ARGA Investment Management LP Has $1.17 Million Stock Holdings in PBF Energy Inc. (NYSE:PBF)

ARGA Investment Management LP boosted its stake in shares of PBF Energy Inc. (NYSE:PBF) by 32.7% in the third quarter, HoldingsChannel reports. The firm owned 37,935 shares of the oil and gas company’s stock after purchasing an additional 9,346 shares during the quarter. ARGA Investment Management LP’s holdings in PBF Energy were worth $1,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of PBF. Public Employees Retirement System of Ohio grew its stake in PBF Energy by 720.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 43,074 shares of the oil and gas company’s stock valued at $2,480,000 after buying an additional 37,826 shares during the last quarter. Dakota Wealth Management acquired a new position in shares of PBF Energy in the third quarter valued at approximately $694,000. Symmetry Investments LP bought a new position in shares of PBF Energy during the second quarter worth approximately $2,464,000. State of New Jersey Common Pension Fund D lifted its holdings in PBF Energy by 44.1% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 59,424 shares of the oil and gas company’s stock worth $1,839,000 after purchasing an additional 18,173 shares during the last quarter. Finally, Stratos Wealth Advisors LLC boosted its stake in PBF Energy by 105.8% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 43,709 shares of the oil and gas company’s stock valued at $1,353,000 after purchasing an additional 22,470 shares during the period. 96.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Mizuho dropped their target price on PBF Energy from $36.00 to $33.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Scotiabank decreased their target price on shares of PBF Energy from $45.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. Tudor Pickering upgraded PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. UBS Group lowered their price objective on PBF Energy from $57.00 to $44.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 13th. Finally, Piper Sandler downgraded PBF Energy from a “neutral” rating to an “underweight” rating and cut their target price for the company from $47.00 to $25.00 in a research report on Friday, September 20th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $34.18.

Insider Buying and Selling at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital purchased 510,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $33.18 per share, with a total value of $16,921,800.00. Following the completion of the purchase, the insider now owns 19,129,598 shares of the company’s stock, valued at approximately $634,720,061.64. The trade was a 2.74 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last three months, insiders bought 4,649,400 shares of company stock worth $147,107,697. 5.30% of the stock is currently owned by insiders.

PBF Energy Stock Performance

PBF stock opened at $31.49 on Friday. The firm has a 50-day moving average price of $31.43 and a 200-day moving average price of $37.20. PBF Energy Inc. has a 12 month low of $27.94 and a 12 month high of $62.88. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.34 and a quick ratio of 0.65.

PBF Energy (NYSE:PBF) last posted its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.09). PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The company had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the previous year, the firm posted $6.61 EPS. The business’s quarterly revenue was down 21.9% compared to the same quarter last year. Research analysts expect that PBF Energy Inc. will post -2.86 EPS for the current year.

PBF Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend was Wednesday, November 13th. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. PBF Energy’s dividend payout ratio is presently -42.47%.

PBF Energy Company Profile

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.