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Wakefield Asset Management LLLP Sells 4,523 Shares of PBF Energy Inc. (NYSE:PBF)

Financial News Live · Jan 25, 2023 10:30

Wakefield Asset Management LLLP lessened its stake in PBF Energy Inc. (NYSE:PBF – Get Rating) by 16.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,248 shares of the oil and gas company's stock after selling 4,523 shares during the period. Wakefield Asset Management LLLP's holdings in PBF Energy were worth $782,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Financial Management Professionals Inc. bought a new stake in shares of PBF Energy in the 3rd quarter valued at about $34,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of PBF Energy during the 1st quarter valued at about $48,000. Quadrant Capital Group LLC boosted its position in shares of PBF Energy by 17.6% during the 2nd quarter. Quadrant Capital Group LLC now owns 2,900 shares of the oil and gas company's stock valued at $84,000 after purchasing an additional 433 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of PBF Energy during the 1st quarter valued at about $76,000. Finally, Ellevest Inc. boosted its position in shares of PBF Energy by 724.0% during the 2nd quarter. Ellevest Inc. now owns 3,436 shares of the oil and gas company's stock valued at $100,000 after purchasing an additional 3,019 shares in the last quarter. Institutional investors own 90.69% of the company's stock.

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Insider Transactions at PBF Energy

In related news, SVP Paul T. Davis sold 117,500 shares of PBF Energy stock in a transaction on Friday, November 4th. The stock was sold at an average price of $47.28, for a total transaction of $5,555,400.00. Following the completion of the sale, the senior vice president now owns 44,126 shares of the company's stock, valued at $2,086,277.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other PBF Energy news, SVP Paul T. Davis sold 117,500 shares of the firm's stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $47.28, for a total transaction of $5,555,400.00. Following the sale, the senior vice president now owns 44,126 shares in the company, valued at $2,086,277.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John C. Barone sold 32,500 shares of the firm's stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $45.97, for a total value of $1,494,025.00. Following the sale, the insider now owns 14,662 shares in the company, valued at approximately $674,012.14. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company's stock.

PBF Energy Stock Performance

Shares of PBF traded down $0.46 on Wednesday, reaching $44.62. 70,915 shares of the company's stock traded hands, compared to its average volume of 2,147,470. The stock's 50 day simple moving average is $39.99 and its two-hundred day simple moving average is $37.35. PBF Energy Inc. has a 52-week low of $15.41 and a 52-week high of $49.00. The stock has a market cap of $5.47 billion, a PE ratio of 2.34 and a beta of 1.92. The company has a current ratio of 1.21, a quick ratio of 0.72 and a debt-to-equity ratio of 0.31.

PBF Energy (NYSE:PBF – Get Rating) last announced its quarterly earnings data on Thursday, October 27th. The oil and gas company reported $7.96 earnings per share for the quarter, beating the consensus estimate of $6.03 by $1.93. PBF Energy had a return on equity of 73.75% and a net margin of 5.44%. The business had revenue of $12.76 billion during the quarter, compared to analyst estimates of $10.12 billion. On average, analysts forecast that PBF Energy Inc. will post 23.42 earnings per share for the current fiscal year.

PBF Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 29th. Stockholders of record on Monday, November 14th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend was Thursday, November 10th. PBF Energy's payout ratio is currently 4.16%.

Analysts Set New Price Targets

PBF has been the topic of several research analyst reports. Piper Sandler upped their target price on PBF Energy from $53.00 to $69.00 and gave the company an "overweight" rating in a research report on Wednesday, November 9th. StockNews.com downgraded PBF Energy from a "strong-buy" rating to a "buy" rating in a research note on Thursday, December 15th. Morgan Stanley upped their price target on PBF Energy from $40.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, January 20th. Cowen upped their price target on PBF Energy to $35.00 in a research note on Tuesday, November 1st. Finally, Mizuho reaffirmed a "buy" rating and set a $50.00 price target (up from $43.00) on shares of PBF Energy in a research note on Tuesday, January 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $41.69.

About PBF Energy

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PBF Energy Inc, together with 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.