Private Management Group Inc. Raises Holdings in PBF Energy Inc. (NYSE:PBF)

02 Nov 2024, 12:25 by Jessica Moore · The Cerbat Gem

Private Management Group Inc. boosted its holdings in PBF Energy Inc. (NYSE:PBF – Free Report) by 27.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 848,696 shares of the oil and gas company’s stock after buying an additional 183,183 shares during the period. Private Management Group Inc. owned approximately 0.72% of PBF Energy worth $26,267,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Acadian Asset Management LLC lifted its stake in PBF Energy by 32.9% during the second quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company’s stock worth $64,489,000 after purchasing an additional 347,268 shares during the last quarter. LSV Asset Management grew its holdings in PBF Energy by 2.7% in the 2nd quarter. LSV Asset Management now owns 1,290,947 shares of the oil and gas company’s stock worth $59,409,000 after acquiring an additional 34,470 shares during the last quarter. American Century Companies Inc. increased its position in shares of PBF Energy by 3.4% in the second quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company’s stock valued at $45,712,000 after acquiring an additional 32,862 shares during the period. AQR Capital Management LLC boosted its holdings in shares of PBF Energy by 14.8% during the second quarter. AQR Capital Management LLC now owns 654,464 shares of the oil and gas company’s stock worth $29,883,000 after purchasing an additional 84,532 shares during the period. Finally, Janus Henderson Group PLC grew its stake in shares of PBF Energy by 957.8% in the first quarter. Janus Henderson Group PLC now owns 604,674 shares of the oil and gas company’s stock worth $34,811,000 after purchasing an additional 547,509 shares during the last quarter. 96.29% of the stock is currently owned by institutional investors.

PBF Energy Stock Down 1.5 %

NYSE:PBF traded down $0.44 on Friday, reaching $28.08. 2,739,952 shares of the stock traded hands, compared to its average volume of 2,179,454. The company has a current ratio of 1.42, a quick ratio of 0.75 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 4.67 and a beta of 1.55. PBF Energy Inc. has a 12 month low of $27.94 and a 12 month high of $62.88. The company’s fifty day simple moving average is $32.15 and its 200 day simple moving average is $40.48.

PBF Energy (NYSE:PBF – Get Free Report) 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 ($1.40) by ($0.10). The company had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $8.27 billion. PBF Energy had a return on equity of 12.81% and a net margin of 2.09%. The company’s revenue for the quarter was down 21.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.61 EPS. Equities analysts predict that PBF Energy Inc. will post -2.27 EPS for the current fiscal year.

PBF Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be given a $0.275 dividend. This is a boost from PBF Energy’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.10 dividend on an annualized basis and a yield of 3.92%. PBF Energy’s dividend payout ratio is presently 16.64%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PBF. Morgan Stanley decreased their target price on PBF Energy from $48.00 to $38.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Wells Fargo & Company reduced their price target on shares of PBF Energy from $51.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. UBS Group lowered their price objective on shares of PBF Energy from $57.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, August 13th. Piper Sandler downgraded PBF Energy from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $47.00 to $25.00 in a report on Friday, September 20th. Finally, Bank of America began coverage on PBF Energy in a research note on Thursday, October 17th. They issued an “underperform” rating and a $25.00 target price for the company. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $34.45.

Read Our Latest Report on PBF Energy

Insider Activity at PBF Energy

In other news, insider Control Empresarial De Capital purchased 510,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $33.18 per share, with a total value of $16,921,800.00. Following the completion of the acquisition, the insider now directly owns 19,129,598 shares of the company’s stock, valued at $634,720,061.64. This trade represents a 0.00 % 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. In the last ninety days, insiders purchased 4,307,400 shares of company stock worth $137,242,347. 5.30% of the stock is owned by company insiders.

PBF Energy Profile

(Free Report)