PBF Energy Inc. (NYSE:PBF) Increases Dividend to $0.28 Per Share

PBF Energy Inc. (NYSE:PBF) announced a quarterly dividend on Thursday, October 31st, Zacks reports. Investors of record on Wednesday, November 13th will be paid a dividend of 0.275 per share by the oil and gas company on Wednesday, November 27th. This represents a $1.10 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Wednesday, November 13th. This is a boost from PBF Energy’s previous quarterly dividend of $0.25.

PBF Energy has increased its dividend by an average of 41.5% per year over the last three years. PBF Energy has a dividend payout ratio of 526.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect PBF Energy to earn $0.36 per share next year, which means the company may not be able to cover its $1.00 annual dividend with an expected future payout ratio of 277.8%.

PBF Energy Stock Performance

Shares of PBF stock opened at $28.95 on Friday. The stock’s 50-day moving average is $32.28 and its two-hundred day moving average is $40.69. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.75 and a current ratio of 1.42. PBF Energy has a 1 year low of $28.08 and a 1 year high of $62.88. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 4.75 and a beta of 1.55.

PBF Energy (NYSE:PBF) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.40) by ($0.10). PBF Energy had a return on equity of 12.81% and a net margin of 2.09%. The firm had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the prior year, the business earned $6.61 EPS. The company’s quarterly revenue was down 21.9% compared to the same quarter last year. Analysts predict that PBF Energy will post -2.27 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on PBF. TD Cowen cut their target price on shares of PBF Energy from $32.00 to $27.00 and set a “hold” rating on the stock in a report on Friday. Scotiabank dropped their price objective on shares of PBF Energy from $45.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Wells Fargo & Company decreased their target price on shares of PBF Energy from $51.00 to $39.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Wolfe Research started coverage on PBF Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Tudor, Pickering, Holt & Co. downgraded PBF Energy from a “hold” rating to a “sell” rating in a research note on Monday, September 9th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $34.45.

Insider Activity

In other news, insider Control Empresarial De Capital bought 510,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $33.18 per share, for a total transaction of $16,921,800.00. Following the completion of the transaction, the insider now owns 19,129,598 shares in the company, valued at $634,720,061.64. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders purchased 4,007,400 shares of company stock worth $128,539,347. Company insiders own 5.30% of the company’s stock.

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.