7 Worst Beaten Down Stocks to Invest In

4. PBF Energy Inc. (NYSE:PBF)

Current share price: $30.95

52 Week Range: $30.58 – $62.88

Year to date Gain as of October 1: – 28.21%

Number of Hedge Fund Holders: 32

PBF Energy Inc. (NYSE:PBF) is an energy company that engages in refining and supply of petroleum products. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt.

Unfavourable market conditions, like declining RIN, adjusted crack spreads, and prolonged maintenance activities impacted the company’s Q2 earnings. PBF Energy Inc. (NYSE:PBF) delivered a loss from operations of $74.6 million compared to an income of $1.3 billion it delivered last year in the same quarter. Quarterly revenues declined to $8.74 billion from $9.16 billion in the prior year quarter but were above the consensus estimate of $8.72 billion.

Nevertheless, PBF Energy Inc. (NYSE:PBF) maintained a healthy cash balance sheet in spite of these difficulties, aiming to keep it between $1 billion and $1.5 billion. Despite the disappointing Q2 results, PBF Energy remains upbeat about the future.

By the end of the year, PBF Energy Inc. (NYSE:PBF) intends to double its output from the Trans Mountain Expansion pipeline, and it anticipates increased demand in the second half of the year. Additionally, the company has reiterated its commitment to continue returning value to shareholders through dividends and repurchases. Consequently, it confirmed a $0.25 a share dividend payable throughout various market conditions. The stock also yields 3.23%, which is ideal for income-focused investors.

In the second quarter of 2024, 32 out of the 912 hedge funds tracked by Insider Monkey’s database purchased shares of PBF Energy Inc. (NYSE:PBF). The largest investment came from John Over deck and David Siegel’s Two Sigma Advisors, which invested $75.85 million in the company.