PBF - The Prognosis For PBF Energy
2024-02-22 18:16:46 ET
Summary
- Today, we take a look at refiner PBF Energy Inc. whose stock has fallen recently as historic high crack spreads have compressed and this has weighed on valuation.
- PBF Energy is a US.-based independent petroleum refiner and supplier with six refineries and a market cap of over $5.7 billion.
- The company's financials have been mixed, with strong Q3 2023 earnings but disappointing Q4 results due to unfavorable movements in crack spreads and maintenance activities.
- Mexico's richest man, Carlos Slim, has also now accumulated some 10% of the shares outstanding.
- A full investment analysis around PBF Energy follows in the paragraphs below.
Formula for success: rise early, work hard, strike oil ." - J. Paul Getty.
Shares of domestic refiner PBF Energy Inc. ( PBF ) are down by a quarter since hitting an all-time high in September 2023 even after posting a blowout Q3 2023 in early December, which was followed by disappointing Q4 results last week. A historic two-year run of outsized crack spreads have compressed recently as well. With more cash than debt, a 2.2% current dividend yield, but little in terms of throughput capacity growth prospects, the recent insider buying in PBF merited a deeper dive....
The Prognosis For PBF Energy