VLO - Bank of America lifts PBF EPS estimate 73% in sign of what's to come for refiners

Bank of America's Doug Leggate published a bullish note on PBF (NYSE:PBF) Thursday, suggesting the company is the "poster child" for a new "Golden Age" in US refining. Leggate has been bullish refiners for much of the year, so Thursday's note comes as no surprise; however, a detail in the note is interesting for another reason. After spending a few days on the road with the CEO and CFO, Leggate 'adjusted' his Q2 earnings expectations. Prior to the trip, Leggate estimated that PBF (PBF) would earn $3.75 / share during Q2, a figure that is 15% above consensus of $3.25. Following the trip, and along with Thursday's note, Leggate now believes PBF (PBF) will earn $6.47 per share in Q2 -- a healthy 73% bump in estimates. A data point that highlights just how strong Q2 earnings could be for the sector - refining margins have rallied significantly in Q2,

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Bank of America lifts PBF EPS estimate 73% in sign of what's to come for refiners