PBF Energy Inc. (NYSE:PBF) Expected to Earn Q2 2024 Earnings of $2.08 Per Share

PBF Energy Inc. (NYSE:PBF) – Equities researchers at Zacks Research reduced their Q2 2024 EPS estimates for PBF Energy in a research report issued on Tuesday, April 2nd. Zacks Research analyst U. Dutta now forecasts that the oil and gas company will earn $2.08 per share for the quarter, down from their previous forecast of $2.09. The consensus estimate for PBF Energy’s current full-year earnings is $6.22 per share. Zacks Research also issued estimates for PBF Energy’s Q3 2024 earnings at $2.17 EPS, Q1 2025 earnings at $1.25 EPS, Q2 2025 earnings at $1.28 EPS, Q4 2025 earnings at $1.27 EPS and FY2025 earnings at $5.08 EPS.

A number of other research firms have also issued reports on PBF. JPMorgan Chase & Co. boosted 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. Mizuho lowered shares of PBF Energy from a “buy” rating to a “neutral” rating and upped their price objective for the company from $53.00 to $58.00 in a research note on Friday, March 22nd. StockNews.com lowered shares of PBF Energy from a “buy” rating to a “hold” rating in a research note on Monday, December 18th. TD Cowen upped their price objective on shares of PBF Energy from $35.00 to $41.00 and gave the company a “market perform” rating in a research note on Friday, February 16th. Finally, Citigroup began coverage on shares of PBF Energy in a research note on Wednesday, January 24th. They issued a “neutral” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $57.10.

PBF Energy Stock Up 1.8 %

PBF stock opened at $62.04 on Friday. PBF Energy has a 52-week low of $31.25 and a 52-week high of $62.88. The company’s 50 day simple moving average is $52.39 and its 200-day simple moving average is $48.04. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.56 and a quick ratio of 0.81. The firm has a market capitalization of $7.42 billion, a P/E ratio of 3.77 and a beta of 1.73.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, February 15th. The oil and gas company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.49). PBF Energy had a net margin of 5.59% and a return on equity of 23.69%. The firm had revenue of $9.14 billion for the quarter, compared to analyst estimates of $8.65 billion. During the same quarter in the prior year, the firm earned $4.41 EPS. The firm’s revenue was down 15.7% compared to the same quarter last year.

PBF Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Thursday, February 29th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Wednesday, February 28th. PBF Energy’s dividend payout ratio is currently 6.08%.

Insider Buying and Selling

In other news, insider Control Empresarial De Capital acquired 770,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The stock was acquired at an average cost of $42.95 per share, with a total value of $33,071,500.00. Following the acquisition, the insider now owns 13,832,998 shares in the company, valued at $594,127,264.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Control Empresarial De Capital purchased 770,000 shares of PBF Energy stock in a transaction on Tuesday, January 16th. The stock was purchased at an average cost of $42.95 per share, with a total value of $33,071,500.00. Following the acquisition, the insider now directly owns 13,832,998 shares in the company, valued at $594,127,264.10. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Connor Thomas L. O sold 40,000 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $55.87, for a total transaction of $2,234,800.00. Following the completion of the sale, the senior vice president now directly owns 160,338 shares of the company’s stock, valued at $8,958,084.06. The disclosure for this sale can be found here. In the last three months, insiders bought 1,268,200 shares of company stock valued at $54,251,872 and sold 180,000 shares valued at $10,074,600. 5.30% of the stock is owned by insiders.

Hedge Funds Weigh In On PBF Energy

A number of hedge funds have recently made changes to their positions in PBF. Moneta Group Investment Advisors LLC acquired a new position in shares of PBF Energy in the 4th quarter valued at $412,454,000. Norges Bank acquired a new position in shares of PBF Energy in the 4th quarter valued at $54,832,000. Vanguard Group Inc. increased its position in shares of PBF Energy by 9.6% during the 1st quarter. Vanguard Group Inc. now owns 12,265,760 shares of the oil and gas company’s stock worth $298,916,000 after purchasing an additional 1,077,287 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of PBF Energy by 1,112.3% during the 3rd quarter. Acadian Asset Management LLC now owns 966,324 shares of the oil and gas company’s stock worth $51,718,000 after purchasing an additional 886,617 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of PBF Energy by 253.1% during the 1st quarter. AQR Capital Management LLC now owns 1,156,262 shares of the oil and gas company’s stock worth $49,569,000 after purchasing an additional 828,787 shares in the last quarter. Institutional investors and hedge funds own 96.29% of the company’s stock.

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.