PBF Energy (NYSE:PBF) Shares Gap Down – Here’s What Happened

PBF Energy Inc. (NYSE:PBF) gapped down prior to trading on Monday . The stock had previously closed at $41.89, but opened at $39.18. PBF Energy shares last traded at $39.4350, with a volume of 153,008 shares changing hands.

Analysts Set New Price Targets

A number of research firms have issued reports on PBF. BMO Capital Markets raised their price target on shares of PBF Energy from $43.00 to $50.00 and gave the stock a “market perform” rating in a research report on Thursday, April 2nd. Morgan Stanley increased their price objective on shares of PBF Energy from $34.00 to $38.00 and gave the stock an “underweight” rating in a research note on Friday. Scotiabank raised their target price on shares of PBF Energy from $28.00 to $34.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Mizuho boosted their target price on shares of PBF Energy from $43.00 to $48.00 and gave the company a “neutral” rating in a research report on Wednesday, May 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PBF Energy in a report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, PBF Energy currently has a consensus rating of “Reduce” and an average target price of $36.46.

PBF Energy Trading Down 1.0%

The firm has a market cap of $4.64 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 0.13 and a beta of 0.12. The company’s 50-day moving average price is $41.36 and its 200-day moving average price is $37.48. The company has a quick ratio of 0.62, a current ratio of 1.31 and a debt-to-equity ratio of 0.50.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09). The firm had revenue of $7.90 billion for the quarter, compared to analyst estimates of $7.32 billion. PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. PBF Energy’s revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($3.53) EPS. Equities analysts expect that PBF Energy Inc. will post 7.69 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Thursday, May 14th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Thursday, May 14th. PBF Energy’s payout ratio is 29.65%.

Insiders Place Their Bets

In other news, insider Control Empresarial De Capital sold 100,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $43.17, for a total value of $4,317,000.00. Following the completion of the sale, the insider directly owned 18,117,698 shares in the company, valued at $782,141,022.66. This represents a 0.55% 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, SVP James E. Fedena sold 77,085 shares of the firm’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $49.60, for a total transaction of $3,823,416.00. Following the completion of the transaction, the senior vice president directly owned 139,016 shares in the company, valued at approximately $6,895,193.60. This represents a 35.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 5,188,225 shares of company stock valued at $250,420,811 in the last ninety days. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Smartleaf Asset Management LLC increased its holdings in shares of PBF Energy by 197.7% in the third quarter. Smartleaf Asset Management LLC now owns 887 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 589 shares during the last quarter. Torren Management LLC acquired a new position in PBF Energy during the fourth quarter worth $30,000. Los Angeles Capital Management LLC purchased a new stake in PBF Energy in the 4th quarter valued at $31,000. Leonteq Securities AG acquired a new stake in shares of PBF Energy in the 1st quarter worth $33,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of PBF Energy during the 4th quarter worth $57,000. 96.29% of the stock is currently 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.