By market open, shares had taken off 5.3% to $25.72.
The petroleum refiner announced an underwritten secondary offering of 15 million shares which has been priced for total gross proceeds of around $382.5 million, assuming a price of $25.50 a share.
The shares to be sold are affiliated with funds of First Reserve Management. The firm will receive all proceeds from the offering, which is expected to close around March 26, pursuant to closing conditions.
Citigroup is the sole underwriter of the offering.
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TheStreet Ratings team rates PBF ENERGY INC as a Hold with a ratings score of C-. The team has this to say about their recommendation:
"We rate PBF ENERGY INC (PBF) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its attractive valuation levels, considering its current price compared to earnings, book value and other measures. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."