PBF Energy (NYSE:PBF) Hits New 52-Week Low Following Weak Earnings

PBF Energy Inc. (NYSE:PBF)’s share price reached a new 52-week low during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $22.03 and last traded at $23.71, with a volume of 1415875 shares. The stock had previously closed at $26.61.

The oil and gas company reported ($2.82) EPS for the quarter, missing analysts’ consensus estimates of ($1.80) by ($1.02). PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%.

PBF Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 4.67%. PBF Energy’s dividend payout ratio is currently -42.47%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wells Fargo & Company lowered shares of PBF Energy from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $39.00 to $34.00 in a research report on Monday, December 9th. TD Cowen downgraded shares of PBF Energy from a “hold” rating to a “sell” rating and cut their target price for the stock from $27.00 to $20.00 in a research report on Friday, December 20th. StockNews.com lowered shares of PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. dropped their price target on shares of PBF Energy from $36.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Finally, The Goldman Sachs Group reduced their price objective on PBF Energy from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, December 10th. Seven research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, PBF Energy has an average rating of “Hold” and an average price target of $32.00.

Insiders Place Their Bets

In other PBF Energy news, insider Control Empresarial De Capital bought 100,000 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were acquired at an average cost of $31.28 per share, for a total transaction of $3,128,000.00. Following the transaction, the insider now owns 26,532,498 shares in the company, valued at approximately $829,936,537.44. The trade was a 0.38 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders purchased 1,968,500 shares of company stock valued at $58,476,810 over the last 90 days. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PBF Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fortitude Family Office LLC grew its position in PBF Energy by 968.8% in the fourth quarter. Fortitude Family Office LLC now owns 1,165 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 1,056 shares during the period. Quarry LP bought a new position in PBF Energy during the 3rd quarter valued at about $48,000. Harbor Capital Advisors Inc. acquired a new position in PBF Energy in the third quarter valued at about $59,000. Golden State Wealth Management LLC bought a new stake in PBF Energy during the fourth quarter worth about $61,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of PBF Energy by 33.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,463 shares of the oil and gas company’s stock worth $65,000 after buying an additional 614 shares in the last quarter. Institutional investors own 96.29% of the company’s stock.

PBF Energy Stock Down 11.6 %

The company has a market cap of $2.71 billion, a P/E ratio of -9.16 and a beta of 1.60. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.34 and a quick ratio of 0.65. The business’s 50 day moving average price is $28.43 and its 200-day moving average price is $31.32.

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.