On August 11, PBF Energy Inc rose 6.97% in regular trading, trading at $66.01/share, with turnover of $111 million.
On the news front, UBS recently raised its target price on PBF Energy from $62 to $84, maintaining a buy rating. The upgrade comes amid a global refining profit super cycle, with the 3-2-1 crack spread hitting a record high of approximately $57 per barrel in July. The ongoing Strait of Hormuz disruption has widened the refined product supply gap, further supporting refining margins.
The bullish backdrop is reinforced by PBF Energy's strong Q2 results reported on July 30, in which adjusted EPS of $6.22 beat the consensus estimate of $4.11 by over 51%, while revenue of $11.68 billion surpassed the $9.82 billion estimate. This marked a dramatic swing from a loss of $1.03 per share in the year-ago quarter.
Within the Oil & Gas Refining & Marketing sector, peers rallied broadly, with Calumet up 10.99%, Marathon Petroleum up 4.78%, Valero up 4.5%, Phillips 66 up 3.95%, and HF Sinclair up 3.72%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)