PBF Energy (NYSE:PBF) Shares Down 6.3% – Here’s Why

PBF Energy Inc. (NYSE:PBF) shares dropped 6.3% during trading on Wednesday . The company traded as low as $26.78 and last traded at $26.93. Approximately 1,284,178 shares were traded during trading, a decline of 36% from the average daily volume of 2,003,560 shares. The stock had previously closed at $28.73.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PBF shares. JPMorgan Chase & Co. decreased their price target on shares of PBF Energy from $36.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. The Goldman Sachs Group lowered 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. TD Cowen lowered PBF Energy from a “hold” rating to a “sell” rating and cut their price objective for the stock from $27.00 to $20.00 in a report on Friday, December 20th. Wells Fargo & Company downgraded shares of PBF Energy from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $39.00 to $34.00 in a research note on Monday, December 9th. Finally, StockNews.com lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a research report on Monday, November 4th. Seven analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, PBF Energy currently has a consensus rating of “Hold” and a consensus price target of $32.00.

PBF Energy Stock Performance

The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $3.07 billion, a P/E ratio of -10.29 and a beta of 1.60. The business’s 50 day simple moving average is $28.52 and its two-hundred day simple moving average is $31.36.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital bought 150,000 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The stock was purchased at an average price of $28.70 per share, for a total transaction of $4,305,000.00. Following the completion of the transaction, the insider now owns 29,505,998 shares of the company’s stock, valued at $846,822,142.60. This trade represents a 0.51 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have acquired 1,968,500 shares of company stock worth $58,476,810. Company insiders own 5.30% of the company’s stock.

Institutional Trading of PBF Energy

Large investors have recently added to or reduced their stakes in the company. Neo Ivy Capital Management purchased a new position in shares of PBF Energy in the 3rd quarter worth $2,404,000. Dakota Wealth Management purchased a new position in PBF Energy in the third quarter worth about $694,000. Intech Investment Management LLC grew its position in PBF Energy by 165.9% in the third quarter. Intech Investment Management LLC now owns 46,107 shares of the oil and gas company’s stock worth $1,427,000 after acquiring an additional 28,770 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in PBF Energy by 44.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 59,424 shares of the oil and gas company’s stock worth $1,839,000 after acquiring an additional 18,173 shares during the last quarter. Finally, Bridgewater Associates LP raised its position in PBF Energy by 40.5% during the third quarter. Bridgewater Associates LP now owns 93,566 shares of the oil and gas company’s stock valued at $2,896,000 after purchasing an additional 26,952 shares during the period. 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.