Principal Financial Group Inc. reduced its holdings in shares of PBF Energy Inc. (NYSE:PBF – Get Rating) by 26.9% in the fourth quarter, HoldingsChannel reports. The fund owned 482,758 shares of the oil and gas company’s stock after selling 178,012 shares during the period. Principal Financial Group Inc.’s holdings in PBF Energy were worth $19,687,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. JPMorgan Chase & Co. increased its stake in PBF Energy by 12.2% during the 1st quarter. JPMorgan Chase & Co. now owns 396,209 shares of the oil and gas company’s stock valued at $9,656,000 after purchasing an additional 43,143 shares in the last quarter. Raymond James & Associates bought a new stake in PBF Energy during the 1st quarter valued at about $224,000. MetLife Investment Management LLC increased its stake in PBF Energy by 56.1% during the 1st quarter. MetLife Investment Management LLC now owns 51,879 shares of the oil and gas company’s stock valued at $1,264,000 after purchasing an additional 18,652 shares in the last quarter. Panagora Asset Management Inc. bought a new stake in PBF Energy during the 1st quarter valued at about $578,000. Finally, Rhumbline Advisers increased its stake in PBF Energy by 0.3% during the 1st quarter. Rhumbline Advisers now owns 308,096 shares of the oil and gas company’s stock valued at $7,508,000 after purchasing an additional 784 shares in the last quarter. 90.69% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the stock. Wells Fargo & Company reduced their price target on shares of PBF Energy from $58.00 to $51.00 in a research note on Tuesday, April 18th. JPMorgan Chase & Co. lifted their price target on shares of PBF Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, April 4th. UBS Group began coverage on shares of PBF Energy in a report on Wednesday, March 8th. They set a “neutral” rating and a $53.00 price target on the stock. Mizuho downgraded shares of PBF Energy from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $56.00 to $41.00 in a report on Friday. Finally, StockNews.com began coverage on shares of PBF Energy in a report on Thursday. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $45.08.
PBF Energy Trading Down 2.2 %
PBF Energy (NYSE:PBF – Get Rating) last posted its quarterly earnings data on Friday, May 5th. The oil and gas company reported $2.76 earnings per share for the quarter, beating analysts’ consensus estimates of $2.65 by $0.11. The business had revenue of $9.30 billion for the quarter, compared to analysts’ expectations of $8.39 billion. PBF Energy had a net margin of 6.98% and a return on equity of 69.19%. The business’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.35 earnings per share. As a group, analysts anticipate that PBF Energy Inc. will post 8.85 earnings per share for the current year.
PBF Energy Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Wednesday, May 17th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Tuesday, May 16th. PBF Energy’s payout ratio is presently 3.10%.
PBF Energy Company Profile
PBF Energy, Inc engages in the operation of a petroleum refinery and supplies unbranded transportation fuels, heating oil, petrochemical feed stocks, lubricants, and other petroleum products in the United States. It operates through the Refining and Logistics segments. The Refining segment involves refining crude oil and other feed stocks into petroleum products.
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