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 8.08% to 16.27 million shares with purchase of 1.22 million shares. This fresh investment now brings its stake to 13.28% valued currently at $719.86 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.71 million to 12.98 million shares. And Dimensional Fund Advisors LP has lifted its position by 6.97% or 0.41 million shares – to 6.32 million shares.
With over 7.39 million PBF Energy Inc. (PBF) shares trading Tuesday and a closing price of $41.53 on the day, the dollar volume was approximately $307.06 million. The shares have shown a positive half year performance of 25.09% and its price on 11/29/22 lost nearly -3.01%. Currently, there are 122.11M common shares owned by the public and among those 109.59M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for PBF have a consensus price objective of $48.42. The analysts have set the share’s price value over the next 12 months at a high of $69.00 and a low of $35.00. The average price target is 12.99% above its recent price level and a downside to the estimated low will see the stock lose -18.66% over that period. But an upside of 39.81% will see the stock hit the forecast high price target while median target price for the stock is $46.50.
Insiders at the company have transacted a total of 83 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 507,746 shares. Insider sales of the common stock occurred on 54 occasions, with total insider shares sold totaling 12,351,643 shares.
The top 3 mutual fund holders in PBF Energy Inc. are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and SPDR S&P Oil & Gas Exploration &. iShares Core S&P Small Cap ETF owns 7.94 million shares of the company’s stock, all valued at over $351.19 million. The company bought an additional 4968.0 shares recently to bring their total holdings to about 6.48% of the shares outstanding. Vanguard Total Stock Market Index bought 26787.0 shares to see its total holdings expand to 3.27 million shares valued at over $144.82 million and representing 2.67% of the shares outstanding. SPDR S&P Oil & Gas Exploration & now owns shares totaling to 2.37% of the shares outstanding.
Shares of PBF Energy Inc. (NYSE: PBF) opened at $42.40, down -$0.42 from a prior closing price of $42.82. However, the script later moved the day high at 42.89, down -3.01%. The company’s stock has a 5-day price change of -9.91% and 22.80% over the past three months. PBF shares are trading 220.20% year to date (YTD), with the 12-month market performance up to 234.11% higher. It has a 12-month low price of $10.58 and touched a high of $49.00 over the same period. PBF has an average intraday trading volume of 2.64 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 -10.07%, 0.24%, and 29.38% respectively.
Institutional ownership of PBF Energy Inc. (NYSE: PBF) shares accounts for 92.90% of the company’s 122.11M shares outstanding. Mutual fund holders own 41.44%, while other institutional holders and individual stakeholders account for 51.73% and 14.04% respectively.
It has a market capitalization of $5.16B and a beta (3y monthly) value of 2.04. The stock’s trailing 12-month PE ratio is 2.18, while the earnings-per-share (ttm) stands at $19.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.69% over the week and 4.65% over the month.
Analysts forecast that PBF Energy Inc. (PBF) will achieve an EPS of $4.22 for the current quarter, $1.92 for the next quarter and $8.17 for 2023. The lowest estimate earnings-per-share for the quarter is $0.89 while analysts give the company a high EPS estimate of $6.7. Comparatively, EPS for the current quarter was $1.28 a year ago. Earnings per share for the fiscal year are expected to increase by 116.20%, and -59.30% over the next financial year. EPS should shrink at an annualized rate of 0.00% over the next five years, compared to 2.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate PBF Energy Inc. (PBF) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 7 of the 13 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PBF, a number of firms have released research notes about the stock. JP Morgan stated their Overweight rating for the stock in a research note on September 21, 2022, with the firm’s price target at $43. Wolfe Research coverage for the PBF Energy Inc. (PBF) stock in a research note released on September 15, 2022 offered a Outperform rating with a price target of $49. Wells Fargo was of a view on June 14, 2022 that the stock is Overweight, while JP Morgan gave the stock Neutral rating on May 17, 2022, issuing a price target of $34. Wells Fargo on their part issued Equal Weight rating on April 21, 2022.
