PBF Energy (NYSE:PBF) Stock Price Down 4.9% – Here’s What Happened

Shares of PBF Energy Inc. (NYSE:PBF) were down 4.9% during trading on Tuesday. The stock traded as low as $76.20 and last traded at $76.6320. Approximately 209,135 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 3,322,200 shares. The stock had previously closed at $80.55.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PBF. The Goldman Sachs Group boosted their price objective on PBF Energy from $81.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, October 9th. BMO Capital Markets reaffirmed a “market perform” rating on shares of PBF Energy in a research note on Thursday, October 1st. Zacks Research upgraded PBF Energy from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 23rd. UBS Group reiterated a “buy” rating and issued a $99.00 target price on shares of PBF Energy in a report on Monday, October 5th. Finally, Freedom Capital lowered PBF Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $70.91.

PBF Energy Stock Down 0.3%

The stock has a market cap of $8.70 billion, a price-to-earnings ratio of 6.50, a price-to-earnings-growth ratio of 0.08 and a beta of 0.18. The firm’s fifty day moving average price is $77.17 and its two-hundred day moving average price is $53.06. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.33 and a quick ratio of 0.67.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, October 29th. The oil and gas company reported $12.78 earnings per share for the quarter, topping analysts’ consensus estimates of $11.12 by $1.66. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%. The company had revenue of $12.13 billion for the quarter, compared to analyst estimates of $10.60 billion. Sell-side analysts forecast that PBF Energy Inc. will post 24.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Thomas Nimbley sold 116,008 shares of PBF Energy stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $73.73, for a total transaction of $8,553,269.84. Following the sale, the director directly owned 793,737 shares in the company, valued at $58,522,229.01. The trade was a 12.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Control Empresarial De Capital sold 170,000 shares of the business’s stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $88.03, for a total transaction of $14,965,100.00. Following the completion of the transaction, the insider owned 13,326,127 shares in the company, valued at approximately $1,173,098,959.81. The trade was a 1.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 3,656,374 shares of company stock valued at $269,769,137 over the last ninety days. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PBF Energy

A number of large investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership grew its position in shares of PBF Energy by 54.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,222,433 shares of the oil and gas company’s stock worth $153,452,000 after buying an additional 1,137,533 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of PBF Energy by 11.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,366,331 shares of the oil and gas company’s stock worth $207,953,000 after buying an additional 454,731 shares during the last quarter. Empowered Funds LLC increased its stake in shares of PBF Energy by 198.0% in the first quarter. Empowered Funds LLC now owns 355,820 shares of the oil and gas company’s stock worth $16,944,000 after buying an additional 236,418 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new stake in PBF Energy in the first quarter valued at $8,527,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in PBF Energy by 361.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 189,148 shares of the oil and gas company’s stock valued at $8,718,000 after acquiring an additional 148,124 shares in the last quarter. 96.29% of the stock is owned by institutional investors.

About PBF Energy

PBF Energy Inc (NYSE:PBF) is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other refined petroleum products. The company purchases crude oil and other feedstocks, processes them at its refineries, and sells the resulting products to branded and unbranded fuel retailers, distributors, wholesalers and commercial customers.

PBF operates refineries in several major U.S. refining regions, including the East Coast, Midwest, Gulf Coast and West Coast.