PBF Energy (NYSE:PBF) Shares Gap Down – Here’s Why

PBF Energy Inc. (NYSE:PBF)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $46.18, but opened at $42.04. PBF Energy shares last traded at $41.8840, with a volume of 842,200 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on PBF. Mizuho raised their price target on shares of PBF Energy from $38.00 to $45.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Piper Sandler raised their price target on shares of PBF Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, February 13th. Weiss Ratings reissued a “sell (d)” rating on shares of PBF Energy in a report on Monday, December 29th. The Goldman Sachs Group raised their price target on shares of PBF Energy from $33.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Finally, Zacks Research raised shares of PBF Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, PBF Energy has an average rating of “Reduce” and an average price target of $32.92.

PBF Energy Price Performance

The business’s 50 day moving average price is $40.31 and its two-hundred day moving average price is $34.77. The stock has a market cap of $4.81 billion, a P/E ratio of -28.16, a price-to-earnings-growth ratio of 0.56 and a beta of 0.25. The company has a current ratio of 1.21, a quick ratio of 0.51 and a debt-to-equity ratio of 0.40.

PBF Energy (NYSE:PBF) last announced its earnings results on Thursday, February 12th. The oil and gas company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.64. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.17 billion. PBF Energy had a negative net margin of 0.54% and a negative return on equity of 8.86%. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($2.82) EPS. As a group, sell-side analysts expect that PBF Energy Inc. will post -1.12 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 11th. Stockholders of record on Wednesday, February 25th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.7%. PBF Energy’s payout ratio is presently -74.83%.

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital sold 200,000 shares of PBF Energy stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $50.74, for a total transaction of $10,148,000.00. Following the sale, the insider owned 19,453,698 shares of the company’s stock, valued at approximately $987,080,636.52. The trade was a 1.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP James E. Fedena sold 77,085 shares of PBF Energy stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $49.60, for a total transaction of $3,823,416.00. Following the sale, the senior vice president directly owned 139,016 shares in the company, valued at $6,895,193.60. The trade was a 35.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 11,316,825 shares of company stock worth $492,838,557. 5.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PBF Energy

Several hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its stake in PBF Energy by 127.9% during 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 in the last quarter. State Street Corp boosted its stake in PBF Energy by 1.3% during the fourth quarter. State Street Corp now owns 4,854,750 shares of the oil and gas company’s stock worth $131,661,000 after acquiring an additional 60,294 shares in the last quarter. Invesco Ltd. boosted its stake in PBF Energy by 147.4% during the third quarter. Invesco Ltd. now owns 2,772,258 shares of the oil and gas company’s stock worth $83,639,000 after acquiring an additional 1,651,516 shares in the last quarter. AQR Capital Management LLC boosted its stake in PBF Energy by 20.1% during the third quarter. AQR Capital Management LLC now owns 2,503,283 shares of the oil and gas company’s stock worth $75,524,000 after acquiring an additional 418,223 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in PBF Energy by 16.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,400,702 shares of the oil and gas company’s stock worth $65,108,000 after acquiring an additional 331,404 shares in the last quarter. Institutional investors own 96.29% of the company’s stock.

About PBF Energy

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.