- The independent oil refiner, PBF Energy has been heavily impacted since the beginning of the Covid-19 pandemic and resulting downturns.
- Their outlook was quite bullish when last reviewing their shares but sadly since their share price has plunged around 40% with new Covid-19 cases surging.
- Whilst they finally produced positive operating cash flow during the second quarter of 2021, this creates a worrying outlook for a new potential Covid-19 wave.
- Thankfully, they retain a big cash balance that leaves them ready for even a very bearish scenario, such as a repeat of 2020 that saw a $1b cash burn.
- I am still maintaining my bullish rating despite this concerning setback but also noting that their shares are only suited to those with a particularly high-risk tolerance.
For further details see:
PBF Energy: Big Cash Balance Leaves Them Ready For Any New Potential Covid Wave