PBF Energy (NYSE:PBF) Stock Price Down 2.4% – Here’s Why

PBF Energy Inc. (NYSE:PBF)’s stock price fell 2.4% during trading on Friday . The stock traded as low as $24.21 and last traded at $24.84. 1,590,792 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 2,154,935 shares. The stock had previously closed at $25.46.

Wall Street Analyst Weigh In

PBF has been the topic of a number of recent analyst reports. The Goldman Sachs Group cut their price target on PBF Energy from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Tuesday, December 10th. JPMorgan Chase & Co. downgraded PBF Energy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $53.00 to $40.00 in a research note on Wednesday, October 2nd. Wells Fargo & Company cut PBF Energy from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $39.00 to $34.00 in a research note on Monday, December 9th. BMO Capital Markets lowered 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 report on Friday, October 4th. Finally, Piper Sandler downgraded shares of PBF Energy from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $47.00 to $25.00 in a report on Friday, September 20th. Seven equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $32.45.

PBF Energy Price Performance

The firm has a market capitalization of $2.90 billion, a P/E ratio of -9.73 and a beta of 1.57. The business’s fifty day moving average is $30.79 and its 200 day moving average is $35.44. The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21.

PBF Energy (NYSE:PBF) last posted its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.41) by ($0.09). The company had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $8.27 billion. PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. PBF Energy’s quarterly revenue was down 21.9% on a year-over-year basis. During the same period in the prior year, the company posted $6.61 EPS. As a group, analysts forecast that PBF Energy Inc. will post -2.87 EPS for the current year.

PBF Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were given a $0.275 dividend. This is a positive change from PBF Energy’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.36%. PBF Energy’s dividend payout ratio (DPR) is -42.47%.

Insider Buying and Selling

In other news, insider Control Empresarial De Capital acquired 265,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was purchased at an average price of $31.87 per share, with a total value of $8,445,550.00. Following the purchase, the insider now owns 23,217,398 shares of the company’s stock, valued at approximately $739,938,474.26. This trade represents a 1.15 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last quarter, insiders have purchased 3,318,100 shares of company stock valued at $103,238,331. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PBF Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. grew its position in PBF Energy by 35.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 57,289 shares of the oil and gas company’s stock valued at $1,801,000 after purchasing an additional 14,892 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of PBF Energy during the 3rd quarter valued at $1,642,000. Neo Ivy Capital Management purchased a new position in shares of PBF Energy during the 3rd quarter valued at $2,404,000. Vestcor Inc increased its stake in shares of PBF Energy by 1,513.2% in the third quarter. Vestcor Inc now owns 14,712 shares of the oil and gas company’s stock worth $455,000 after acquiring an additional 13,800 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd raised its holdings in shares of PBF Energy by 108.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 43,902 shares of the oil and gas company’s stock worth $1,359,000 after acquiring an additional 22,852 shares in the last quarter. Hedge funds and other institutional investors own 96.29% 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.