PBF Energy (NYSE:PBF) Shares Gap Down – Time to Sell?
by Scott Moore · The Cerbat GemPBF Energy Inc. (NYSE:PBF – Get Free Report)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $42.63, but opened at $39.00. PBF Energy shares last traded at $36.9760, with a volume of 325,348 shares trading hands.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the stock. Mizuho upped their target price on shares of PBF Energy from $38.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Piper Sandler increased their target price on shares of PBF Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 13th. The Goldman Sachs Group initiated coverage on shares of PBF Energy in a research report on Friday, April 10th. They set a “neutral” rating and a $49.00 target price for the company. Scotiabank raised shares of PBF Energy to a “hold” rating in a research report on Friday, March 27th. Finally, Citigroup increased their price objective on shares of PBF Energy from $29.00 to $36.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $33.54.
Check Out Our Latest Analysis on PBF Energy
PBF Energy Price Performance
The company has a 50 day moving average of $41.32 and a 200-day moving average of $35.16. The stock has a market capitalization of $4.29 billion, a P/E ratio of -25.08, a PEG ratio of 0.21 and a beta of 0.25. The company has a quick ratio of 0.51, a current ratio of 1.21 and a debt-to-equity ratio of 0.40.
PBF Energy (NYSE:PBF – Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.64. PBF Energy had a negative return on equity of 8.86% and a negative net margin of 0.54%.The firm had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same period last year, the business posted ($2.82) earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. Sell-side analysts predict that PBF Energy Inc. will post -1.12 EPS for the current year.
PBF Energy Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 11th. Investors of record on Wednesday, February 25th were paid a dividend of $0.275 per share. The ex-dividend date was Wednesday, February 25th. This represents a $1.10 annualized dividend and a yield of 3.0%. PBF Energy’s dividend payout ratio (DPR) is -74.83%.
Insider Buying and Selling
In other PBF Energy news, insider Control Empresarial De Capital sold 70,000 shares of the stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $47.10, for a total value of $3,297,000.00. Following the sale, the insider directly owned 19,253,698 shares of the company’s stock, valued at $906,849,175.80. This trade represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas J. Nimbley sold 50,000 shares of the stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $50.62, for a total value of $2,531,000.00. Following the completion of the sale, the director directly owned 790,716 shares in the company, valued at $40,026,043.92. This represents a 5.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 11,100,825 shares of company stock valued at $488,323,877 over the last three months. Corporate insiders own 5.50% of the company’s stock.
Institutional Investors Weigh In On PBF Energy
Large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in PBF Energy in the third quarter worth $10,207,000. First Eagle Investment Management LLC increased its holdings in shares of PBF Energy by 7.9% during the third quarter. First Eagle Investment Management LLC now owns 547,546 shares of the oil and gas company’s stock valued at $16,519,000 after purchasing an additional 40,129 shares during the period. Allianz Asset Management GmbH increased its holdings in shares of PBF Energy by 1,232.0% during the third quarter. Allianz Asset Management GmbH now owns 267,091 shares of the oil and gas company’s stock valued at $8,058,000 after purchasing an additional 247,039 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of PBF Energy during the third quarter valued at $823,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of PBF Energy by 264.9% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 96,856 shares of the oil and gas company’s stock valued at $2,922,000 after purchasing an additional 70,312 shares during the period. 96.29% of the stock is owned by institutional investors and hedge funds.
About PBF Energy
PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.
The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.