Abacus Planning Group Inc. Purchases New Position in PBF Energy Inc. (NYSE:PBF)

Abacus Planning Group Inc. acquired a new position in PBF Energy Inc. (NYSE:PBF) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,552 shares of the oil and gas company’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in PBF Energy during the fourth quarter valued at $54,832,000. FMR LLC grew its position in shares of PBF Energy by 91.3% during the 3rd quarter. FMR LLC now owns 904,537 shares of the oil and gas company’s stock valued at $48,420,000 after acquiring an additional 431,801 shares during the period. LSV Asset Management increased its stake in shares of PBF Energy by 20.4% in the 4th quarter. LSV Asset Management now owns 1,274,904 shares of the oil and gas company’s stock valued at $56,045,000 after purchasing an additional 216,400 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in PBF Energy by 205.8% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 231,800 shares of the oil and gas company’s stock worth $10,190,000 after purchasing an additional 156,000 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in PBF Energy by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,381,349 shares of the oil and gas company’s stock worth $324,487,000 after purchasing an additional 120,414 shares in the last quarter. Institutional investors and hedge funds own 96.29% of the company’s stock.

PBF Energy Trading Up 0.9 %

NYSE PBF traded up $0.38 on Monday, reaching $44.14. 322,109 shares of the company were exchanged, compared to its average volume of 2,058,854. The company has a current ratio of 1.54, a quick ratio of 0.78 and a debt-to-equity ratio of 0.20. The business’s fifty day moving average price is $49.83 and its 200 day moving average price is $49.40. The stock has a market capitalization of $5.23 billion, a P/E ratio of 3.03 and a beta of 1.63. PBF Energy Inc. has a fifty-two week low of $39.08 and a fifty-two week high of $62.88.

PBF Energy (NYSE:PBF) last announced its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.24. PBF Energy had a net margin of 4.95% and a return on equity of 18.47%. The firm had revenue of $8.65 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Analysts forecast that PBF Energy Inc. will post 6.06 earnings per share for the current year.

PBF Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Thursday, May 16th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.27%. PBF Energy’s dividend payout ratio is currently 6.92%.

Insider Activity

In other PBF Energy news, insider Control Empresarial De Capital acquired 200,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was bought at an average cost of $45.37 per share, for a total transaction of $9,074,000.00. Following the completion of the transaction, the insider now owns 14,824,198 shares of the company’s stock, valued at approximately $672,573,863.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have bought 1,749,100 shares of company stock valued at $77,590,597. 5.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PBF has been the subject of a number of recent analyst reports. Piper Sandler cut their price objective on PBF Energy from $54.00 to $47.00 and set a “neutral” rating for the company in a research report on Friday, June 14th. TD Cowen reduced their price objective on shares of PBF Energy from $54.00 to $45.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. Mizuho decreased their price objective on shares of PBF Energy from $58.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday. Wells Fargo & Company cut their target price on shares of PBF Energy from $67.00 to $66.00 and set an “overweight” rating for the company in a research note on Thursday, June 6th. Finally, Scotiabank raised their price target on shares of PBF Energy from $39.00 to $56.00 and gave the company a “sector perform” rating in a research note on Thursday, April 11th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, PBF Energy currently has an average rating of “Hold” and an average price target of $55.82.

PBF Energy 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.