PBF Energy Inc. (NYSE:PBF) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its stake in PBF Energy Inc. (NYSE:PBF) by 6.9% during the third quarter, Holdings Channel.com reports. The fund owned 118,995 shares of the oil and gas company’s stock after selling 8,825 shares during the period. The Manufacturers Life Insurance Company’s holdings in PBF Energy were worth $3,683,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Dakota Wealth Management acquired a new stake in shares of PBF Energy in the third quarter valued at $694,000. Intech Investment Management LLC increased its holdings in PBF Energy by 165.9% during the 3rd quarter. Intech Investment Management LLC now owns 46,107 shares of the oil and gas company’s stock worth $1,427,000 after purchasing an additional 28,770 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in PBF Energy by 44.1% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 59,424 shares of the oil and gas company’s stock worth $1,839,000 after purchasing an additional 18,173 shares during the period. Symmetry Investments LP acquired a new stake in PBF Energy in the 2nd quarter valued at about $2,464,000. Finally, Stratos Wealth Advisors LLC boosted its stake in shares of PBF Energy by 105.8% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 43,709 shares of the oil and gas company’s stock valued at $1,353,000 after buying an additional 22,470 shares during the period. 96.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PBF. Tudor, Pickering, Holt & Co. lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a report on Monday, September 9th. TD Cowen cut their price target on PBF Energy from $32.00 to $27.00 and set a “hold” rating on the stock in a research note on Friday, November 1st. Scotiabank lowered their price objective on PBF Energy from $45.00 to $31.00 and set a “sector perform” rating for the company in a research report on Thursday, October 10th. Mizuho cut their target price on PBF Energy from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Tudor Pickering upgraded shares of PBF Energy to a “strong sell” rating in a research note on Monday, September 9th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $34.18.

Insider Buying and Selling at PBF Energy

In other news, insider Control Empresarial De Capital bought 670,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were bought at an average cost of $31.29 per share, with a total value of $20,964,300.00. Following the transaction, the insider now directly owns 22,527,398 shares in the company, valued at approximately $704,882,283.42. This trade represents a 3.07 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have bought a total of 4,238,100 shares of company stock valued at $132,147,631 in the last three months. 5.30% of the stock is currently owned by company insiders.

PBF Energy Price Performance

Shares of PBF opened at $30.22 on Friday. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of -11.67 and a beta of 1.57. The stock’s fifty day moving average is $31.44 and its 200-day moving average is $36.56. PBF Energy Inc. has a one year low of $27.94 and a one year high of $62.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 1.34.

PBF Energy (NYSE:PBF) last released its earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.09). PBF Energy had a negative return on equity of 2.84% and a negative net margin of 0.84%. The firm had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the firm earned $6.61 earnings per share. PBF Energy’s revenue was down 21.9% on a year-over-year basis. Equities analysts anticipate that PBF Energy Inc. will post -2.86 EPS for the current year.

PBF Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.64%. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, November 13th. PBF Energy’s payout ratio is presently -42.47%.

About PBF Energy

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.