Allspring Global Investments Holdings LLC Lowers Position in PBF Energy Inc. (NYSE:PBF)

Allspring Global Investments Holdings LLC lowered its stake in shares of PBF Energy Inc. (NYSE:PBF - Free Report) by 92.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,716 shares of the oil and gas company's stock after selling 132,498 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in PBF Energy were worth $332,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. State of Michigan Retirement System grew its stake in PBF Energy by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 26,700 shares of the oil and gas company's stock valued at $1,537,000 after purchasing an additional 600 shares during the period. Norden Group LLC bought a new position in PBF Energy in the 1st quarter valued at $212,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of PBF Energy by 6.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 55,073 shares of the oil and gas company's stock worth $3,171,000 after acquiring an additional 3,474 shares during the period. BNP Paribas Financial Markets grew its stake in shares of PBF Energy by 67.9% during the 1st quarter. BNP Paribas Financial Markets now owns 228,011 shares of the oil and gas company's stock worth $13,127,000 after acquiring an additional 92,176 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in shares of PBF Energy during the 1st quarter worth $325,000. Institutional investors own 96.29% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PBF shares. Scotiabank cut their price target on PBF Energy from $45.00 to $31.00 and set a "sector perform" rating for the company in a research note on Thursday, October 10th. Morgan Stanley dropped their price objective on PBF Energy from $48.00 to $38.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. Mizuho dropped their price objective on PBF Energy from $42.00 to $36.00 and set a "neutral" rating on the stock in a report on Wednesday, October 9th. UBS Group dropped their price objective on PBF Energy from $57.00 to $44.00 and set a "neutral" rating on the stock in a report on Tuesday, August 13th. Finally, Tudor, Pickering, Holt & Co. cut PBF Energy from a "hold" rating to a "sell" rating in a report on Monday, September 9th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $34.45.

Insider Buying and Selling

In related news, insider Control Empresarial De Capital purchased 300,000 shares of PBF Energy stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average cost of $29.01 per share, for a total transaction of $8,703,000.00. Following the transaction, the insider now directly owns 25,640,498 shares in the company, valued at $743,830,846.98. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased a total of 4,307,400 shares of company stock worth $137,242,347 in the last ninety days. 5.30% of the stock is owned by insiders.

PBF Energy Price Performance

Shares of NYSE PBF traded down $0.44 during trading hours on Friday, reaching $28.08. 2,739,952 shares of the stock traded hands, compared to its average volume of 2,387,155. The company has a market capitalization of $3.29 billion, a P/E ratio of -10.84 and a beta of 1.56. 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 $27.94 and a 52-week high of $62.88. The company's 50-day simple moving average is $32.15 and its two-hundred day simple moving average is $40.24.

PBF Energy (NYSE:PBF - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share for the quarter, missing analysts' consensus estimates of ($1.40) by ($0.10). PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.78%. The firm had revenue of $8.38 billion for the quarter, compared to analysts' expectations of $8.27 billion. During the same period in the prior year, the business posted $6.61 earnings per share. The business's quarterly revenue was down 21.9% on a year-over-year basis. Equities research analysts forecast that PBF Energy Inc. will post -2.27 EPS for the current year.

PBF Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.92%. This is a positive change from PBF Energy's previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, November 13th. PBF Energy's dividend payout ratio (DPR) is presently -38.61%.

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.