PBF Energy (NYSE:PBF) Reaches New 12-Month High After Analyst Upgrade

Shares of PBF Energy Inc. (NYSE:PBF) hit a new 52-week high on Thursday after Weiss Ratings upgraded the stock from a buy (b-) rating to a buy (b) rating. The stock traded as high as $85.75 and last traded at $83.4930, with a volume of 2,282,448 shares trading hands. The stock had previously closed at $82.88.

Several other brokerages have also recently weighed in on PBF. BMO Capital Markets reissued a “market perform” rating on shares of PBF Energy in a research report on Thursday, October 1st. Freedom Capital downgraded shares of PBF Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. Mizuho increased their target price on shares of PBF Energy from $65.00 to $89.00 and gave the stock a “neutral” rating in a report on Thursday. Wall Street Zen raised PBF Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Finally, Citigroup boosted their price target on PBF Energy from $74.00 to $91.00 and gave the company a “neutral” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, PBF Energy has a consensus rating of “Hold” and a consensus target price of $65.55.

Insider Activity at PBF Energy

In related news, Director Thomas J. Nimbley sold 468,139 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $69.54, for a total value of $32,554,386.06. Following the transaction, the director directly owned 793,737 shares of the company’s stock, valued at approximately $55,196,470.98. This represents a 37.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Control Empresarial De Capital sold 490,000 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $71.26, for a total value of $34,917,400.00. Following the sale, the insider owned 14,992,128 shares in the company, valued at approximately $1,068,339,041.28. This represents a 3.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,196,374 shares of company stock valued at $303,792,637 in the last 90 days. Corporate insiders own 5.50% of the company’s stock.

PBF Energy News Roundup

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

• Positive Sentiment: Mizuho raised its price target to $89 from $65 while maintaining a neutral rating, implying limited additional upside but acknowledging PBF Energy’s strong recent performance. Related market article
• Positive Sentiment: PBF Energy’s latest reported quarter showed exceptionally strong operating momentum, with adjusted earnings of $7.54 per share and a gross refining margin of $23.40 per barrel. The company is scheduled to report third-quarter results on October 29.
• Positive Sentiment: Several major institutional investors increased their PBF positions in the second quarter, including FMR, AQR, BlackRock and T. Rowe Price. PBF also trades at a relatively low valuation, with a reported forward earnings multiple below 8.
• Neutral Sentiment: President Donald Trump said Russia may send millions of tons of diesel to global markets. Increased diesel availability could ease fuel prices, but it may also affect refined-product prices and refining margins; the impact on PBF Energy is uncertain. Trump says Russia may send diesel article
• Negative Sentiment: There was no new company-specific operational problem identified. The decline appears tied largely to profit-taking after a substantial refining-sector advance, softer crude prices and concerns that unusually high crack spreads may not persist until the next earnings report.
• Negative Sentiment: Insider selling remains a notable concern. Control Empresarial De Capital sold 120,000 shares for approximately $10.1 million and has made multiple recent sales. Quiver data also indicates 64 insider sales and no purchases over the past six months, potentially signaling that some insiders view the recent rally as an opportunity to lock in gains. PBF insider sale article
• Negative Sentiment: PBF Energy’s previously issued $500 million of 0% exchangeable notes due 2032 could create future dilution or capital-structure concerns, adding caution after the stock’s rapid appreciation.

Institutional Trading of PBF Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GK Wealth Management LLC purchased a new stake in PBF Energy in the 3rd quarter worth approximately $267,000. Riversedge Advisors LLC bought a new stake in PBF Energy during the 3rd quarter worth approximately $234,000. Wedmont Private Capital purchased a new position in PBF Energy during the third quarter valued at approximately $186,000. GAMMA Investing LLC lifted its holdings in PBF Energy by 12.1% during the third quarter. GAMMA Investing LLC now owns 6,257 shares of the oil and gas company’s stock valued at $482,000 after purchasing an additional 675 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of PBF Energy by 43.1% in the third quarter. Farther Finance Advisors LLC now owns 5,156 shares of the oil and gas company’s stock worth $397,000 after purchasing an additional 1,552 shares during the period. 96.29% of the stock is owned by hedge funds and other institutional investors.

PBF Energy Trading Down 5.8%

The stock has a market capitalization of $9.98 billion, a PE ratio of 7.45, a PEG ratio of 0.07 and a beta of 0.18. The stock’s 50 day moving average price is $73.74 and its 200-day moving average price is $55.94. The company has a quick ratio of 0.67, a current ratio of 1.33 and a debt-to-equity ratio of 0.27.

PBF Energy (NYSE:PBF) last issued its earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share for the quarter, topping the consensus estimate of $4.15 by $2.07. The company 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%. PBF Energy’s quarterly revenue was up 56.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.03) EPS. On average, sell-side analysts expect that PBF Energy Inc. will post 24.69 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a dividend of $0.2750 per share. This represents a $1.10 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, August 14th. PBF Energy’s dividend payout ratio (DPR) is 9.73%.

About PBF Energy

PBF Energy Inc is an independent petroleum refiner and supplier of transportation fuels, petrochemical feedstocks, lubricants, asphalt and other petroleum products. The company sells products under the PBF and Belvieu brands and serves wholesale, commercial and retail customers, as well as other users of refined petroleum products.

PBF Energy owns and operates six refineries in the United States: facilities in California, Delaware, Louisiana, New Jersey and Ohio. Together, these refineries process a range of crude oils and produce gasoline, ultra-low-sulfur diesel, jet fuel, heating oil, petrochemical feedstocks and other refined products.