PBF Energy Inc. (PBF) Volatility Spurs A Quest For Clarity


BlackRock Fund Advisors recently announced the acquisition of new stake in PBF Energy Inc. (NYSE:PBF). The institutional investor has increased its shareholding in the Energy company by 24.41% to 10.79 million shares with purchase of 2.12 million shares. This fresh investment now brings its stake to 8.98% valued currently at $93.64 million. In addition, SSgA Funds Management, Inc. raised its holdings by 2.24 million to 7.96 million shares. And D. E. Shaw & Co. LP has lifted its position by 23.90% or 0.66 million shares – to 3.4 million shares.

With over 3.01 million PBF Energy Inc. (PBF) shares trading Monday and a closing price of $9.33 on the day, the dollar volume was approximately $28.08 million. The shares have shown a negative weekly performance of -2.61% and its price on 08/24/20 gained nearly 7.86%. Currently, there are 120.01M common shares owned by the public and among those 74.17M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for PBF have a consensus price objective of $10.63. The analysts have set the share’s price value over the next 12 months at a high of $19.00 and a low of $4.00 should the stock experience a downside. Incidentally, analysts’ outlook for the PBF Energy Inc. stock is 3.20 for the next 12 months. The average price target is 13.61% above its last price level and an upside to the estimated low will see the stock lose -133.25% over that period. But an upside of 50.89% will see the stock hit the forecast high price target while mean target price for the stock is $9.50.

Insiders at the company have transacted a total of 74 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 48 of these insider trades were purchases, accounting for 6,843,080 shares. Insider sales of the common stock occurred on 26 occasions, with total insider shares sold totaling 144,003 shares.

The top 3 mutual fund holders in PBF Energy Inc. are SPDR S&P Oil & Gas Exploration &, Vanguard Total Stock Market Index, and iShares Core S&P Mid Cap ETF. SPDR S&P Oil & Gas Exploration & owns 4.9 million shares of the company’s stock, all valued at over $42.52 million. The company sold 11540.0 shares recently to bring their total holdings to about 4.08% of the shares outstanding. Vanguard Total Stock Market Index sold 2053.0 shares to see its total holdings shrink to 2.74 million shares valued at over $23.83 million and representing 2.29% of the shares outstanding. iShares Core S&P Mid Cap ETF sold 5184.0 shares to bring its total holdings to over 2.71 million shares at a value of $23.51 million. iShares Core S&P Mid Cap ETF now owns shares totaling to 2.26% of the shares outstanding.

Shares of PBF Energy Inc. (NYSE: PBF) opened at $8.75, up $0.1 from a prior closing price of $8.65. However, the script later closed the day at $9.33, up 7.86%. The company’s stock has a 5-day price change of -2.61% and -18.80% over the past three months. PBF shares are trading -70.26% year to date (YTD), with the 12-month market performance down to -57.10% lower. It has a 12-month low price of $5.19 and touched a high of $34.91 over the same period. Currently, 3.01 million shares have been traded, compared to an average intraday trading volume of 4.43 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.93%, -2.83%, and -47.47% respectively.

Institutional ownership of PBF Energy Inc. (NYSE: PBF) shares accounts for 83.10% of the company’s 120.01M shares outstanding. Mutual fund holders own 40.38%, while other institutional holders and individual stakeholders account for 41.56% and 23.88% respectively.

It has a market capitalization of $1.14B and a beta (3y monthly) value of 2.67. The earnings-per-share (ttm) stands at -$4.72. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.88% over the week and 6.96% over the month.

Analysts forecast that PBF Energy Inc. (PBF) will achieve an EPS of -$1.6 for the current quarter, -$1.38 for the next quarter and -$1.02 for 2021. The lowest estimate earnings-per-share for the quarter is -$2.22 while analysts give the company a high EPS estimate of $0.18. Comparatively, EPS for the current quarter was $0.66 a year ago. Earnings per share for the fiscal year are expected to increase by 143.70%, and 85.10% over the next financial year.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate PBF Energy Inc. (PBF) as a “Hold” at a consensus score of 3.20. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 7 of the 17 advise that investors “hold,” and 6 rated it as a “Sell.”

Looking at the support for the PBF, a number of firms have released research notes about the stock. Goldman stated their Sell rating for the stock in a research note on June 24, 2020, with the firm’s price target at $12-$10. Barclays coverage for the PBF Energy Inc. (PBF) stock in a research note released on May 19, 2020 offered a Underweight rating with a price target of $7. Citigroup was of a view on April 24, 2020 that the stock is Sell, while BofA/Merrill gave the stock Neutral rating on April 20, 2020, issuing a price target of. Scotiabank on their part issued Sector Underperform rating on April 14, 2020.


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