PBF Energy (NYSE:PBF) Shares Gap Up on Insider Buying Activity

PBF Energy Inc. (NYSE:PBF)’s stock price gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $45.10, but opened at $46.21. PBF Energy shares last traded at $45.78, with a volume of 71,244 shares trading hands.

Specifically, insider Control Empresarial De Capital acquired 200,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was bought at an average cost of $45.37 per share, with a total value of $9,074,000.00. Following the acquisition, the insider now directly owns 14,824,198 shares in the company, valued at $672,573,863.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders bought 1,951,100 shares of company stock valued at $86,602,417. Corporate insiders own 5.30% of the company’s stock.

Wall Street Analysts Forecast Growth

PBF has been the subject of several recent analyst reports. Wells Fargo & Company decreased their price objective on shares of PBF Energy from $67.00 to $66.00 and set an “overweight” rating for the company in a report on Thursday, June 6th. Piper Sandler decreased their price target on shares of PBF Energy from $54.00 to $47.00 and set a “neutral” rating for the company in a report on Friday, June 14th. Scotiabank lifted their price target on shares of PBF Energy from $39.00 to $56.00 and gave the company a “sector perform” rating in a report on Thursday, April 11th. TD Cowen decreased their price target on shares of PBF Energy from $54.00 to $45.00 and set a “hold” rating for the company in a report on Friday, May 3rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of PBF Energy from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, PBF Energy presently has an average rating of “Hold” and an average target price of $55.82.

PBF Energy Stock Performance

The stock has a market capitalization of $5.43 billion, a P/E ratio of 3.12 and a beta of 1.63. The company’s 50-day moving average is $48.84 and its two-hundred day moving average is $49.39. The company has a current ratio of 1.54, a quick ratio of 0.78 and a debt-to-equity ratio of 0.20.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.24. PBF Energy had a net margin of 4.95% and a return on equity of 18.47%. The company had revenue of $8.65 billion for the quarter, compared to the consensus estimate of $8.29 billion. As a group, sell-side analysts anticipate that PBF Energy Inc. will post 5.67 EPS for the current fiscal year.

PBF Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Thursday, May 16th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, May 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.19%. PBF Energy’s dividend payout ratio (DPR) is 6.92%.

Institutional Trading of PBF Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in shares of PBF Energy by 95.3% during the 1st quarter. GAMMA Investing LLC now owns 459 shares of the oil and gas company’s stock worth $26,000 after buying an additional 224 shares in the last quarter. Rise Advisors LLC acquired a new position in shares of PBF Energy in the 1st quarter worth approximately $27,000. Creekmur Asset Management LLC acquired a new position in shares of PBF Energy in the 4th quarter worth approximately $29,000. Fifth Third Bancorp grew its stake in shares of PBF Energy by 30.4% in the 1st quarter. Fifth Third Bancorp now owns 953 shares of the oil and gas company’s stock worth $55,000 after purchasing an additional 222 shares during the last quarter. Finally, Fortitude Family Office LLC acquired a new position in shares of PBF Energy in the 4th quarter worth approximately $44,000. 96.29% of the stock is currently owned by institutional investors.

PBF Energy Company Profile

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.