PBF Energy (NYSE:PBF) Trading Up 3.8% – Here’s Why

PBF Energy Inc. (NYSE:PBF)’s stock price shot up 3.8% during mid-day trading on Tuesday . The company traded as high as $73.05 and last traded at $73.0440. Approximately 1,789,113 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 3,303,331 shares. The stock had previously closed at $70.40.

More PBF Energy News

Here are the key news stories impacting PBF Energy this week:

• Positive Sentiment: PBF Holding and PBF Finance priced $500 million of 0% exchangeable notes due 2032. The zero-coupon structure could reduce cash interest costs, while extending the company’s debt maturity profile and supporting liquidity. PBF Energy Announces Pricing of $500 Million of 0% Exchangeable Notes due 2032
• Positive Sentiment: Proceeds are intended to refinance or redeem existing debt, which may improve PBF Energy’s financial flexibility and reduce near-term refinancing risk. PBF Energy Announces New Exchangeable Notes and Debt Redemption
• Positive Sentiment: Recent Zacks coverage remains favorable, highlighting PBF as a momentum and growth candidate. That view is supported by the company’s latest reported quarterly earnings, which exceeded analyst expectations and showed sharply higher year-over-year revenue. Is PBF Energy a Solid Growth Stock?

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. UBS Group upped their price objective on shares of PBF Energy from $62.00 to $84.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Evercore assumed 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. Wall Street Zen upgraded shares of PBF Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Freedom Capital lowered shares of PBF Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Finally, Citigroup upped their price target on shares of PBF Energy from $65.00 to $74.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.55.

PBF Energy Stock Up 6.9%

The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.67 and a current ratio of 1.33. The firm has a market cap of $8.92 billion, a PE ratio of 6.66, a PEG ratio of 0.08 and a beta of 0.09. The stock has a fifty day moving average price of $67.35 and a 200-day moving average price of $51.25.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.15 by $2.07. The firm had revenue of $11.68 billion during the quarter, compared to the consensus estimate of $9.61 billion. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The company’s revenue was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.03) EPS. Research analysts expect that PBF Energy Inc. will post 17.89 EPS for the current year.

PBF Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, August 14th. PBF Energy’s dividend payout ratio (DPR) is currently 9.73%.

Insider Activity at PBF Energy

In other PBF Energy news, CEO Matthew C. Lucey sold 225,473 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $71.92, for a total value of $16,216,018.16. Following the transaction, the chief executive officer directly owned 495,771 shares of the company’s stock, valued at $35,655,850.32. This trade represents a 31.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas J. Nimbley sold 468,139 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $69.54, for a total value of $32,554,386.06. Following the completion of the transaction, the director directly owned 793,737 shares in the company, valued at $55,196,470.98. This trade represents a 37.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 6,231,944 shares of company stock worth $388,985,033. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PBF Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Leonteq Securities AG purchased a new stake in shares of PBF Energy during the 1st quarter valued at about $33,000. IFP Advisors Inc lifted its position in PBF Energy by 68.7% during the 2nd quarter. IFP Advisors Inc now owns 1,451 shares of the oil and gas company’s stock worth $66,000 after acquiring an additional 591 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in PBF Energy in the 4th quarter worth approximately $57,000. Global Retirement Partners LLC boosted its holdings in PBF Energy by 3,354.7% in the 4th quarter. Global Retirement Partners LLC now owns 2,211 shares of the oil and gas company’s stock worth $60,000 after acquiring an additional 2,147 shares during the period. Finally, Strs Ohio acquired a new stake in PBF Energy in the first quarter valued at approximately $143,000. Hedge funds and other institutional investors own 96.29% of the company’s stock.

About PBF Energy

PBF Energy Inc is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other petroleum products. Through its refining operations, the company processes crude oil and other feedstocks into products used by commercial, industrial and consumer customers.

The company operates refineries in several regions of the United States, including the East Coast, Gulf Coast, Midwest and West Coast. Its refinery portfolio includes facilities in Delaware City, Delaware; Paulsboro, New Jersey; Toledo, Ohio; Chalmette, Louisiana; and Torrance, California.