PBF Energy (NYSE:PBF) Hits New 12-Month High on Analyst Upgrade

PBF Energy Inc. (NYSE:PBF) shares reached a new 52-week high on Wednesday after Mizuho raised their price target on the stock from $48.00 to $57.00. Mizuho currently has a neutral rating on the stock. PBF Energy traded as high as $61.02 and last traded at $60.8210, with a volume of 3855819 shares traded. The stock had previously closed at $57.44.

Several other brokerages also recently issued reports on PBF. Freedom Capital raised PBF Energy to a “hold” rating in a research report on Tuesday, July 7th. TD Cowen upgraded shares of PBF Energy from a “sell” rating to a “hold” rating and raised their target price for the stock from $36.00 to $39.00 in a report on Monday, June 29th. Scotiabank lifted their price target on shares of PBF Energy from $28.00 to $34.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. BMO Capital Markets raised their price objective on shares of PBF Energy from $43.00 to $50.00 and gave the stock a “market perform” rating in a report on Thursday, April 2nd. Finally, Wall Street Zen cut shares of PBF Energy from a “buy” rating to a “hold” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $38.50.

Insider Activity

In other news, insider Control Empresarial De Capital sold 100,000 shares of the business’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $54.52, for a total value of $5,452,000.00. Following the sale, the insider owned 15,712,128 shares of the company’s stock, valued at $856,625,218.56. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 3,541,570 shares of company stock valued at $165,787,386 in the last 90 days. 5.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PBF. Torren Management LLC acquired a new stake in PBF Energy in the 4th quarter valued at $30,000. Los Angeles Capital Management LLC acquired a new position in shares of PBF Energy during the 4th quarter worth about $31,000. Leonteq Securities AG acquired a new position in shares of PBF Energy during the 1st quarter worth about $33,000. Smartleaf Asset Management LLC grew its holdings in shares of PBF Energy by 65.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,466 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 579 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of PBF Energy in the 4th quarter valued at about $57,000. Institutional investors own 96.29% of the company’s stock.

PBF Energy Price Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.62 and a current ratio of 1.31. The company has a fifty day moving average price of $43.30 and a two-hundred day moving average price of $39.73. The company has a market cap of $7.20 billion, a P/E ratio of 16.39, a PEG ratio of 0.18 and a beta of 0.11.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.79) by ($0.09). PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. The company had revenue of $7.90 billion for the quarter, compared to analyst estimates of $7.32 billion. During the same period last year, the company posted ($3.53) earnings per share. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, sell-side analysts anticipate that PBF Energy Inc. will post 8.26 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.275 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. PBF Energy’s dividend payout ratio is currently 29.65%.

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.