PBF Energy (NYSE:PBF) Sets New 1-Year High – Here’s Why

PBF Energy Inc. (NYSE:PBF) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $77.98 and last traded at $76.19, with a volume of 122315 shares traded. The stock had previously closed at $76.77.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PBF. Citigroup upped their price objective on shares of PBF Energy from $65.00 to $74.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Evercore started coverage on shares of PBF Energy in a research report on Friday, July 17th. They issued an “in-line” rating and a $58.00 target price on the stock. Mizuho lifted their target price on shares of PBF Energy from $57.00 to $65.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. TD Cowen boosted their price target on shares of PBF Energy from $39.00 to $68.00 and gave the stock a “hold” rating in a research note on Tuesday, July 21st. Finally, Zacks Research upgraded shares of PBF Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $53.42.

PBF Energy Stock Performance

The company has a quick ratio of 0.67, a current ratio of 1.33 and a debt-to-equity ratio of 0.27. The company has a market cap of $9.08 billion, a P/E ratio of 6.79, a P/E/G ratio of 0.08 and a beta of 0.09. The business has a fifty day moving average of $65.17 and a 200 day moving average of $50.09.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 EPS for the quarter, topping analysts’ consensus estimates of $4.15 by $2.07. The company had revenue of $11.68 billion during the quarter, compared to analyst estimates of $9.61 billion. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%.The firm’s revenue was up 56.2% on a year-over-year basis. During the same quarter last year, the firm posted ($1.03) earnings per share. On average, equities analysts predict that PBF Energy Inc. will post 15.74 EPS for the current year.

PBF Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.275 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.10 annualized dividend and a yield of 1.4%. PBF Energy’s dividend payout ratio is 9.73%.

Insider Activity at PBF Energy

In related news, SVP Trecia M. Canty sold 75,000 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $74.10, for a total transaction of $5,557,500.00. Following the transaction, the senior vice president owned 191,779 shares in the company, valued at $14,210,823.90. The trade was a 28.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew C. Lucey sold 142,364 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $73.50, for a total transaction of $10,463,754.00. Following the completion of the transaction, the chief executive officer directly owned 495,771 shares of the company’s stock, valued at approximately $36,439,168.50. The trade was a 22.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 5,912,674 shares of company stock valued at $364,154,134. 5.50% of the stock is currently owned by company insiders.

Institutional Trading of PBF Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its position in PBF Energy by 127.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock valued at $171,595,000 after acquiring an additional 3,550,820 shares in the last quarter. California State Teachers Retirement System raised its position in shares of PBF Energy by 4,932.4% in the 2nd quarter. California State Teachers Retirement System now owns 5,096,920 shares of the oil and gas company’s stock worth $232,012,000 after acquiring an additional 4,995,638 shares in the last quarter. State Street Corp raised its position in shares of PBF Energy by 1.3% in the 4th quarter. State Street Corp now owns 4,854,750 shares of the oil and gas company’s stock worth $131,661,000 after acquiring an additional 60,294 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of PBF Energy by 11.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company’s stock valued at $207,953,000 after purchasing an additional 454,731 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of PBF Energy by 54.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company’s stock valued at $153,452,000 after purchasing an additional 1,137,533 shares during the period. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

PBF Energy Company Profile

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.