PBF - PBF Energy: Recent Weakness Appears Overdone
2024-06-19 21:20:31 ET
Summary
- PBF Energy shares have fallen over 25% from recent highs, underperforming the S&P 500 amid concerns about the refining cycle turning.
- Q1 earnings beat expectations, as PBF has efficiently managed operations and completed maintenance activity despite a less favorable macro.
- PBF's strong balance sheet, efficient operations, and potential for significant capital returns make it a compelling value despite recent share price decline.
While shares of PBF Energy ( PBF ) are higher than a year ago, they have fallen steadily in recent weeks and are now down over 25% from their recent high. This performance has been particularly disappointing given I rated shares a “strong buy” in November . They are down nearly 8% since that recommendation, while the S&P 500 has rallied over 26%....
PBF Energy: Recent Weakness Appears Overdone