Van ECK Associates Corp Sells 171,035 Shares of PBF Energy Inc. (NYSE:PBF)

Van ECK Associates Corp cut its holdings in PBF Energy Inc. (NYSE:PBF - Free Report) by 90.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,531 shares of the oil and gas company's stock after selling 171,035 shares during the quarter. Van ECK Associates Corp's holdings in PBF Energy were worth $596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PBF. Acadian Asset Management LLC lifted its holdings in shares of PBF Energy by 32.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,401,667 shares of the oil and gas company's stock valued at $64,489,000 after buying an additional 347,268 shares during the period. LSV Asset Management lifted its holdings in shares of PBF Energy by 2.7% during the 2nd quarter. LSV Asset Management now owns 1,290,947 shares of the oil and gas company's stock valued at $59,409,000 after buying an additional 34,470 shares during the period. American Century Companies Inc. lifted its holdings in shares of PBF Energy by 3.4% during the 2nd quarter. American Century Companies Inc. now owns 993,301 shares of the oil and gas company's stock valued at $45,712,000 after buying an additional 32,862 shares during the period. Private Management Group Inc. lifted its holdings in shares of PBF Energy by 27.5% during the 3rd quarter. Private Management Group Inc. now owns 848,696 shares of the oil and gas company's stock valued at $26,267,000 after buying an additional 183,183 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of PBF Energy by 14.8% during the 2nd quarter. AQR Capital Management LLC now owns 654,464 shares of the oil and gas company's stock valued at $29,883,000 after buying an additional 84,532 shares during the period. 96.29% of the stock is owned by institutional investors.

PBF Energy Stock Performance

Shares of PBF Energy stock traded up $0.50 during trading on Wednesday, reaching $30.34. 1,595,923 shares of the stock traded hands, compared to its average volume of 2,188,087. The business has a fifty day simple moving average of $31.69 and a two-hundred day simple moving average of $38.92. The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. PBF Energy Inc. has a 52-week low of $27.94 and a 52-week high of $62.88.

PBF Energy (NYSE:PBF - Get Free Report) last issued 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 ($1.41) by ($0.09). The firm had revenue of $8.38 billion for the quarter, compared to analysts' expectations of $8.27 billion. PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The company's revenue for the quarter was down 21.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.61 EPS. On average, equities research analysts anticipate that PBF Energy Inc. will post -2.79 EPS for the current fiscal year.

PBF Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be issued a $0.275 dividend. This is an increase from PBF Energy's previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, November 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.63%. PBF Energy's dividend payout ratio (DPR) is presently -38.61%.

Analysts Set New Price Targets

PBF has been the topic of several research analyst reports. Piper Sandler cut PBF Energy from a "neutral" rating to an "underweight" rating and lowered their price target for the company from $47.00 to $25.00 in a report on Friday, September 20th. Wells Fargo & Company reduced their price objective on PBF Energy from $51.00 to $39.00 and set an "overweight" rating for the company in a research note on Wednesday, October 9th. BMO Capital Markets lowered PBF Energy from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $42.00 to $35.00 in a research note on Friday, October 4th. StockNews.com lowered PBF Energy from a "hold" rating to a "sell" rating in a research note on Monday, November 4th. Finally, Tudor, Pickering, Holt & Co. lowered PBF Energy from a "hold" rating to a "sell" rating in a research note on Monday, September 9th. Five research analysts have rated the stock with a sell rating, ten 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 a consensus price target of $34.18.

Insider Activity at PBF Energy

In other PBF Energy news, insider Control Empresarial De Capital purchased 510,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $33.18 per share, with a total value of $16,921,800.00. Following the acquisition, the insider now owns 19,129,598 shares in the company, valued at approximately $634,720,061.64. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders acquired 4,492,400 shares of company stock valued at $142,172,797. Insiders own 5.30% of the company's stock.

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.