- PBF Energy was forced to traverse very rough waters during 2020, but thankfully 2021 has started off better than expected.
- Although they still saw a cash burn during the first quarter of 2021, it was better than the previous rough guidance from management.
- More importantly, they are optimistic that they have reached an inflection point with their operating margins turning positive.
- Thankfully the new daily cases of Covid-19 are coming down significantly in the United States and life should continue normalizing along with fuel demand.
- Given the prospects that they have reached an inflection point, I believe that a bullish rating is appropriate versus the previous neutral rating.
For further details see:
PBF Energy: Time To Get Bullish With 2021 Off To A Better Start Than Expected