PBF Energy Inc. $PBF Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. reduced its stake in shares of PBF Energy Inc. (NYSE:PBF) by 8.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 199,400 shares of the oil and gas company’s stock after selling 19,500 shares during the period. Hennessy Advisors Inc.’s holdings in PBF Energy were worth $15,346,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in PBF Energy in the 3rd quarter worth about $1,202,000. Profund Advisors LLC acquired a new position in shares of PBF Energy during the 3rd quarter valued at $289,000. Parcion Private Wealth LLC boosted its holdings in PBF Energy by 14.2% in the third quarter. Parcion Private Wealth LLC now owns 5,178 shares of the oil and gas company’s stock worth $398,000 after acquiring an additional 642 shares in the last quarter. Choreo LLC acquired a new position in PBF Energy during the third quarter worth $281,000. Finally, Sage Rhino Capital LLC acquired a new stake in shares of PBF Energy in the 3rd quarter worth about $222,000. 96.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Thomas J. Nimbley sold 116,008 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $73.73, for a total value of $8,553,269.84. Following the transaction, the director owned 793,737 shares in the company, valued at $58,522,229.01. This represents a 12.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Control Empresarial De Capital sold 170,000 shares of the business’s stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $88.03, for a total value of $14,965,100.00. Following the completion of the transaction, the insider owned 13,326,127 shares in the company, valued at $1,173,098,959.81. The trade was a 1.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,938,006 shares of company stock worth $219,220,509 over the last three months. 5.50% of the stock is currently owned by insiders.

Key Stories Impacting PBF Energy

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

• Positive Sentiment: Strong Q3 earnings beat: PBF reported adjusted earnings of $12.78 per share, exceeding the $11.12 consensus estimate, while revenue rose 58.6% year over year to $12.13 billion. The company swung from a $0.52-per-share loss in the prior-year quarter to substantial profitability. PBF Energy Beats Q3 Earnings and Revenue Estimates
• Positive Sentiment: Debt reduction and refinery improvements: PBF ended the quarter with approximately $2.5 billion in cash and $2.1 billion in debt. Management is targeting more than $350 million in savings through refinery improvement efforts, while higher throughput and the Martinez refinery’s return to full capacity provide additional operating support. PBF Energy Refinery Improvement Efforts
• Positive Sentiment: Dividend increased: PBF raised its quarterly dividend 18.2% to $0.325 per share, payable November 24 to shareholders of record on November 12. The increase signals confidence in cash generation and strengthens the stock’s income appeal. PBF Energy Q3 Results and Dividend Announcement
• Positive Sentiment: Technical and estimate momentum: A hammer chart pattern suggests possible support after recent weakness, and rising earnings estimates may indicate a near-term trend reversal. PBF Energy Technical and Earnings Outlook
• Neutral Sentiment: Executive incentives approved: PBF’s compensation committee authorized new long-term incentive awards for executives. The program may align management with long-term performance, although it could increase compensation expense or shareholder dilution. PBF Energy Executive Incentives
• Negative Sentiment: Convertible-note accounting risk: PBF’s 2032 exchangeable notes may create GAAP earnings volatility and potential dilution, while liquidity and refinancing considerations remain risks if refining conditions weaken. PBF Energy Exchangeable Notes Risks

Analyst Upgrades and Downgrades

PBF has been the topic of a number of research analyst reports. Evercore assumed coverage on shares of PBF Energy in a research note on Friday, July 17th. They issued an “in-line” rating and a $58.00 target price on the stock. Zacks Research upgraded PBF Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 23rd. 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 research report on Thursday, October 8th. Citigroup lifted their target price on shares of PBF Energy from $74.00 to $91.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 6th. Finally, Morgan Stanley boosted their price target on shares of PBF Energy from $38.00 to $76.00 and gave the company an “underweight” rating in a research report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, PBF Energy has a consensus rating of “Hold” and a consensus price target of $70.91.

PBF Energy Stock Performance

PBF Energy stock opened at $77.83 on Monday. The company has a current ratio of 1.59, a quick ratio of 0.96 and a debt-to-equity ratio of 0.26. The firm has a market cap of $9.23 billion, a P/E ratio of 3.48, a P/E/G ratio of 0.09 and a beta of 0.18. PBF Energy Inc. has a 1-year low of $25.62 and a 1-year high of $92.46. The firm has a 50-day moving average of $77.37 and a 200-day moving average of $53.50.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $12.78 EPS for the quarter, topping analysts’ consensus estimates of $11.12 by $1.66. The company had revenue of $12.13 billion during the quarter, compared to analyst estimates of $10.60 billion. PBF Energy had a return on equity of 34.92% and a net margin of 6.98%. The firm’s revenue was up 58.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.52) earnings per share. Sell-side analysts expect that PBF Energy Inc. will post 24.77 EPS for the current year.

PBF Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Thursday, November 12th will be paid a $0.3250 dividend. This represents a $1.30 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Thursday, November 12th. This is a positive change from PBF Energy’s previous quarterly dividend of $0.2750. PBF Energy’s dividend payout ratio (DPR) is presently 5.81%.

PBF Energy Profile

PBF Energy Inc (NYSE:PBF) is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, asphalt and other refined petroleum products. The company purchases crude oil and other feedstocks, processes them at its refineries, and sells the resulting products to branded and unbranded fuel retailers, distributors, wholesalers and commercial customers.

PBF operates refineries in several major U.S. refining regions, including the East Coast, Midwest, Gulf Coast and West Coast.