PBF Energy (NYSE:PBF) Shares Gap Down – Should You Sell?

PBF Energy Inc. (NYSE:PBF)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $39.39, but opened at $37.51. PBF Energy shares last traded at $36.8450, with a volume of 438,970 shares traded.

Wall Street Analysts Forecast Growth

PBF has been the subject of several research reports. Bank of America boosted their price objective on shares of PBF Energy from $16.00 to $21.00 and gave the company an “underperform” rating in a research note on Wednesday, September 3rd. TD Cowen lifted their target price on PBF Energy from $22.00 to $25.00 and gave the company a “sell” rating in a report on Friday, October 31st. Tudor Pickering downgraded PBF Energy from a “hold” rating to a “strong sell” rating in a research report on Monday, September 15th. Morgan Stanley set a $27.00 price objective on PBF Energy and gave the stock an “underweight” rating in a report on Friday, October 3rd. Finally, Mizuho lifted their price objective on PBF Energy from $23.00 to $26.00 and gave the company an “underperform” rating in a research note on Monday, September 15th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and nine have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Strong Sell” and a consensus price target of $28.92.

PBF Energy Trading Down 6.0%

The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of -7.96 and a beta of 0.79. The business’s 50-day moving average price is $32.29 and its 200 day moving average price is $26.30. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.38 and a quick ratio of 0.59.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, October 30th. The oil and gas company reported ($0.52) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.17. The business had revenue of $7.65 billion during the quarter, compared to analyst estimates of $7.47 billion. PBF Energy had a negative net margin of 1.78% and a negative return on equity of 15.88%. The business’s revenue was down 8.7% on a year-over-year basis. During the same period last year, the business earned ($1.50) EPS. On average, equities analysts forecast that PBF Energy Inc. will post -1.12 earnings per share for the current fiscal year.

PBF Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Friday, November 14th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.10 annualized dividend and a dividend yield of 3.0%. PBF Energy’s payout ratio is presently -23.66%.

Insider Activity

In other PBF Energy news, SVP Connor Thomas L. O sold 50,000 shares of PBF Energy stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $40.83, for a total value of $2,041,500.00. Following the completion of the transaction, the senior vice president directly owned 205,340 shares in the company, valued at $8,384,032.20. The trade was a 19.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Trecia M. Canty sold 50,000 shares of the stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $36.44, for a total value of $1,822,000.00. Following the completion of the sale, the senior vice president directly owned 200,744 shares in the company, valued at $7,315,111.36. This represents a 19.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 507,045 shares of company stock valued at $18,193,421 over the last three months. Company insiders own 6.70% of the company’s stock.

Institutional Trading of PBF Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC boosted its stake in PBF Energy by 197.7% during the 3rd 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 in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in PBF Energy by 761.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,412 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,248 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of PBF Energy in the first quarter valued at $35,000. Deseret Mutual Benefit Administrators lifted its position in shares of PBF Energy by 62.3% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,146 shares of the oil and gas company’s stock valued at $35,000 after acquiring an additional 440 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of PBF Energy during the 1st quarter valued at $37,000. 96.29% of the stock is currently owned by institutional investors.

About PBF Energy

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.