research note on Friday, November 1st. Bank of America began coverage on PBF Energy in a report on Thursday, October 17th. They issued an “underperform” rating and a $25.00 target price on the stock. The Goldman Sachs Group decreased their price target on shares of PBF Energy from $45.00 to $39.00 and set a “neutral” rating on the stock in a report on Friday, October 4th. Tudor Pickering upgraded PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. Finally, Wells Fargo & Company cut their target price on shares of PBF Energy from $51.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, PBF Energy presently has a consensus rating of “Hold” and a consensus price target of $34.18.

PBF Energy Stock Up 0.3 %

PBF Energy stock opened at $31.55 on Wednesday. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $3.63 billion, a PE ratio of -12.15 and a beta of 1.56. The firm’s fifty day moving average is $31.58 and its 200 day moving average is $38.27. PBF Energy Inc. has a 12-month low of $27.94 and a 12-month high of $62.88.

PBF Energy (NYSE:PBF) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.09). PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The firm had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period last year, the business posted $6.61 EPS. The company’s revenue was down 21.9% on a year-over-year basis. As a group, sell-side analysts predict that PBF Energy Inc. will post -2.79 EPS for the current fiscal year.

PBF Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.275 per share. This is a positive change from PBF Energy’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend is Wednesday, November 13th. PBF Energy’s payout ratio is currently -42.47%.

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.