Van ECK Associates Corp Cuts Stock Holdings in PBF Energy Inc. (NYSE:PBF)

Van ECK Associates Corp lowered its position in PBF Energy Inc. (NYSE:PBF) by 90.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,531 shares of the oil and gas company’s stock after selling 171,035 shares during the period. Van ECK Associates Corp’s holdings in PBF Energy were worth $596,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Acadian Asset Management LLC boosted its holdings in shares of PBF Energy by 32.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company’s stock worth $64,489,000 after buying an additional 347,268 shares during the last quarter. LSV Asset Management boosted its stake in PBF Energy by 2.7% in the second quarter. LSV Asset Management now owns 1,290,947 shares of the oil and gas company’s stock valued at $59,409,000 after acquiring an additional 34,470 shares during the last quarter. American Century Companies Inc. grew its position in shares of PBF Energy by 3.4% during the 2nd quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock valued at $45,712,000 after acquiring an additional 32,862 shares during the period. Private Management Group Inc. increased its stake in shares of PBF Energy by 27.5% during the 3rd quarter. Private Management Group Inc. now owns 848,696 shares of the oil and gas company’s stock worth $26,267,000 after purchasing an additional 183,183 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of PBF Energy by 14.8% in the 2nd quarter. AQR Capital Management LLC now owns 654,464 shares of the oil and gas company’s stock worth $29,883,000 after purchasing an additional 84,532 shares during the period. 96.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PBF. JPMorgan Chase & Co. lowered PBF Energy from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $53.00 to $40.00 in a report on Wednesday, October 2nd. Wolfe Research began coverage on PBF Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Piper Sandler downgraded shares of PBF Energy from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $47.00 to $25.00 in a report on Friday, September 20th. Bank of America assumed coverage on shares of PBF Energy in a research report on Thursday, October 17th. They issued an “underperform” rating and a $25.00 price target on the stock. Finally, Scotiabank reduced their price objective on shares of PBF Energy from $45.00 to $31.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $34.18.

PBF Energy Trading Down 2.3 %

NYSE:PBF opened at $30.12 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. PBF Energy Inc. has a 12 month low of $27.94 and a 12 month high of $62.88. The company has a 50-day moving average price of $31.76 and a 200-day moving average price of $39.11. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of -11.63 and a beta of 1.56.

PBF Energy (NYSE:PBF) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.41) by ($0.09). The business had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $8.27 billion. PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The firm’s revenue was down 21.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.61 earnings per share. Equities analysts predict that PBF Energy Inc. will post -2.73 EPS for the current year.

PBF Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th will be paid a $0.275 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.10 annualized dividend and a dividend yield of 3.65%. This is an increase from PBF Energy’s previous quarterly dividend of $0.25. PBF Energy’s dividend payout ratio (DPR) is -38.61%.

Insider Buying and Selling

In related news, insider Control Empresarial De Capital purchased 85,000 shares of PBF Energy stock in a transaction on Tuesday, November 5th. The shares were bought at an average cost of $28.37 per share, for a total transaction of $2,411,450.00. Following the acquisition, the insider now owns 26,197,498 shares in the company, valued at approximately $743,223,018.26. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders bought 4,492,400 shares of company stock valued at $142,172,797. Company insiders own 5.30% 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.