Bank of New York Mellon Corp Reduces Holdings in PBF Energy Inc. (NYSE:PBF)

Bank of New York Mellon Corp decreased its position in shares of PBF Energy Inc. (NYSE:PBF) by 12.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,538,874 shares of the oil and gas company’s stock after selling 349,274 shares during the period. Bank of New York Mellon Corp’s holdings in PBF Energy were worth $116,839,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise raised its stake in PBF Energy by 10.4% during the 1st quarter. Banque Cantonale Vaudoise now owns 1,830 shares of the oil and gas company’s stock worth $105,000 after acquiring an additional 172 shares during the period. Fifth Third Bancorp raised its stake in PBF Energy by 30.4% during the 1st quarter. Fifth Third Bancorp now owns 953 shares of the oil and gas company’s stock worth $55,000 after acquiring an additional 222 shares during the period. GAMMA Investing LLC raised its stake in PBF Energy by 95.3% during the 1st quarter. GAMMA Investing LLC now owns 459 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 224 shares during the period. Center For Asset Management LLC raised its stake in PBF Energy by 3.9% during the 1st quarter. Center For Asset Management LLC now owns 6,127 shares of the oil and gas company’s stock worth $353,000 after acquiring an additional 228 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in PBF Energy by 12.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,598 shares of the oil and gas company’s stock worth $114,000 after acquiring an additional 295 shares during the period. Institutional investors own 96.29% of the company’s stock.

PBF Energy Price Performance

PBF Energy stock opened at $32.72 on Wednesday. The company has a market cap of $3.88 billion, a price-to-earnings ratio of 2.26 and a beta of 1.60. The firm’s fifty day moving average is $39.70 and its 200 day moving average is $47.56. The company has a quick ratio of 0.75, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. PBF Energy Inc. has a 52-week low of $32.64 and a 52-week high of $62.88.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.39). The business had revenue of $8.74 billion for the quarter, compared to analysts’ expectations of $8.64 billion. PBF Energy had a net margin of 2.09% and a return on equity of 12.81%. PBF Energy’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.29 EPS. Sell-side analysts forecast that PBF Energy Inc. will post 1.63 EPS for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Thursday, August 15th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Thursday, August 15th. PBF Energy’s payout ratio is 6.92%.

Insider Activity at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital purchased 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were bought at an average price of $45.37 per share, with a total value of $9,074,000.00. Following the completion of the purchase, the insider now directly owns 14,824,198 shares in the company, valued at $672,573,863.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired a total of 2,448,100 shares of company stock valued at $106,825,157 over the last 90 days. 5.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PBF shares. TD Cowen decreased their target price on shares of PBF Energy from $54.00 to $45.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Scotiabank decreased their target price on shares of PBF Energy from $56.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, July 12th. JPMorgan Chase & Co. reduced their price objective on shares of PBF Energy from $58.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Wolfe Research initiated coverage on shares of PBF Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, UBS Group reduced their price objective on shares of PBF Energy from $57.00 to $44.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, PBF Energy has an average rating of “Hold” and an average price target of $53.80.

PBF Energy 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.