29,100 Shares in PBF Energy Inc. (NYSE:PBF) Bought by State of Michigan Retirement System

Posted by Defense World Staff on Apr 15th, 2023

State of Michigan Retirement System bought a new position in PBF Energy Inc. (NYSE:PBF – Get Rating) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 29,100 shares of the oil and gas company’s stock, valued at approximately $1,187,000.

Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in PBF Energy by 9.9% in the third quarter. BlackRock Inc. now owns 18,324,922 shares of the oil and gas company’s stock valued at $644,303,000 after acquiring an additional 1,655,097 shares in the last quarter. UBS Asset Management Americas Inc. boosted its holdings in PBF Energy by 684.9% in the third quarter. UBS Asset Management Americas Inc. now owns 1,372,847 shares of the oil and gas company’s stock valued at $48,269,000 after acquiring an additional 1,197,940 shares in the last quarter. Vanguard Group Inc. boosted its holdings in PBF Energy by 9.6% in the first quarter. Vanguard Group Inc. now owns 12,265,760 shares of the oil and gas company’s stock valued at $298,916,000 after acquiring an additional 1,077,287 shares in the last quarter. Towle & Co bought a new stake in PBF Energy in the third quarter valued at $29,402,000. Finally, Goldman Sachs Group Inc. boosted its holdings in PBF Energy by 237.0% in the second quarter. Goldman Sachs Group Inc. now owns 1,165,317 shares of the oil and gas company’s stock valued at $33,817,000 after acquiring an additional 819,543 shares in the last quarter. 90.69% of the stock is owned by hedge funds and other institutional investors.

PBF Energy Stock Performance

Shares of PBF stock opened at $38.64 on Friday. PBF Energy Inc. has a one year low of $24.27 and a one year high of $49.00. The company’s 50-day moving average is $42.57 and its 200 day moving average is $41.58. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 1.70 and a beta of 1.95. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.73 and a current ratio of 1.26.

PBF Energy (NYSE:PBF – Get Rating) last announced its quarterly earnings data on Thursday, February 16th. The oil and gas company reported $4.41 EPS for the quarter, missing the consensus estimate of $4.95 by ($0.54). PBF Energy had a net margin of 6.14% and a return on equity of 72.79%. The firm had revenue of $10.85 billion for the quarter, compared to analysts’ expectations of $9.71 billion. During the same period last year, the company posted $1.28 earnings per share. The business’s revenue for the quarter was up 31.6% compared to the same quarter last year. Sell-side analysts expect that PBF Energy Inc. will post 10.87 EPS for the current fiscal year.

PBF Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Shareholders of record on Wednesday, March 1st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Tuesday, February 28th. PBF Energy’s dividend payout ratio is currently 3.52%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PBF shares. JPMorgan Chase & Co. boosted their target price 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. StockNews.com downgraded shares of PBF Energy from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. UBS Group began coverage on shares of PBF Energy in a research report on Wednesday, March 8th. They issued a “neutral” rating and a $53.00 target price on the stock. Wells Fargo & Company reduced their target price on shares of PBF Energy from $59.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, January 5th. Finally, TheStreet downgraded shares of PBF Energy from a “b-” rating to a “c” rating in a research report on Friday, February 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $45.38.

PBF Energy Profile

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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.

Institutional Ownership by Quarter for PBF Energy (NYSE:PBF)

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