Vestcor Inc Raises Position in PBF Energy Inc. (NYSE:PBF)

Vestcor Inc raised its holdings in shares of PBF Energy Inc. (NYSE:PBF) by 1,513.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,712 shares of the oil and gas company’s stock after buying an additional 13,800 shares during the quarter. Vestcor Inc’s holdings in PBF Energy were worth $455,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Dakota Wealth Management bought a new position in shares of PBF Energy in the third quarter worth approximately $694,000. Intech Investment Management LLC increased its holdings in shares of PBF Energy by 165.9% in 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 buying an additional 28,770 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of 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 valued at $1,839,000 after buying an additional 18,173 shares in the last quarter. Symmetry Investments LP bought a new stake in shares of PBF Energy during the 2nd quarter worth $2,464,000. Finally, Bridgewater Associates LP grew its position in PBF Energy by 40.5% in the third quarter. Bridgewater Associates LP now owns 93,566 shares of the oil and gas company’s stock worth $2,896,000 after acquiring an additional 26,952 shares in the last quarter. 96.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PBF has been the subject of several research analyst reports. Bank of America started coverage on PBF Energy in a research note on Thursday, October 17th. They set an “underperform” rating and a $25.00 price target for the company. The Goldman Sachs Group cut their target price on PBF Energy from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. downgraded shares of PBF Energy from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $53.00 to $40.00 in a research note on Wednesday, October 2nd. BMO Capital Markets cut shares of PBF Energy from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $42.00 to $35.00 in a research note on Friday, October 4th. Finally, Tudor Pickering upgraded shares of PBF Energy to a “strong sell” rating in a research report on Monday, September 9th. Five analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $33.27.

Insider Activity

In other news, insider Control Empresarial De Capital acquired 250,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was bought at an average cost of $31.78 per share, for a total transaction of $7,945,000.00. Following the acquisition, the insider now directly owns 22,952,398 shares in the company, valued at approximately $729,427,208.44. The trade was a 1.10 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders purchased 3,568,100 shares of company stock worth $111,183,331 over the last three months. 5.30% of the stock is currently owned by corporate insiders.

PBF Energy Price Performance

Shares of PBF stock opened at $29.26 on Friday. The business’s fifty day moving average is $31.33 and its 200 day moving average is $36.13. The company has a quick ratio of 0.65, a current ratio of 1.34 and a debt-to-equity ratio of 0.21. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of -11.46 and a beta of 1.57. PBF Energy Inc. has a twelve month low of $27.94 and a twelve month high of $62.88.

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 the consensus estimate of ($1.41) by ($0.09). The business had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $8.27 billion. PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. PBF Energy’s revenue for the quarter was down 21.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.61 earnings per share. Research analysts expect that PBF Energy Inc. will post -2.86 EPS for the current fiscal year.

PBF Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were paid a $0.275 dividend. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend was Wednesday, November 13th. PBF Energy’s dividend payout ratio is currently -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.