PBF Energy (NYSE:PBF) Sets New 52-Week High Following Strong Earnings

PBF Energy Inc. (NYSE:PBF)’s stock price hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $70.75 and last traded at $71.28, with a volume of 628587 shares traded. The stock had previously closed at $63.35.

The oil and gas company reported $6.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.15 by $2.07. PBF Energy had a negative return on equity of 4.12% and a net margin of 1.46%.The company had revenue of $11.68 billion for the quarter, compared to analysts’ expectations of $9.61 billion. During the same quarter in the previous year, the firm earned ($1.03) earnings per share. PBF Energy’s quarterly revenue was up 56.2% on a year-over-year basis.

Wall Street Analysts Forecast Growth

PBF has been the subject of several recent analyst reports. BMO Capital Markets upped their target price on shares of PBF Energy from $43.00 to $50.00 and gave the stock a “market perform” rating in a research note on Thursday, April 2nd. Morgan Stanley raised their price target on shares of PBF Energy from $34.00 to $38.00 and gave the company an “underweight” rating in a research report on Friday, June 12th. Scotiabank boosted their price target 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. Evercore initiated coverage on shares of PBF Energy in a research report on Friday, July 17th. They issued an “in-line” rating and a $58.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on shares of PBF Energy from $51.00 to $71.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $45.62.

Insider Transactions at PBF Energy

In other news, insider Control Empresarial De Capital sold 570,000 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $46.36, for a total transaction of $26,425,200.00. Following the completion of the sale, the insider directly owned 17,142,128 shares of the company’s stock, valued at $794,709,054.08. This trade represents a 3.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 3,396,570 shares of company stock valued at $163,978,356. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PBF Energy

Several institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its position in PBF Energy by 127.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock worth $171,595,000 after acquiring an additional 3,550,820 shares during the period. Invesco Ltd. increased its stake in shares of PBF Energy by 147.4% during the 3rd quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company’s stock worth $83,639,000 after purchasing an additional 1,651,516 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of PBF Energy by 230.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,085,060 shares of the oil and gas company’s stock worth $45,183,000 after purchasing an additional 1,454,500 shares during the last quarter. Norges Bank purchased a new stake in shares of PBF Energy during the 4th quarter worth approximately $34,243,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of PBF Energy by 2,198.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,212,368 shares of the oil and gas company’s stock worth $36,577,000 after purchasing an additional 1,159,628 shares during the period. Institutional investors own 96.29% of the company’s stock.

PBF Energy Trading Up 14.1%

The company has a quick ratio of 0.62, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $47.88 and a 200 day moving average of $42.42. The firm has a market cap of $8.56 billion, a PE ratio of 19.49, a P/E/G ratio of 0.10 and a beta of 0.11.

PBF Energy Company Profile

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.