Franklin Resources Inc. Sells 69,029 Shares of PBF Energy Inc. (NYSE:PBF)

Franklin Resources Inc. lessened its holdings in shares of PBF Energy Inc. (NYSE:PBF) by 63.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,110 shares of the oil and gas company’s stock after selling 69,029 shares during the period. Franklin Resources Inc.’s holdings in PBF Energy were worth $1,279,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PBF. National Bank of Canada FI bought a new position in shares of PBF Energy during the second quarter valued at approximately $26,000. Quarry LP bought a new stake in PBF Energy in the third quarter valued at $48,000. Harbor Capital Advisors Inc. purchased a new position in PBF Energy during the 3rd quarter valued at $59,000. Blue Trust Inc. raised its holdings in PBF Energy by 1,291.1% in the 3rd quarter. Blue Trust Inc. now owns 2,184 shares of the oil and gas company’s stock worth $68,000 after purchasing an additional 2,027 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of PBF Energy by 27.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 573 shares during the period. Institutional investors own 96.29% of the company’s stock.

Insider Buying and Selling at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital bought 55,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $30.85 per share, with a total value of $1,696,750.00. Following the transaction, the insider now owns 23,462,398 shares in the company, valued at $723,814,978.30. This represents a 0.23 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders have acquired 3,354,600 shares of company stock worth $102,728,271. Insiders own 5.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on PBF shares. The Goldman Sachs Group reduced their price target on shares of PBF Energy from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 10th. Mizuho downgraded PBF Energy from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $33.00 to $31.00 in a report on Monday, December 16th. Tudor, Pickering, Holt & Co. lowered PBF Energy from a “hold” rating to a “sell” rating in a research report on Monday, September 9th. Piper Sandler lowered PBF Energy from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $47.00 to $25.00 in a research report on Friday, September 20th. Finally, JPMorgan Chase & Co. cut PBF Energy from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $53.00 to $40.00 in a research note on Wednesday, October 2nd. Seven research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $32.45.

PBF Energy Price Performance

PBF opened at $25.40 on Friday. PBF Energy Inc. has a 1 year low of $24.21 and a 1 year high of $62.88. The stock has a 50-day moving average price of $29.91 and a 200-day moving average price of $34.59. The firm has a market cap of $2.92 billion, a PE ratio of -9.81 and a beta of 1.57. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.34 and a quick ratio of 0.65.

PBF Energy (NYSE:PBF) last issued its 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). 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 during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the firm posted $6.61 earnings per share. The firm’s quarterly revenue was down 21.9% on a year-over-year basis. Sell-side analysts predict that PBF Energy Inc. will post -2.87 earnings per share for the current fiscal year.

PBF Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were given a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 4.33%. PBF Energy’s dividend payout ratio is -42.47%.

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.