It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 4.88; value investors should take notice.
For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $6.23 to $15.74 per share. PBF boasts an average earnings surprise of +123.4%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, PBF should be on investors' short list.
Key Takeaways PBF Energy gained 168.4% in a year, outpacing the industry's 116.7% growth.Tight global product supplies and constrained refining capacity are expected to support PBF margins.PBF Energy trades at 5.03X trailing EV/EBITDA, below the industry's 5.61X average. PBF Energy (PBF - Free Report) is a well-known refining firm in the United States that operates a diverse, highly complex refining network with large-scale processing capacity. It operates six refineries: Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery, which can process a wide range of feedstocks. The company operates under two business segments, Refining and Logistics. While the Refining Segment comprises the six refineries, its Logistics segment includes crude oil and refined products terminals, pipelines and storage facilities.
Over the past year, PBF stock has surged 168.4%, outperforming the industry’s 116.7% growth. Its peers, Phillips 66 (PSX - Free Report) and Marathon Petroleum Corporation (MPC - Free Report) , have grown 101.7% and 118.2%, respectively, during the same time frame. While price performance indicates a stock's attractiveness to some extent, it would be wiser to closely examine the company’s current business environment before offering any investment advice.
Image Source: Zacks Investment Research
PBF’s Diversified Refining FootprintPBF Energy has a broad refining footprint comprising six refineries, with a processing capacity of nearly 1 million barrels per day. Its refineries have a combined Nelson Complexity Index of 12.8, indicating they can process a wide variety of feedstocks into higher-value refined products. PBF sells its refined products across the Northeast, Midwest, Gulf Coast and West Coast in the United States, alongside other markets like Canada and Mexico. Its diversified geographic footprint gives PBF exposure to several regional refining markets instead of relying on a single region.
Image Source: PBF Energy Inc.
Management also noted that PBF’s footprint provides the company with the advantage of crude flexibility and access to stable crude supply. As a result, the company does not expect a shortage of crude to impact its operations, despite disruptions in crude flows globally. Moreover, the restart of the Martinez refinery is a key positive for the company, as it can again start contributing to PBF's earnings and cash generation, especially in a market environment where refining capacity remains constrained.
PBF's Lower Product Inventories Support Refining FundamentalsPBF’s business outlook remains positive in the near term, supported by tight global product supplies and structurally constrained refining capacity in key U.S. markets. Ongoing disruptions in the Middle East and damage to refining infrastructure in Russia have taken nearly 5 million barrels per day of refining capacity offline. Management believes that the affected refining infrastructure is expected to take some time to come back online. Even after the end of the conflict, management expects product inventories to take time to be replenished under normal economic conditions. This is expected to support refining margins in the near term and create a favorable backdrop for refining players.
Amid the constrained refining capacity in the market, PBF’s diversified footprint also serves as a key competitive advantage. On the East and West Coasts, refining capacity remains constrained, and markets rely on imports to meet demand. This includes California, which imports a significant portion of its gasoline and jet fuel requirements. This reliance on imports incurs substantial costs and is expected to support regional product pricing and refinery margins. This market scenario is expected to benefit PBF’s business.
Valuation SnapshotThe valuation snapshot indicates that PBF Energy is currently trading at a discount compared to the industry. This is reflected in PBF’s trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 5.03X compared with the broader industry average of 5.61X. However, it is currently trading cheaper compared to its peers, PSX and MPC, which are trading at 11.38X and 9.28X trailing 12-month EV/EBITDA, respectively.
Image Source: Zacks Investment Research
Is It the Right Time to Bet on the Stock?PBF Energy is well positioned to benefit from tighter product markets, low product inventories across the globe and constrained global refining capacity, which are expected to support elevated refining margins. Further, its diversified footprint and access to stable crude supplies should enhance its operational reliability and improve margin capture during periods of volatility.
Against this macroeconomic backdrop, investors may consider owning PBF Energy’s stock, which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Key Takeaways PBF gained 19.3% in a month as refinery availability and margins improved.Martinez's restart and rising West Coast margins strengthened PBF's refining performance.PBF's five-year-high sales multiple, RFS costs and planned maintenance could test momentum. PBF Energy Inc. (PBF - Free Report) shares have gained 19.3% in the past month, extending a sharp rerating as refinery availability and margins improve. The Zacks Consensus Estimate for 2026 earnings has increased 43.9% over the past four weeks, adding fundamental support to the move.
Image Source: Zacks Investment Research
The question is how much of that improvement is already reflected in the shares. PBF’s diversified refining system, Martinez restart and cost program add support, while a five-year-high sales multiple, renewable-fuel costs and scheduled maintenance create clear tests for the run.
PBF's Refinery Footprint Supports Margin CapturePBF’s six-refinery network spans East Coast, Gulf Coast, West Coast and Mid-Continent markets, with about 1 million barrels per day of aggregate processing capacity. A weighted-average Nelson Complexity Index of 12.8 supports varied crude slates, broadening the company’s options for margin capture.
Management expects product inventories to remain unusually low, with normalization taking well into 2027. It also does not expect crude availability to constrain operations, an important advantage while global trade flows remain disrupted.
Martinez Restores PBF's West Coast CapacityMartinez returned to full operations in May 2026 and has produced its full product slate since the fire-affected units restarted. That restored a key part of PBF’s West Coast system just as regional product availability tightened.
West Coast throughput increased 32.6% year over year to 269,900 barrels per day in the second quarter. The region’s gross refining margin, excluding special items, reached $30.16 per barrel, up from $9.35 a year earlier.
PBF's Cost Program and Lower Debt Add SupportThe Refining Business Improvement program is lowering PBF’s structural cost base. Run-rate cost improvements exceeded $230 million by year-end 2025 and are expected to surpass $350 million by year-end 2026, with energy efficiency and procurement initiatives contributing.
Balance-sheet repair adds another layer of flexibility. PBF cut net debt by more than 62% in the second quarter to about $855 million, while operational liquidity exceeded $3.5 billion at June 30.
PBF's Valuation Tests What May Be Priced InPBF trades at 0.26X forward 12-month sales, well below the Zacks sub-industry’s 1.61X. Yet 0.26X is also the top of PBF’s five-year range, versus a median of 0.12X, suggesting the stock is no longer cheap relative to its own history.
Delek US Holdings, Inc. (DK - Free Report) reported second-quarter 2026 refining adjusted EBITDA of $566.2 million, up from $114.8 million a year earlier, showing the broader benefit from stronger crack spreads. Valero Energy Corporation (VLO - Free Report) likewise posted refining operating income of $4.5 billion, up from $1.3 billion a year earlier. Peer strength supports the refining backdrop but does not remove PBF’s company-specific valuation tension.
RFS Costs and Turnarounds Could Test PBF's RunRenewable Fuel Standard compliance costs more than doubled to $331.3 million in the second quarter from $165 million a year earlier. First-half costs reached $609.3 million versus $285 million, showing how environmental-credit obligations can absorb part of the margin uplift.
Maintenance remains another test. Martinez’s hydrocracker turnaround is scheduled from late in the third quarter through October, while Paulsboro’s crude-unit work remains planned for late fall. Ongoing Martinez regulatory investigations add another source of uncertainty.
Strong PBF Signals Reinforce the Momentum SetupPBF’s momentum still has fundamental support, but the next leg depends on capturing favorable refining margins while controlling compliance costs and downtime. The stock’s own five-year valuation range leaves less room for execution misses than the sub-industry discount alone suggests.
PBF currently carries a Zacks Rank #1 (Strong Buy), a Value Score of A, Growth Score of A, Momentum Score of B and VGM Score of A. The top Rank points to favorable near-term estimate-revision trends, while the Style Scores indicate a strong mix of value, growth and momentum characteristics. Those signals support the setup without eliminating refining-cycle or execution risk.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. PBF has a Growth Style Score of A, forecasting year-over-year earnings growth of 481.1% for the current fiscal year.
Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $7.03 to $15.74 per share. PBF boasts an average earnings surprise of +123.4%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, PBF should be on investors' short list.
Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at PBF Energy (PBF - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. PBF Energy currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market? In order to see if PBF is a promising momentum pick, let's examine some Momentum Style elements to see if this refiner holds up.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For PBF, shares are up 16.43% over the past week while the Zacks Oil and Gas - Refining and Marketing industry is up 9.23% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 12.28% compares favorably with the industry's 4.07% performance as well.
While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of PBF Energy have risen 74.69%, and are up 213.48% in the last year. In comparison, the S&P 500 has only moved 3.16% and 20.79%, respectively.
Investors should also pay attention to PBF's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. PBF is currently averaging 3,270,012 shares for the last 20 days.
Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with PBF.
Over the past two months, 3 earnings estimates moved higher compared to 1 lower for the full year. These revisions helped boost PBF's consensus estimate, increasing from $8.18 to $15.74 in the past 60 days. Looking at the next fiscal year, 5 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom LineTaking into account all of these elements, it should come as no surprise that PBF is a #1 (Strong Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep PBF Energy on your short list.
Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a growth stock that can live up to its true potential can be a tough task.
By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.
However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.
PBF Energy (PBF - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.
Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.
Here are three of the most important factors that make the stock of this refiner a great growth pick right now.
Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for PBF Energy is 1.6%, investors should actually focus on the projected growth. The company's EPS is expected to grow 481% this year, crushing the industry average, which calls for EPS growth of 149.5%.
Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric shows how efficiently a firm is utilizing its assets to generate sales.
Right now, PBF Energy has an S/TA ratio of 2.48, which means that the company gets $2.48 in sales for each dollar in assets. Comparing this to the industry average of 1.76, it can be said that the company is more efficient.
While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And PBF Energy is well positioned from a sales growth perspective too. The company's sales are expected to grow 24.8% this year versus the industry average of 15.5%.
Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The current-year earnings estimates for PBF Energy have been revising upward. The Zacks Consensus Estimate for the current year has surged 44.5% over the past month.
Bottom LineWhile the overall earnings estimate revisions have made PBF Energy a Zacks Rank #1 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
This combination indicates that PBF Energy is a potential outperformer and a solid choice for growth investors.
Cetera Investment Advisers lessened its stake in shares of PBF Energy Inc. (NYSE:PBF – Free Report) by 83.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,765 shares of the oil and gas company’s stock after selling 64,460 shares during the period. Cetera Investment Advisers’ holdings in PBF Energy were worth $608,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Leonteq Securities AG purchased a new stake in shares of PBF Energy in the first quarter worth $33,000. Torren Management LLC bought a new position in shares of PBF Energy during the fourth quarter valued at $30,000. Los Angeles Capital Management LLC purchased a new position in shares of PBF Energy in the 4th quarter worth about $31,000. Smartleaf Asset Management LLC raised its position in shares of PBF Energy by 65.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,466 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 579 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in PBF Energy in the 4th quarter worth about $57,000. Hedge funds and other institutional investors own 96.29% of the company’s stock.
More PBF Energy News Here are the key news stories impacting PBF Energy this week:
Positive Sentiment: PBF’s second-quarter performance showed a sharp turnaround, with adjusted earnings of $6.22 per share versus a $1.03 loss in the prior-year period. The Martinez refinery restart was completed in May, gross debt fell by more than $1 billion, and the company declared a $0.275 quarterly dividend. PBF Energy Gains as Investors Continue to Digest Strong Q2 Results and Favorable Refining Conditions Positive Sentiment: Favorable industry conditions are supporting the bullish case: gasoline prices above $4 per gallon and tight fuel markets can improve refining margins for independent refiners such as PBF. 4 Refining Stocks to Buy as Gas Prices Top $4 a Gallon Neutral Sentiment: PBF is also being highlighted as a potential long-term value stock, reflecting its low valuation relative to recent earnings performance. Why PBF Energy Is a Top Value Stock for the Long-Term Negative Sentiment: Several insiders sold a combined 603,645 shares for approximately $44 million, including sizable sales by CEO Matthew Lucey, Director Thomas Nimbley, SVP Trecia Canty, and Control Empresarial de Capital. The control shareholder still owns roughly 14.4 million shares, but the concentration of sales may concern investors. PBF Energy Insider Sale Filing Negative Sentiment: Recent analyst targets have a median of $41, well below the stock’s recent level near its 52-week high, suggesting some analysts remain cautious about the durability of refining margins and PBF’s earnings cycle. PBF Energy Market Analysis Analyst Ratings Changes Several analysts recently commented on the stock. Zacks Research raised shares of PBF Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Freedom Capital cut shares of PBF Energy from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. Citigroup lifted their target price on shares of PBF Energy from $65.00 to $74.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of PBF Energy in a research note on Friday, August 7th. Finally, UBS Group increased their price target on shares of PBF Energy from $62.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $50.15. Get Our Latest Research Report on PBF
PBF Energy Trading Up 4.4% Shares of NYSE:PBF opened at $75.04 on Tuesday. The company has a market cap of $8.90 billion, a P/E ratio of 6.64, a PEG ratio of 0.08 and a beta of 0.10. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.33 and a quick ratio of 0.67. PBF Energy Inc. has a 1 year low of $22.13 and a 1 year high of $75.68. The stock’s fifty day moving average price is $55.03 and its 200-day moving average price is $45.76.
PBF Energy (NYSE:PBF – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $6.22 EPS for the quarter, beating the consensus estimate of $4.15 by $2.07. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%.The company had revenue of $11.68 billion for the quarter, compared to analysts’ expectations of $9.61 billion. During the same period last year, the firm posted ($1.03) earnings per share. PBF Energy’s revenue was up 56.2% compared to the same quarter last year. Sell-side analysts expect that PBF Energy Inc. will post 15.74 earnings per share for the current year.
PBF Energy Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 14th. PBF Energy’s dividend payout ratio (DPR) is presently 9.73%.
Insider Activity In other news, insider Control Empresarial De Capital sold 6,356 shares of PBF Energy stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $74.28, for a total value of $472,123.68. Following the completion of the sale, the insider directly owned 14,405,397 shares in the company, valued at $1,070,032,889.16. The trade was a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Paul T. Davis sold 63,295 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $70.40, for a total transaction of $4,455,968.00. Following the transaction, the senior vice president directly owned 183,426 shares of the company’s stock, valued at $12,913,190.40. The trade was a 25.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 5,702,666 shares of company stock worth $337,355,274. 5.50% of the stock is owned by corporate insiders.
PBF Energy Company Profile (Free Report)
PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.
The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.
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Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 4.57; value investors should take notice.
Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $7.56 to $15.74 per share. PBF boasts an average earnings surprise of +123.4%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, PBF should be on investors' short list.
Bank of America Corp DE decreased its holdings in shares of PBF Energy Inc. (NYSE:PBF – Free Report) by 23.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 865,015 shares of the oil and gas company’s stock after selling 267,066 shares during the period. Bank of America Corp DE owned approximately 0.73% of PBF Energy worth $41,192,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of PBF. Hsbc Holdings PLC raised its stake in shares of PBF Energy by 81.7% in the fourth quarter. Hsbc Holdings PLC now owns 67,674 shares of the oil and gas company’s stock worth $1,840,000 after purchasing an additional 30,430 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in PBF Energy by 127.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,327,255 shares of the oil and gas company’s stock valued at $171,595,000 after buying an additional 3,550,820 shares during the last quarter. Brandywine Global Investment Management LLC boosted its position in PBF Energy by 351.3% in the fourth quarter. Brandywine Global Investment Management LLC now owns 265,493 shares of the oil and gas company’s stock valued at $7,200,000 after buying an additional 206,666 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in PBF Energy in the 4th quarter worth approximately $1,485,000. Finally, Jefferies Financial Group Inc. increased its holdings in PBF Energy by 7,210.8% in the 4th quarter. Jefferies Financial Group Inc. now owns 628,215 shares of the oil and gas company’s stock worth $17,037,000 after buying an additional 619,622 shares during the period. Institutional investors and hedge funds own 96.29% of the company’s stock.
Insider Activity at PBF Energy
In other news, insider Control Empresarial De Capital sold 150,000 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $70.13, for a total transaction of $10,519,500.00. Following the completion of the transaction, the insider directly owned 14,621,753 shares of the company’s stock, valued at approximately $1,025,423,537.89. This represents a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas J. Nimbley sold 260,063 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $67.84, for a total value of $17,642,673.92. Following the transaction, the director owned 793,737 shares in the company, valued at $53,847,118.08. The trade was a 24.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,958,701 shares of company stock worth $283,396,325 over the last three months. Company insiders own 5.50% of the company’s stock.
PBF Energy Stock Up 5.8%
Shares of PBF opened at $74.42 on Friday. PBF Energy Inc. has a 52-week low of $22.08 and a 52-week high of $74.74. The company has a quick ratio of 0.67, a current ratio of 1.33 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $53.79 and a two-hundred day simple moving average of $45.18. The company has a market capitalization of $8.82 billion, a PE ratio of 6.59, a price-to-earnings-growth ratio of 0.08 and a beta of 0.10.
PBF Energy (NYSE:PBF – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $6.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.15 by $2.07. The business had revenue of $11.68 billion during the quarter, compared to the consensus estimate of $9.61 billion. PBF Energy had a net margin of 3.94% and a return on equity of 11.27%. The business’s revenue was up 56.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.03) EPS. As a group, equities analysts forecast that PBF Energy Inc. will post 15.74 EPS for the current year.
PBF Energy Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 14th. PBF Energy’s payout ratio is 9.73%.
Wall Street Analysts Forecast Growth
PBF has been the subject of several research reports. Freedom Capital cut shares of PBF Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. Zacks Research upgraded shares of PBF Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 23rd. Mizuho raised their target price on shares of PBF Energy from $57.00 to $65.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. UBS Group boosted their price objective on PBF Energy from $62.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Morgan Stanley upped their target price on PBF Energy from $34.00 to $38.00 and gave the stock an “underweight” rating in a research note on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eight have issued a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, PBF Energy currently has a consensus rating of “Reduce” and a consensus price target of $50.15.
Read Our Latest Research Report on PBF
PBF Energy News Summary
Here are the key news stories impacting PBF Energy this week:
Negative Sentiment: Control Empresarial De Capital, a major PBF Energy holder, sold a combined 370,375 shares on August 11–12 for approximately $25.7 million. The transactions reduced its position by about 2.5%, though it still owns roughly 14.6 million shares. Control Empresarial De Capital SEC filing
Negative Sentiment: Director Thomas J. Nimbley sold 260,063 shares for approximately $17.6 million, cutting his holdings by 24.7% to 793,737 shares. The size of the reduction could weigh on sentiment, particularly after PBF’s recent advance. Thomas J. Nimbley SEC filing
Negative Sentiment: SVP Paul T. Davis sold 63,295 shares for approximately $4.5 million, reducing his ownership by 25.7% to 183,426 shares. CFO Joseph Daniel Marino also sold 4,033 shares worth about $279,000, lowering his holdings by 7.6% to 48,851 shares. Paul T. Davis SEC filing Joseph Daniel Marino SEC filing
About PBF Energy
(Free Report)
PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.
The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.
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Want to see what other hedge funds are holding PBF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PBF Energy Inc. (NYSE:PBF – Free Report).
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From a technical perspective, PBF Energy (PBF - Free Report) is looking like an interesting pick, as it just reached a key level of support. PBF recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
PBF could be on the verge of another rally after moving 15.4% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Looking at PBF's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 4 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on PBF for more gains in the near future.
Key Takeaways Liquidia is seeing rapid YUTREPIA adoption, rising referrals, a broader prescriber base and market share.PBF Energy's strong refinery utilization may help offset elevated input costs driven by high oil prices.FET is reducing debt and using free cash flow to support growth and its balance sheet. The stock market is likely to remain volatile as uncertainty persists, with no clarity on when the Strait of Hormuz, which carries significant oil volumes, will reopen. With fears dominating the market, it is advisable for investors to increase their allocation to low-beta stocks. Companies that seem to be good bets now are Liquidia Corporation (LQDA - Free Report) , PBF Energy (PBF - Free Report) and Forum Energy Technologies Inc (FET - Free Report) .
What Does Beta of a Stock Measure?Beta measures the volatility or risk of a particular asset compared to the market. In other words, beta measures the extent of a security’s price movement relative to the market. In this article, we are considering the S&P 500 as the market.
If a stock has a beta of 1, then the price of the stock will move with the market. So, the stock is more volatile than the market if its beta is more than 1. In the same way, the stock is not as volatile as the market if its beta is less than 1.
For example, if the market offers a return of 20%, a stock with a beta of 3 will return 60%, which is overwhelming. Similarly, when the market slips 20%, the stock will sink 60%, which is devastating.
Screening Criteria Using Research Wizard:We have taken a beta between 0 and 0.6 as our prime criterion for screening stocks that are less volatile than the market. However, this should not be the only factor to be considered while selecting a winning strategy. We need to take into account other parameters that can add value to the portfolio.
Percentage Change in Price in the Last 4 Weeks Greater Than Zero: This ensures that the stocks saw positive price movement over the last month.
Average 20-Day Volume Greater Than 50,000: A substantial trading volume ensures that the stocks are easily tradable.
Price Greater Than or Equal to $5: They must all be trading at a minimum of $5 or higher.
Zacks Rank Equal to 1 (Strong Buy):Zacks Rank #1 stocks indicate that they will significantly outperform the broader U.S. equity market over the next one to three months. You can see the complete list of today’s Zacks #1 Rank stocks here.
Here are three of the 23 stocks that qualified for the screening:
Liquidia
Liquidia is experiencing rapid growth in YUTREPIA adoption, increasing patient referrals, an expanding prescriber base and rising market share. The company has achieved profitability and is generating positive cash flow, supported by a strong cash position. It is also pursuing expansion into additional indications and larger market opportunities through ongoing and planned clinical developments.
PBF Energy
PBF Energy is among the leading refiners in the United States. High refinery utilization amid resilient U.S. demand is expected to continue to offset the negative impacts of elevated input costs, driven by high oil prices. This should drive PBF’s bottom line.
Forum Energy Technologies
Forum Energy is well-positioned to capitalize on growing global energy demand, as it is a well-known provider of equipment and solutions to companies for finding and producing oil and natural gas. FET is strongly focused on debt reduction and strategic investments, while allocating a significant proportion of its free cash flow to strengthen its balance sheet and support long-term growth initiatives.
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. PBF has a Growth Style Score of A, forecasting year-over-year earnings growth of 481.1% for the current fiscal year.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $8.75 to $15.74 per share. PBF boasts an average earnings surprise of +123.4%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, PBF should be on investors' short list.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of VG, VLO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.
That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.
However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.
PBF Energy (PBF - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.
Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.
While there are numerous reasons why the stock of this refiner is a great growth pick right now, we have highlighted three of the most important factors below:
Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for PBF Energy is 1.6%, investors should actually focus on the projected growth. The company's EPS is expected to grow 364.8% this year, crushing the industry average, which calls for EPS growth of 116.7%.
Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric exhibits how efficiently a firm is utilizing its assets to generate sales.
Right now, PBF Energy has an S/TA ratio of 2.48, which means that the company gets $2.48 in sales for each dollar in assets. Comparing this to the industry average of 1.65, it can be said that the company is more efficient.
While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And PBF Energy is well positioned from a sales growth perspective too. The company's sales are expected to grow 20% this year versus the industry average of 9.2%.
Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
There have been upward revisions in current-year earnings estimates for PBF Energy. The Zacks Consensus Estimate for the current year has surged 27.9% over the past month.
Bottom LinePBF Energy has not only earned a Growth Score of A based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #1 because of the positive earnings estimate revisions.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
This combination positions PBF Energy well for outperformance, so growth investors may want to bet on it.
PBF Energy (PBF - Free Report) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company.
Analysts' growing optimism on the earnings prospects of this refiner is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For PBF Energy, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsThe earnings estimate of $5.01 per share for the current quarter represents a change of +1,063.5% from the number reported a year ago.
Over the last 30 days, two estimates have moved higher for PBF Energy while one has gone lower. As a result, the Zacks Consensus Estimate has increased 42.74%.
Current-Year Estimate RevisionsThe company is expected to earn $10.94 per share for the full year, which represents a change of +364.9% from the prior-year number.
There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, three estimates have moved up for PBF Energy versus one negative revision. This has pushed the consensus estimate 27.92% higher.
Favorable Zacks RankThe promising estimate revisions have helped PBF Energy earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineWhile strong estimate revisions for PBF Energy have attracted decent investments and pushed the stock 51.2% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away.
3 Refiners Benefiting From Oil Volatility and Tight Fuel SupplyPBF Energy NYSE: PBF reported second-quarter adjusted net income of $6.22 per share and adjusted EBITDA of $1.24 billion, as management pointed to strong refined-product markets, low inventories and global supply disruptions as key drivers of the quarter.
Chief Executive Officer Matt Lucey said disruptions tied to conflicts in the Middle East and Eastern Europe have reshaped crude and product markets. He said that, initially, roughly 15 million barrels per day of crude and 5 million barrels per day of refined products were effectively trapped inside the strait, although crude markets have shown flexibility through alternative routing, strategic-reserve supply and lower refining utilization in some regions.
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As Energy Surges on Crack Spreads, Consider Taking Gains on 2 Small Cap Oil StocksLucey said the company expects product markets to take longer than crude markets to normalize. He cited global product inventory drawdowns, reduced refining utilization outside the United States and more than 5 million barrels per day of refining capacity that is offline or operating at reduced rates. Some of that capacity has sustained physical damage, he said.
Market Outlook and Refining Position Management said PBF’s refining footprint is positioned to benefit from its crude-slate flexibility and access to stable supply in the Americas. Lucey said the company has not experienced, and does not expect to experience, crude availability issues that would affect its operations.
Leading Oil Refiner's Stock Climbs Despite Market Volatility“Product inventories will be slow to rebuild,” Lucey said, adding that the eventual restocking of inventories should support refining margins in coming quarters.
During the question-and-answer session, Lucey said the floor for refining margins has “unquestionably” risen in the current cycle, though he did not quantify a long-term margin outlook. Non-Executive Chairman Tom Nimbley said crude normalization could occur over “weeks to months,” while product-market normalization could take “months to quarters.”
Paul Davis, senior vice president of supply, trading and optimization, said backwardated crude and product markets have encouraged hand-to-mouth inventory management. He said PBF is participating in Gulf Coast dock demand and East Coast export demand, while its commercial team is focused on keeping refineries supplied and moving products out daily.
Operations, Turnarounds and Cost Initiatives Senior Vice President and Head of Refining Mike Bukowski said all PBF refineries are currently operating well. The company restarted fire-affected units at its Martinez refinery in May and has been producing its full product slate there since then.
PBF plans to begin a hydrocracker turnaround at Martinez in the third quarter, with completion expected in October. The company also reached an agreement in July to repurchase two hydrogen plants that serve its Torrance refinery from Air Products. Bukowski said owning the facilities should improve Torrance reliability by allowing PBF to coordinate operations, maintenance and turnarounds across the refinery. The transaction is expected to close in the third quarter, subject to regulatory review and customary closing conditions.
At Chalmette, a May loss-of-containment event took a pretreater and reformer offline until repairs are completed later in the third quarter. Bukowski said the event did not materially reduce refinery throughput, though it increased naphtha production and slightly lowered finished gasoline yield. PBF moved its planned fourth-quarter Chalmette crude-unit and coker turnaround to 2027.
At Toledo, unplanned second-quarter work on the fluid catalytic cracker reduced throughput. However, the company used the outage to complete maintenance that allowed it to shift a planned fourth-quarter FCC turnaround to the first half of 2027. PBF expects East Coast assets to run uninterrupted until a Paulsboro crude-unit turnaround begins late in the fall.
The company’s Refining Business Improvement initiative included a circuit-wide energy-efficiency effort that reduced purchased natural gas per barrel, on a price-adjusted basis, by 20% from its 2024 baseline, according to Bukowski. PBF also said its procurement organization is midway through renegotiating or rebidding more than 60 contracts and expects roughly $60 million in annual savings on items including process chemicals, maintenance and equipment rentals.
Cash Flow, Debt Reduction and Capital Spending Chief Financial Officer Joe Marino said PBF generated $1.6 billion of cash from operations during the quarter, including an approximately $430 million working-capital benefit. The benefit reflected lower inventory levels from the first quarter and the company’s net payable position in a higher-price environment.
PBF ended the quarter with $894 million in cash and about $855 million in net debt, with net debt to capitalization at 15%. The company reduced net debt by more than 62% during the quarter, including by repaying borrowings under its asset-backed lending facility and refinancing $802 million of 2028 senior notes. It issued $500 million of senior notes due 2034 as part of that effort.
Lucey said he expects PBF to end July with approximately $1.5 billion in cash. While management said shareholder returns remain part of its capital-allocation framework, Lucey emphasized that the company remains focused on strengthening its balance sheet and improving the competitiveness of its refining assets.
Second-quarter consolidated capital expenditures totaled $189 million, excluding approximately $56 million related to the Martinez rebuild. PBF lowered its 2026 capital-expenditure guidance by about $75 million to $850 million at the midpoint, largely because turnarounds at Toledo and Chalmette were moved into 2027.
Martinez Insurance Recoveries and Renewable Diesel PBF recorded a $250 million gain on insurance recoveries related to the Martinez fire during the second quarter. Marino said the payment brought total recoveries to $1.25 billion, net of deductibles and retention, including amounts received in 2025. He said most spending associated with the rebuild is complete, though cleanup and demobilization work remains.
The insurance claim remains ongoing, and PBF expects additional funds as it works toward finalizing the claim in the second half of 2026. Lucey said he expects one more payment that could be similar in size to the most recent payment.
The company also reported $27.5 million of net income from its investment in SBR, or approximately $40 million of EBITDA. SBR produced an average of 15,100 barrels per day of renewable diesel during the quarter. Marino said production reflected reduced rates associated with an April catalyst change, but management has seen improved performance since installation and expects a longer runtime.
About PBF Energy (NYSE:PBF)PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.
The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.
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Key Takeaways PBF Energy swung to adjusted earnings of $6.22 per share as revenues jumped 56.2% to $11.68 billion.Higher crack spreads, increased throughput and the Martinez restart lifted refining operating income.PBF cut net debt by more than 62% and expects third-quarter throughput of 900,000-960,000 bpd. PBF Energy Inc. (PBF - Free Report) reported second-quarter 2026 adjusted earnings of $6.22 per share, reversing the year-ago loss of $1.03. The bottom line beat the Zacks Consensus Estimate of $4.05 by 53.6%.
Revenues surged 56.2% year over year to $11.68 billion and surpassed the consensus estimate of $8.11 billion by 44.1%.
Favorable crack spreads, increased throughput volumes and the Martinez refinery restart supported results. Notably, the refining environment remained constructive, as supply and trade flows were affected by geopolitical conditions. Total throughput increased to 887,300 barrels per day (bpd) from 839,100 bpd.
PBF's Refining Segment Delivers Sharp UpswingRefining revenues totaled $11,676.3 million, up from $7,465.6 million in the year-ago quarter, while Logistics revenues decreased to $94.9 million from $98 million. Intersegment eliminations brought consolidated revenues to $11,678.3 million.
The Refining segment’s income from operations climbed to $1,342.2 million from $72.8 million a year earlier. Logistics operating income declined to $53 million from $56.3 million, while the Corporate segment posted an operating loss of $123.1 million compared with a loss of $86.1 million a year ago.
PBF Energy's Throughput & Margins StrengthenCompanywide production averaged 893,500 bpd, up from 845,800 bpd in the second quarter of 2025. East Coast throughput increased 3.1% to 309,100 bpd, while Gulf Coast throughput rose 2.2% to 177,400 bpd from the year-ago period. West Coast throughput jumped 32.6% to 269,900 bpd following the Martinez refinery’s return to full operations in May. Mid-Continent throughput fell 19.3% on a year-over-year basis to 130,900 bpd due to unplanned work at Toledo.
The company-wide gross refining margin per barrel of throughput, excluding special items, was $23.40, up from the year-earlier figure of $8.38. The gross refining margin per barrel of throughput was $20.80 for the East Coast, up from $7.37 in the year-ago quarter. The realized refining margin rose to $20.06 per barrel for the Gulf Coast from $7.35 a year ago. The metric was $20.13 per barrel in the Mid-Continent and $30.16 per barrel on the West Coast compared with $10.14 and $9.35, respectively, in the year-ago period.
PBF Energy's Renewable Diesel Output ImprovesSt. Bernard Renewables, PBF’s 50%-owned renewable diesel joint venture, averaged production of approximately 15,100 barrels per day in the second quarter, reflecting the impact of a catalyst change completed in April. Robust distillate margins and elevated Renewable Identification Number (“RIN”) prices also supported renewable diesel profitability.
PBF Costs Rise as Special Items Aid Reported ProfitTotal costs and expenses increased to $10.41 billion from $7.43 billion a year ago. Cost of products and other expenses rose to $9.7 billion from $6.74 billion, while operating expenses increased to $670.1 million from $631.7 million. RFS compliance costs more than doubled to $331.3 million from $165.0 million. This increase can be attributed to the new RFS requirements for 2026 and 2027, respectively, which drove RIN prices higher in 2026 than in the prior year. Refining operating expense averaged $8 per barrel of throughput, higher than $7.96 in the year-ago quarter.
Reported income from operations was $1.27 billion compared with $43 million a year ago. Results included a $250 million insurance recovery gain, partly offset by $22.7 million of Martinez-related expenses and $9.2 million of Refinery Business Improvement costs. Adjusted EBITDA totaled $1.24 billion in the second quarter.
PBF Energy Cuts Debt and Builds LiquidityPBF generated $1.6 billion of operating cash flow during the reported quarter, including a working-capital benefit of approximately $430 million. Consolidated capital expenditures were $188.5 million, excluding about $56 million associated with the Martinez rebuild.
The company ended June with $894.1 million in cash and cash equivalents and $1.75 billion in debt, resulting in net debt of roughly $855 million. Its net debt-to-capitalization ratio was 15% at the end of the second quarter. PBF reduced net debt by more than 62% during the quarter by repaying its asset-backed lending facility and refinancing approximately $802 million of notes due in 2028. It declared a quarterly dividend of 27.5 cents per share.
PBF's Q3 Outlook Signals Higher ThroughputFor the third quarter of 2026, PBF expects total throughput between 900,000 bpd and 960,000 bpd. Regional guidance calls for 300,000-320,000 bpd on the East Coast, 155,000-165,000 bpd in the Mid-Continent, 175,000-185,000 bpd on the Gulf Coast and 270,000-290,000 bpd on the West Coast.
Renewable diesel production is projected at 18,000-20,000 bpd, up from the second quarter figure. PBF lowered its 2026 capital-spending guidance to $825-$875 million after moving planned Chalmette and Toledo turnarounds to 2027. The Martinez hydrocracker turnaround is scheduled to begin late in the third quarter, with completion expected in October.
PBF’s Zacks Rank & Other Key PicksPBF currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Valero Energy (VLO - Free Report) , HF Sinclair (DINO - Free Report) and FuelCell Energy (FCEL - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
HF Sinclair is an independent energy company producing and marketing gasoline, diesel, jet fuel, renewable diesel, lubricants, and specialty products. Incorporated in Delaware in 1947 and headquartered in Dallas, TX, it operates refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. It also provides transportation, terminaling and storage services to its refineries and third parties.
FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
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Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 5.79; value investors should take notice.
For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $3.95 to $10.94 per share. PBF boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, PBF should be on investors' short list.
PBF Energy (PBF - Free Report) came out with quarterly earnings of $6.22 per share, beating the Zacks Consensus Estimate of $4.05 per share. This compares to a loss of $1.03 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +53.58%. A quarter ago, it was expected that this refiner would post a loss of $0.79 per share when it actually produced a loss of $0.88, delivering a surprise of -11.39%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
PBF Energy, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $11.68 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 37.19%. This compares to year-ago revenues of $7.48 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
PBF Energy shares have added about 133.6% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for PBF Energy?While PBF Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for PBF Energy was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.01 on $8.91 billion in revenues for the coming quarter and $10.94 on $33.44 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 8% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Marathon Petroleum (MPC - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.
This refiner is expected to post quarterly earnings of $14.52 per share in its upcoming report, which represents a year-over-year change of +266.7%. The consensus EPS estimate for the quarter has been revised 61.2% higher over the last 30 days to the current level.
Marathon Petroleum's revenues are expected to be $34.83 billion, up 2.1% from the year-ago quarter.
Second quarter income from operations of $1,272.1 million (excluding special items, second quarter income from operations of $1,054.0 million) PBF reduced gross debt by over $1 billion in the second quarter Declared quarterly dividend of $0.275 per share PBF received a fifth unallocated installment of $250.0 million related to the Martinez refinery fire Martinez refinery restart completed in May 2026 , /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today reported second quarter 2026 income from operations of $1,272.1 million as compared to income from operations of $43.0 million for the second quarter of 2025. Excluding special items, second quarter 2026 income from operations was $1,054.0 million as compared to loss from operations of $110.0 million for the second quarter of 2025.
The company reported second quarter 2026 net income of $915.0 million and net income attributable to PBF Energy Inc. of $906.4 million or $7.54 per share. This compares to net loss of $5.4 million and net loss attributable to PBF Energy Inc. of $5.2 million or $(0.05) per share for the second quarter 2025. Non-cash special items included in the second quarter 2026 results, which increased net income by a net, after-tax benefit of $159.8 million, or $1.32 per share, primarily consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery (the "Martinez refinery fire"), partially offset by expenses associated with the Martinez refinery fire, costs related to PBF's Refinery Business Improvement initiative ("RBI"), and loss on extinguishment of debt related to the redemption of the 6.00% senior unsecured notes due 2028. Adjusted fully-converted net income for the second quarter 2026, excluding special items, was $753.1 million, or $6.22 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss, excluding special items, of $118.5 million or $(1.03) per share, for the second quarter 2025.
Matt Lucey, PBF's President and CEO, said, "We are in a cyclical business with a volatile and ever-changing environment. During the second quarter, PBF delivered significant equity value through our net debt reduction of over $1.4 billion. We will continue to apply a rigorous capital allocation process including investing in our refineries to capitalize on market opportunities and strengthening our balance sheet to ensure we are maximizing value for our investors. The underlying fundamentals for refining remain incredibly strong with tight global supply and demand balances. PBF, with its coastal complexity, is ideally positioned to capture these opportunities and generate significant value for our investors."
Mr. Lucey continued, "The Martinez refinery successfully returned to full operations in the second quarter and is once again supplying California with a full slate of much-needed, domestically-produced products. The team at Martinez worked tirelessly, conducting repairs as expeditiously as possible and, more importantly, cemented their tremendous efforts with a safe restart." Mr. Lucey concluded, "Our primary objective, especially in the current environment, is to ensure that we remain focused on safe, reliable and responsible operations."
PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.275 per share of Class A common stock on August 28, 2026, to shareholders of record at the close of business on August 14, 2026.
Martinez Refinery Update
Following completion of the construction activities, the Martinez refinery returned to full operations in May 2026. Company and refinery management extend their thanks to all of the parties, internal and external, who worked for more than a year to return Martinez to full operations and, once again, to supplying Californian consumers with our full slate of products made in-state.
As previously disclosed, the company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company's deductible and retentions totaling $30 million. Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime through the restart of the refinery. This coverage commenced on April 3, 2025. In the second quarter, PBF's insurers paid a fifth, unallocated, installment of insurance proceeds of $250 million, totaling $1.25 billion of unallocated insurance reimbursements received to date, net of deductibles and retentions. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses. Working with our insurance group, PBF expects to finalize the claim process in the second half of 2026.
PBF Guidance Update and Outlook
We are committed to running all of our assets in a safe, reliable and environmentally responsible manner, and continuing to progress our RBI program, which is focused on improving reliability and efficiency across our system. In 2025, the RBI program generated in excess of $230 million of run-rate cost improvements and that total is expected to grow to more than $350 million of run-rate cost improvements by year-end 2026. The RBI program is an ongoing, sustained initiative that continues to gain momentum in improving PBF's cost structure and we expect to continue this effort beyond our current goals. Concurrent with the goal of improving system-wide reliability and efficiency, we expect to realize these benefits of the RBI program in our refinery operating expenses and our capital and turnaround programs.
During the second quarter, PBF reduced net debt by over 62% by fully paying down its asset-backed lending facility and refinancing approximately $802 million of senior notes due 2028 using available cash and proceeds from the issuance of $500 million of senior notes due 2034, an aggregate gross debt reduction of over $1 billion. At quarter-end, we had approximately $894 million of cash, $1,749 million of total debt, and $855 million of net debt.
PBF's initial turnaround planning guidance for 2026 included five major turnarounds across our system. We completed the Torrance turnaround in the first quarter, and, after careful evaluation and safety inspections, we elected to move the scheduled Martinez second quarter hydrocracker complex turnaround to the end of the third quarter. Additionally, after further diligent review, we elected to move the planned fourth quarter turnarounds at both Chalmette and Toledo to 2027. During the second quarter, we performed unplanned work at Toledo which afforded us the opportunity to safely extend the run-time for our FCC complex. As a result, we are reducing our 2026 capital expenditure guidance to $825-$875 million for the year, excluding capital related to the Martinez rebuild.
Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current throughput expectations are included in the table below.
Expected throughput ranges (barrels per day)
Third Quarter 2026
Low
High
East Coast
300,000
320,000
Mid-continent
155,000
165,000
Gulf Coast
175,000
185,000
West Coast
270,000
290,000
Total
900,000
960,000
Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.
Renewable Diesel
St. Bernard Renewables LLC ("SBR") averaged approximately 15,100 barrels per day of renewable diesel production in the second quarter, reflecting the impact of a catalyst change completed in April 2026. Renewable diesel production for the third quarter is expected to average approximately 18,000 to 20,000 barrels per day.
Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.
Non-GAAP Measures
This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's Non-GAAP financial measures may also differ from similarly named measures used by other companies.
See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.
Conference Call Information
PBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, July 30, 2026, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 549-8228 or (646) 564-2877. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website.
Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's expectations with respect to its plans, objectives, estimates, and intentions with respect to the anticipated insurance recoveries related to the Martinez refinery fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's RBI initiative as well as the Company's future earnings and operations overall, including those of our 50-50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.
Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company's filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable fuel production, and to realize the benefits from such acquisitions or investments; our ability to close acquisitions or divestitures and the timing thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; tariffs and other trade measures and their effects on trading relationships; global geopolitical and other conflicts and tensions; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations, political developments and other events that are adverse to or restrict refining and marketing operations or could otherwise negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.
PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.
Contacts:
Colin Murray (investors)
[email protected]
Tel: 973.455.7578
Michael C. Karlovich (media)
[email protected]
Tel: 973.455.8994
PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except share and per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenues
$ 11,678.3
$ 7,475.3
$ 19,582.6
$ 14,541.7
Cost and expenses:
Cost of products and other
9,701.9
6,743.7
16,483.8
13,330.8
Operating expenses (excluding depreciation and amortization expense as reflected below)
670.1
631.7
1,359.0
1,363.5
Depreciation and amortization expense
159.5
157.9
314.5
325.6
Cost of sales
10,531.5
7,533.3
18,157.3
15,019.9
General and administrative expenses (excluding depreciation and amortization expense as reflected below)
148.6
80.3
238.2
150.7
Depreciation and amortization expense
3.6
3.6
7.4
7.2
Gain on insurance recoveries, net
(250.0)
(189.0)
(356.5)
(189.0)
Equity (income) loss in investee
(27.5)
4.3
(35.8)
21.3
(Gain) loss on sale of assets
—
(0.2)
0.3
(0.2)
Total cost and expenses
10,406.2
7,432.3
18,010.9
15,009.9
Income (loss) from operations
1,272.1
43.0
1,571.7
(468.2)
Other income (expense):
Interest expense (net of interest income of $8.0, $4.1, $11.5 and $8.6, respectively)
(42.0)
(53.8)
(84.1)
(90.7)
Loss on extinguishment of debt
(2.2)
—
(2.2)
—
Other non-service components of net periodic benefit cost
1.3
0.3
2.3
0.6
Income (loss) before income taxes
1,229.2
(10.5)
1,487.7
(558.3)
Income tax expense (benefit)
314.2
(5.1)
372.5
(147.0)
Net income (loss)
915.0
(5.4)
1,115.2
(411.3)
Less: net income (loss) attributable to noncontrolling interest
8.6
(0.2)
10.5
(4.3)
Net income (loss) attributable to PBF Energy Inc. stockholders
$ 906.4
$ (5.2)
$ 1,104.7
$ (407.0)
Net income (loss) available to Class A common stock per share:
Basic
$ 7.66
$ (0.05)
$ 9.38
$ (3.58)
Diluted
$ 7.54
$ (0.05)
$ 9.22
$ (3.58)
Weighted-average shares outstanding-basic
118,367,104
113,852,406
117,784,098
113,803,619
Weighted-average shares outstanding-diluted
121,066,763
114,715,186
120,603,759
114,666,399
Dividends per common share
$ 0.275
$ 0.275
$ 0.55
$ 0.55
Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1):
Adjusted fully-converted net income (loss)
$ 912.9
$ (5.3)
$ 1,112.5
$ (410.2)
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share
PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
(Unaudited, in millions, except share and per share data)
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS (Note 1)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income (loss) attributable to PBF Energy Inc. stockholders
$ 906.4
$ (5.2)
$ 1,104.7
$ (407.0)
Less: Income allocated to participating securities
0.1
—
0.1
—
Income (loss) available to PBF Energy Inc. stockholders - basic
906.3
(5.2)
1,104.6
(407.0)
Add: Net income (loss) attributable to noncontrolling interest (Note 2)
8.8
(0.2)
10.6
(4.3)
Less: Income tax (expense) benefit (Note 3)
(2.2)
0.1
(2.7)
1.1
Adjusted fully-converted net income (loss)
$ 912.9
$ (5.3)
$ 1,112.5
$ (410.2)
Special items (Note 4):
Add: LCM inventory adjustment
—
—
(313.0)
—
Add: LCM inventory adjustment - SBR
—
(8.0)
(9.4)
(16.7)
Add: Martinez refinery fire expenses
22.7
30.4
34.2
108.5
Add: Gain on insurance recoveries, net
(250.0)
(189.0)
(356.5)
(189.0)
Add: Costs related to RBI initiative
9.2
13.6
18.6
13.6
Add: Loss on extinguishment of debt
2.2
—
2.2
—
Less: Recomputed income tax on special items (Note 3, 4)
56.1
39.8
162.1
21.7
Adjusted fully-converted net income (loss) excluding special items
$ 753.1
$ (118.5)
$ 650.7
$ (472.1)
Weighted-average shares outstanding of PBF Energy Inc.
118,367,104
113,852,406
117,784,098
113,803,619
Conversion of PBF LLC Series A Units (Note 5)
860,839
862,780
861,525
862,780
Common stock equivalents (Note 6)
1,838,820
—
1,958,136
—
Fully-converted shares outstanding - diluted
121,066,763
114,715,186
120,603,759
114,666,399
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6)
$ 7.54
$ (0.05)
$ 9.22
$ (3.58)
Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6)
$ 6.22
$ (1.03)
$ 5.40
$ (4.12)
Three Months Ended
Six Months Ended
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS
June 30,
June 30,
2026
2025
2026
2025
Income (loss) from operations
$ 1,272.1
$ 43.0
$ 1,571.7
$ (468.2)
Special Items (Note 4):
Add: LCM inventory adjustment
—
—
(313.0)
—
Add: LCM inventory adjustment - SBR
—
(8.0)
(9.4)
(16.7)
Add: Martinez refinery fire expenses
22.7
30.4
34.2
108.5
Add: Gain on insurance recoveries, net
(250.0)
(189.0)
(356.5)
(189.0)
Add: Costs related to RBI initiative
9.2
13.6
18.6
13.6
Income (loss) from operations excluding special items
$ 1,054.0
$ (110.0)
$ 945.6
$ (551.8)
See Footnotes to Earnings Release Tables
PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
EBITDA RECONCILIATIONS (Note 7)
(Unaudited, in millions)
Three Months Ended
Six Months Ended
June 30,
June 30,
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS
2026
2025
2026
2025
Net income (loss)
$ 915.0
$ (5.4)
$ 1,115.2
$ (411.3)
Add: Depreciation and amortization expense
163.1
161.5
321.9
332.8
Add: Interest expense, net
42.0
53.8
84.1
90.7
Add: Income tax expense (benefit)
314.2
(5.1)
372.5
(147.0)
EBITDA
$ 1,434.3
$ 204.8
$ 1,893.7
$ (134.8)
Special Items (Note 4):
Add: LCM inventory adjustment
—
—
(313.0)
—
Add: LCM inventory adjustment - SBR
—
(8.0)
(9.4)
(16.7)
Add: Martinez refinery fire expenses
22.7
30.4
34.2
108.5
Add: Gain on insurance recoveries, net
(250.0)
(189.0)
(356.5)
(189.0)
Add: Costs related to RBI initiative
9.2
13.6
18.6
13.6
Add: Loss on extinguishment of debt
2.2
—
2.2
—
EBITDA excluding special items
$ 1,218.4
$ 51.8
$ 1,269.8
$ (218.4)
Three Months Ended
Six Months Ended
June 30,
June 30,
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA
2026
2025
2026
2025
EBITDA
$ 1,434.3
$ 204.8
$ 1,893.7
$ (134.8)
Add: Stock-based compensation
9.0
10.0
17.4
21.4
Add: Interest, depreciation, and amortization expense - SBR
12.5
7.7
21.4
24.3
Special Items (Note 4):
Add: LCM inventory adjustment
—
—
(313.0)
—
Add: LCM inventory adjustment - SBR
—
(8.0)
(9.4)
(16.7)
Add: Martinez refinery fire expenses
22.7
30.4
34.2
108.5
Add: Gain on insurance recoveries, net
(250.0)
(189.0)
(356.5)
(189.0)
Add: Costs related to RBI initiative
9.2
13.6
18.6
13.6
Add: Loss on extinguishment of debt
2.2
—
2.2
—
Adjusted EBITDA
$ 1,239.9
$ 69.5
$ 1,308.6
$ (172.7)
See Footnotes to Earnings Release Tables
PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in millions)
June 30,
December 31,
Balance Sheet Data:
2026
2025
Cash and cash equivalents
$ 894.1
$ 527.9
Inventories
2,893.9
2,563.1
Total assets
14,718.7
13,019.9
Total debt
1,749.1
2,148.3
Total equity
6,545.4
5,449.9
Total equity excluding special items (Note 4, 14)
$ 4,777.2
$ 4,143.5
Total debt to capitalization ratio (Note 14)
21 %
28 %
Total debt to capitalization ratio, excluding special items (Note 14)
27 %
34 %
Net debt to capitalization ratio (Note 14)
12 %
23 %
Net debt to capitalization ratio, excluding special items (Note 14)
15 %
28 %
SUMMARIZED STATEMENT OF CASH FLOW DATA
(Unaudited, in millions)
Six Months Ended June 30,
2026
2025
Cash flows provided by (used in) operating activities
$ 1,265.1
$ (470.3)
Cash flows used in investing activities
(506.1)
(371.3)
Cash flows (used in) provided by financing activities
(392.8)
896.2
Net change in cash and cash equivalents
366.2
54.6
Cash and cash equivalents, beginning of period
527.9
536.1
Cash and cash equivalents, end of period
$ 894.1
$ 590.7
See Footnotes to Earnings Release Tables
PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONSOLIDATING FINANCIAL INFORMATION (Note 8)
(Unaudited, in millions)
Three Months Ended June 30, 2026
Refining
Logistics
Corporate
Eliminations
Consolidated
Total
Revenues
$ 11,676.3
$ 94.9
$ —
$ (92.9)
$ 11,678.3
Cost of products and other
9,786.9
3.3
—
(88.3)
9,701.9
Operating expenses (income)
646.0
28.7
—
(4.6)
670.1
Depreciation and amortization expense
151.2
8.3
3.6
—
163.1
Other segment (income) expenses, net (a)
(250.0)
1.6
119.5
—
(128.9)
Income (loss) from operations
1,342.2
53.0
(123.1)
—
1,272.1
Interest (income) expense, net
(13.2)
(0.3)
55.5
—
42.0
Capital expenditures (b)
184.0
2.0
2.5
—
188.5
Three Months Ended June 30, 2025
Refining
Logistics
Corporate
Eliminations
Consolidated
Total
Revenues
$ 7,465.6
$ 98.0
$ —
$ (88.3)
$ 7,475.3
Cost of products and other
6,825.4
2.2
—
(83.9)
6,743.7
Operating expenses (income)
607.5
28.6
—
(4.4)
631.7
Depreciation and amortization expense
148.8
9.1
3.6
—
161.5
Other segment (income) expenses, net (a)
(189.0)
1.8
82.6
—
(104.6)
Income (loss) from operations
72.8
56.3
(86.1)
—
43.0
Interest (income) expense, net
(4.8)
(0.6)
59.2
—
53.8
Capital expenditures (b)
144.5
8.2
2.0
—
154.7
Six Months Ended June 30, 2026
Refining
Logistics
Corporate
Eliminations
Consolidated
Total
Revenues
$ 19,576.1
$ 188.1
$ —
$ (181.6)
$ 19,582.6
Cost of products and other
16,649.8
6.5
—
(172.5)
16,483.8
Operating expenses (income)
1,307.2
60.9
—
(9.1)
1,359.0
Depreciation and amortization expense
297.9
16.6
7.4
—
321.9
Other segment (income) expenses, net (a)
(356.2)
3.4
199.0
—
(153.8)
Income (loss) from operations
1,677.5
100.6
(206.4)
—
1,571.7
Interest (income) expense, net
(29.6)
(0.5)
114.2
—
84.1
Capital expenditures (b)
500.1
3.6
4.9
—
508.6
Six Months Ended June 30, 2025
Refining
Logistics
Corporate
Eliminations
Consolidated
Total
Revenues
$ 14,522.7
$ 192.5
$ —
$ (173.5)
$ 14,541.7
Cost of products and other
13,490.8
4.8
—
(164.8)
13,330.8
Operating expenses (income)
1,313.8
58.4
—
(8.7)
1,363.5
Depreciation and amortization expense
307.4
18.2
7.2
—
332.8
Other segment (income) expenses, net (a)
(189.0)
3.4
168.4
—
(17.2)
Income (loss) from operations
(400.4)
107.7
(175.5)
—
(468.2)
Interest (income) expense, net
(9.3)
(0.8)
100.8
—
90.7
Capital expenditures (b)
360.1
10.6
2.3
—
373.0
Balance at June 30, 2026
Refining
Logistics
Corporate
Eliminations
Consolidated
Total
Total assets (c)
$ 13,138.6
$ 660.5
$ 959.0
$ (39.4)
$ 14,718.7
Balance at December 31, 2025
Refining
Logistics
Corporate
Eliminations
Consolidated
Total
Total assets (c)
$ 11,469.1
$ 683.4
$ 906.3
$ (38.9)
$ 13,019.9
(a) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expenses), Gain on insurance recoveries, net, Equity (income) loss in investee, and (Gain) loss on sale of assets.
(b) For the three and six months ended June 30, 2026, the Company's refining segment Capital expenditures exclude $55.8 million and $245.2 million, respectively, of costs associated with the rebuild of units damaged by the Martinez refinery fire that were reimbursed by insurance proceeds. For the three and six months ended June 30, 2025, the Company's refining segment Capital expenditures exclude $132.0 million of costs associated with the rebuild of units damaged by the Martinez refinery fire that were reimbursed by insurance proceeds.
(c) As of June 30, 2026 and December 31, 2025, Corporate assets include the Company's Equity method investment in SBR of $859.6 million and $826.3 million, respectively.
See Footnotes to Earnings Release Tables
PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
MARKET INDICATORS AND KEY OPERATING INFORMATION
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
Market Indicators (dollars per barrel) (Note 9)
2026
2025
2026
2025
Dated Brent crude oil
$ 104.86
$ 67.70
$ 93.28
$ 71.64
West Texas Intermediate (WTI) crude oil
$ 93.11
$ 63.81
$ 83.00
$ 67.60
Light Louisiana Sweet (LLS) crude oil
$ 95.64
$ 66.12
$ 85.57
$ 70.22
Alaska North Slope (ANS) crude oil
$ 103.05
$ 68.82
$ 90.40
$ 72.30
Crack Spreads:
Dated Brent (NYH) 2-1-1
$ 43.48
$ 22.24
$ 35.05
$ 19.58
WTI (Chicago) 4-3-1
$ 44.62
$ 21.16
$ 32.11
$ 17.47
LLS (Gulf Coast) 2-1-1
$ 48.66
$ 20.26
$ 39.39
$ 18.77
ANS (West Coast-LA) 4-3-1
$ 53.28
$ 28.85
$ 45.03
$ 26.00
ANS (West Coast-SF) 3-2-1
$ 58.27
$ 36.07
$ 49.67
$ 30.85
Crude Oil Differentials:
Dated Brent (foreign) less WTI
$ 11.75
$ 3.90
$ 10.27
$ 4.04
Dated Brent less Maya (heavy, sour)
$ 16.08
$ 9.22
$ 15.12
$ 9.86
Dated Brent less WTS (sour)
$ 13.04
$ 4.03
$ 11.64
$ 3.95
Dated Brent less ASCI (sour)
$ 10.98
$ 3.19
$ 9.07
$ 3.26
WTI less WCS (heavy, sour)
$ 20.25
$ 10.65
$ 18.03
$ 11.86
WTI less Bakken (light, sweet)
$ 0.32
$ 0.65
$ 1.15
$ 1.19
WTI less Syncrude (light, sweet)
$ (2.83)
$ (0.93)
$ (0.66)
$ 0.83
WTI less LLS (light, sweet)
$ (2.53)
$ (2.31)
$ (2.56)
$ (2.61)
WTI less ANS (light, sweet)
$ (9.93)
$ (5.01)
$ (7.40)
$ (4.69)
Effective RIN basket price
$ 13.78
$ 6.14
$ 11.30
$ 5.45
Natural gas (dollars per MMBTU)
$ 2.94
$ 3.51
$ 3.20
$ 3.69
Key Operating Information
Production (barrels per day ("bpd") in thousands)
893.5
845.8
867.5
789.5
Crude oil and feedstocks throughput (bpd in thousands)
887.3
839.1
865.9
785.1
Total crude oil and feedstocks throughput (millions of barrels)
80.7
76.4
156.7
142.1
Consolidated gross margin per barrel of throughput
$ 14.20
$ (0.76)
$ 9.10
$ (3.37)
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)
$ 23.40
$ 8.38
$ 16.67
$ 7.26
Refining operating expense, per barrel of throughput (Note 11)
$ 8.00
$ 7.96
$ 8.34
$ 9.25
Crude and feedstocks (% of total throughput) (Note 13)
Heavy
31 %
25 %
28 %
27 %
Medium
29 %
35 %
33 %
35 %
Light
24 %
26 %
23 %
24 %
Other feedstocks and blends
16 %
14 %
16 %
14 %
Total throughput
100 %
100 %
100 %
100 %
Yield (% of total throughput)
Gasoline and gasoline blendstocks
42 %
44 %
43 %
46 %
Distillates and distillate blendstocks
36 %
34 %
35 %
35 %
Lubes
1 %
1 %
1 %
1 %
Chemicals
1 %
2 %
1 %
1 %
Other
21 %
20 %
20 %
18 %
Total yield
101 %
101 %
100 %
101 %
See Footnotes to Earnings Release Tables
PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
SUPPLEMENTAL OPERATING INFORMATION
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro)
Production (bpd in thousands)
308.1
296.8
305.4
277.7
Crude oil and feedstocks throughput (bpd in thousands)
309.1
299.8
306.8
281.1
Total crude oil and feedstocks throughput (millions of barrels)
28.2
27.3
55.5
50.9
Gross margin per barrel of throughput
$ 13.57
$ 0.46
$ 11.26
$ (1.68)
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)
$ 20.80
$ 7.37
$ 16.30
$ 6.67
Refining operating expense, per barrel of throughput (Note 11, 12)
$ 5.61
$ 5.34
$ 6.14
$ 6.51
Crude and feedstocks (% of total throughput) (Note 13):
Heavy
23 %
21 %
19 %
24 %
Medium
39 %
45 %
44 %
42 %
Light
20 %
20 %
18 %
17 %
Other feedstocks and blends
18 %
14 %
19 %
17 %
Total throughput
100 %
100 %
100 %
100 %
Yield (% of total throughput):
Gasoline and gasoline blendstocks
35 %
37 %
36 %
38 %
Distillates and distillate blendstocks
39 %
37 %
38 %
38 %
Lubes
2 %
2 %
2 %
2 %
Chemicals
2 %
2 %
2 %
2 %
Other
22 %
21 %
22 %
19 %
Total yield
100 %
99 %
100 %
99 %
Supplemental Operating Information - Mid-Continent (Toledo)
Production (bpd in thousands)
132.1
165.6
138.6
152.4
Crude oil and feedstocks throughput (bpd in thousands)
130.9
162.2
137.4
149.9
Total crude oil and feedstocks throughput (millions of barrels)
11.9
14.8
24.9
27.1
Gross margin per barrel of throughput
$ 11.33
$ 2.74
$ 12.71
$ 0.36
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)
$ 20.13
$ 10.14
$ 13.46
$ 8.60
Refining operating expense, per barrel of throughput (Note 11, 12)
$ 7.27
$ 5.60
$ 7.38
$ 6.29
Crude and feedstocks (% of total throughput) (Note 13):
Medium
38 %
31 %
39 %
35 %
Light
60 %
67 %
58 %
62 %
Other feedstocks and blends
2 %
2 %
3 %
3 %
Total throughput
100 %
100 %
100 %
100 %
Yield (% of total throughput):
Gasoline and gasoline blendstocks
42 %
51 %
47 %
53 %
Distillates and distillate blendstocks
42 %
37 %
42 %
38 %
Chemicals
3 %
4 %
3 %
3 %
Other
14 %
10 %
9 %
8 %
Total yield
101 %
102 %
101 %
102 %
See Footnotes to Earnings Release Tables
PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
SUPPLEMENTAL OPERATING INFORMATION
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Supplemental Operating Information - Gulf Coast (Chalmette)
Production (bpd in thousands)
179.0
177.5
183.2
168.2
Crude oil and feedstocks throughput (bpd in thousands)
177.4
173.6
181.2
165.8
Total crude oil and feedstocks throughput (millions of barrels)
16.1
15.8
32.8
30.0
Gross margin per barrel of throughput
$ 12.15
$ 0.48
$ 8.01
$ (0.86)
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)
$ 20.06
$ 7.35
$ 15.64
$ 6.39
Refining operating expense, per barrel of throughput (Note 11, 12)
$ 6.59
$ 5.57
$ 6.10
$ 5.85
Crude and feedstocks (% of total throughput) (Note 13):
Heavy
23 %
9 %
20 %
10 %
Medium
27 %
46 %
33 %
44 %
Light
36 %
25 %
30 %
28 %
Other feedstocks and blends
14 %
20 %
17 %
18 %
Total throughput
100 %
100 %
100 %
100 %
Yield (% of total throughput):
Gasoline and gasoline blendstocks
43 %
46 %
44 %
48 %
Distillates and distillate blendstocks
35 %
34 %
34 %
32 %
Chemicals
1 %
1 %
1 %
1 %
Other
22 %
21 %
22 %
20 %
Total yield
101 %
102 %
101 %
101 %
Supplemental Operating Information - West Coast (Torrance and Martinez)
Production (bpd in thousands)
274.3
205.9
240.3
191.2
Crude oil and feedstocks throughput (bpd in thousands)
269.9
203.5
240.5
188.3
Total crude oil and feedstocks throughput (millions of barrels)
24.5
18.5
43.5
34.1
Gross margin per barrel of throughput
$ 15.89
$ (9.54)
$ 3.23
$ (14.32)
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)
$ 30.16
$ 9.35
$ 19.77
$ 7.84
Refining operating expense, per barrel of throughput (Note 11, 12)
$ 11.58
$ 15.73
$ 12.85
$ 18.67
Crude and feedstocks (% of total throughput) (Note 13):
Heavy
61 %
66 %
61 %
66 %
Medium
13 %
12 %
16 %
17 %
Light
3 %
4 %
2 %
2 %
Other feedstocks and blends
23 %
18 %
21 %
15 %
Total throughput
100 %
100 %
100 %
100 %
Yield (% of total throughput):
Gasoline and gasoline blendstocks
51 %
45 %
48 %
51 %
Distillates and distillate blendstocks
30 %
30 %
27 %
30 %
Other
21 %
26 %
25 %
21 %
Total yield
102 %
101 %
100 %
102 %
See Footnotes to Earnings Release Tables
PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
GROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10)
(Unaudited, in millions, except per barrel amounts)
Three Months Ended June 30,
2026
2025
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS
$
per barrel
of
throughput
$
per barrel
of
throughput
Calculation of consolidated gross margin:
Revenues
$ 11,678.3
$ 144.63
$ 7,475.3
$ 97.90
Less: Cost of sales
10,531.5
130.43
7,533.3
98.66
Consolidated gross margin
$ 1,146.8
$ 14.20
$ (58.0)
$ (0.76)
Reconciliation of consolidated gross margin to gross refining margin:
Consolidated gross margin
$ 1,146.8
$ 14.20
$ (58.0)
$ (0.76)
Add: Logistics operating expense
28.7
0.36
28.6
0.37
Add: Logistics depreciation expense
8.3
0.10
9.1
0.12
Less: Logistics gross margin
(91.6)
(1.13)
(95.9)
(1.26)
Add: Refining operating expense
646.0
8.00
607.5
7.96
Add: Refining depreciation expense
151.2
1.87
148.8
1.95
Gross refining margin
$ 1,889.4
$ 23.40
$ 640.1
$ 8.38
Gross refining margin excluding special items
$ 1,889.4
$ 23.40
$ 640.1
$ 8.38
Six Months Ended June 30,
2026
2025
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS
$
per barrel
of
throughput
$
per barrel
of
throughput
Calculation of consolidated gross margin:
Revenues
$ 19,582.6
$ 124.95
$ 14,541.7
$ 102.34
Less: Cost of sales
18,157.3
115.85
15,019.9
105.71
Consolidated gross margin
$ 1,425.3
$ 9.10
$ (478.2)
$ (3.37)
Reconciliation of consolidated gross margin to gross refining margin:
Consolidated gross margin
$ 1,425.3
$ 9.10
$ (478.2)
$ (3.37)
Add: Logistics operating expense
60.9
0.39
58.4
0.41
Add: Logistics depreciation expense
16.6
0.11
18.2
0.13
Less: Logistics gross margin
(181.6)
(1.17)
(187.8)
(1.32)
Add: Refining operating expense
1,307.2
8.34
1,313.8
9.25
Add: Refining depreciation expense
297.9
1.90
307.4
2.16
Gross refining margin
$ 2,926.3
$ 18.67
$ 1,031.8
$ 7.26
Special Items (Note 4):
Add: LCM inventory adjustment
(313.0)
(2.00)
—
—
Gross refining margin excluding special items
$ 2,613.3
$ 16.67
$ 1,031.8
$ 7.26
See Footnotes to Earnings Release Tables
PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
FOOTNOTES TO EARNINGS RELEASE TABLES
(1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare our results across the periods presented and facilitate an understanding of our operating results. We also use these measures to evaluate our operating performance. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The differences between adjusted fully-converted and GAAP results are explained in footnotes 2 through 6.
(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF Energy Company LLC ("PBF LLC") other than PBF Energy Inc. ("PBF Energy"), as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy Class A common stock.
(3) Represents an adjustment to reflect PBF Energy's estimated annualized statutory corporate tax rate of approximately 26.0% for both the 2026 and 2025 periods, applied to net income (loss) attributable to noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in footnote 2.
(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special items, income (loss) from operations excluding special items, EBITDA excluding special items, and gross refining margin excluding special items. Special items for the periods presented relate to LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related to RBI initiative, and loss on extinguishment of debt, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 14.
Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investors regarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.
Special Items:
LCM inventory adjustment - LCM is a GAAP requirement for inventory valuation that mandates inventory to be stated at the lower of cost or market. Our inventories are valued at the lower of cost or market with cost determined using the last-in, first-out ("LIFO") inventory valuation methodology, under which the most recently incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs. Market price is determined based on an assessment of the current estimated replacement cost and net realizable selling price of the inventory. When the market price of our inventory declines substantially, cost values of inventory may exceed market values. In such instances, we record an adjustment to write down the value of inventory to market value in accordance with GAAP. In subsequent periods, the value of inventory is reassessed and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between periods. The net impact of these LCM inventory adjustments is included in the Refining segment's income from operations, but excluded from the operating results presented, as applicable, to ensure comparability between periods.
PBF Energy LCM inventory adjustment - During the six months ended June 30, 2026, we reversed the $313.0 million LCM inventory reserve recorded at December 31, 2025. This reversal increased income from operations and net income by $313.0 million and $231.6 million, respectively, and resulted in no LCM inventory reserve at June 30, 2026. There were no such adjustments in any of the other periods presented.
SBR LCM inventory adjustment - During the six months ended June 30, 2026, SBR reversed the $18.8 million LCM inventory reserve recorded at December 31, 2025. During the three and six months ended June 30, 2025, SBR recorded adjustments to value its inventory to the LCM which increased its income from operations by $15.9 million and $33.3 million, respectively. Our Equity loss in investee reflects our 50% share of these adjustments. Accordingly, for the six months ended June 30, 2026, the reversal increased our income from operations and net income by $9.4 million and $7.0 million, respectively. For the three and six months ended June 30, 2025, these LCM adjustments increased our income from operations by $8.0 million and $16.7 million, respectively ($5.9 million and $12.4 million, respectively, net of tax). There were no such adjustments during the three months ended June 30, 2026.
Martinez refinery fire expenses - During the three and six months ended June 30, 2026, we recorded operating expenses associated with the Martinez refinery fire that decreased income from operations by $22.7 million and $34.2 million, respectively ($16.8 million and $25.3 million, respectively, net of tax). During the three and six months ended June 30, 2025, we recorded operating expenses associated with the Martinez refinery fire that decreased income from operations by $30.4 million and $108.5 million, respectively ($22.5 million and $80.3 million, respectively, net of tax).
Gain on insurance recoveries, net - During the three and six months ended June 30, 2026, we recorded gains on insurance recoveries associated with the Martinez refinery fire that increased income from operations by $250.0 million and $356.5 million, respectively ($185.0 million and $263.8 million, respectively, net of tax). During both the three and six months ended June 30, 2025, we recorded a gain on insurance recoveries associated with the Martinez refinery fire that increased income from operations and net income by $189.0 million and $139.9 million, respectively.
Costs related to RBI initiative - During the second quarter of 2025, we launched our RBI initiative as part of our ongoing strategic efforts to extract incremental value across our business. As a result, for the three and six months ended June 30, 2026, we recorded expenses related to the execution of this initiative that decreased income from operations by $9.2 million and $18.6 million, respectively ($6.8 million and $13.8 million, respectively, net of tax). For both the three and six months ended June 30, 2025, we recorded expenses related to the execution of this initiative that decreased income from operations and net income by $13.6 million and $10.1 million, respectively. These charges are included within General and administrative expenses.
Loss on extinguishment of debt - During both the three and six months ended June 30, 2026, we recorded a pre-tax loss on extinguishment of debt related to the redemption of our 2028 6.00% Senior Notes, which decreased income before income taxes and net income by $2.2 million and $1.6 million, respectively. There were no such adjustments in any of the other periods presented.
Recomputed income tax on special items - The income tax impact on these special items is calculated using the tax rates shown in (3) above.
(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in footnote 2.
(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three and six months ended June 30, 2026 and 2025, respectively. Common stock equivalents exclude the effects of performance share units, options, and warrants to purchase 876,069 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the six months ended June 30, 2026 (compared with 7,023,756 and 6,834,426 shares for the three and six months ended June 30, 2025, respectively). For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.
(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA are supplemental measures of performance that are not required by, or presented in accordance with GAAP. Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation expense, our share of SBR interest, depreciation, and amortization expense, LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related to RBI initiative, loss on extinguishment of debt, and certain other non-cash items. We use these Non-GAAP financial measures as a supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our business. EBITDA and Adjusted EBITDA are measures of operating performance that are not defined by GAAP and should not be considered substitutes for net income as determined in accordance with GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in the same manner by all companies, they are not necessarily comparable to other similarly titled measures used by other companies. EBITDA and Adjusted EBITDA have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.
For the periods ending June 30, 2026, our share of SBR interest, depreciation, and amortization expense, recorded within Equity loss in investee in the Condensed Consolidated Statements of Operations, is treated as an adjustment to EBITDA. Prior-period amounts in the table above has been conformed to the 2026 presentation.
(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the Refining and Logistics segments are included in Corporate. As of June 30, 2026, the Refining segment includes the operations of our oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of rail and truck terminals and unloading racks, storage facilities and pipelines, a substantial portion of which were acquired from or contributed by PBF LLC and are located at, or nearby, our refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third party customers through fee-based commercial agreements.
PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy perspective, our chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX's individual operating segments.
(9) Our market indicators table summarizes certain market indicators relating to our operating results as reported by Platts, a division of The McGraw-Hill Companies.
(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because they exclude refining operating expenses, depreciation and amortization and gross margin of the Logistics segment. Gross refining margin per barrel is gross refining margin, divided by total crude and feedstocks throughput. We believe they are important measures of operating performance and provide useful information to investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shown in the Market Indicators Tables, as such benchmarks do not include a charge for refinery operating expenses and depreciation. Other companies in our industry may not calculate gross refining margin and gross refining margin per barrel in the same manner. Gross refining margin and gross refining margin per barrel of throughput have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.
(11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation and amortization, divided by total crude oil and feedstocks throughput.
(12) Refining operating expenses per barrel at the regional level exclude the impact of nonpermanent loss adjusted excess insurance premium costs.
(13) We define heavy crude oil as crude oil with American Petroleum Institute ("API") gravity less than 24 degrees. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil with API gravity higher than 35 degrees.
(14) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures and should not be considered an alternative to any other measure of financial performance or liquidity presented in accordance with GAAP. Net debt is calculated by subtracting cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity.
June 30,
December 31,
2026
2025
(in millions)
Total debt
$ 1,749.1
$ 2,148.3
Total equity
6,545.4
5,449.9
Total capitalization
$ 8,294.5
$ 7,598.2
Total debt
$ 1,749.1
$ 2,148.3
Total equity excluding special items
4,777.2
4,143.5
Total capitalization excluding special items
$ 6,526.3
$ 6,291.8
Total equity
$ 6,545.4
$ 5,449.9
Special Items (Note 4)
Add: LCM inventory adjustment
(313.0)
—
Add: LCM inventory adjustment - SBR
(9.4)
—
Add: Martinez refinery fire expenses
34.2
—
Add: Gain on insurance recoveries, net
(356.5)
—
Add: Costs related to RBI initiative
18.6
—
Add: Loss on extinguishment of debt
2.2
—
Add: Cumulative historical equity adjustments (a)
(1,753.3)
(1,753.3)
Less: Recomputed income tax on special items
609.0
446.9
Net impact of special items
(1,768.2)
(1,306.4)
Total equity excluding special items
$ 4,777.2
$ 4,143.5
Total debt
$ 1,749.1
$ 2,148.3
Less: Cash and cash equivalents
894.1
527.9
Net debt
$ 855.0
$ 1,620.4
Total debt to capitalization ratio
21 %
28 %
Total debt to capitalization ratio, excluding special items
27 %
34 %
Net debt to capitalization ratio
12 %
23 %
Net debt to capitalization ratio, excluding special items
15 %
28 %
(a) All prior year special items are reflected on an aggregate basis within "Cumulative historical equity adjustments" before recomputed income tax effect. Refer to the Company's 2025 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2026.
Caxton Associates LLP purchased a new position in shares of PBF Energy Inc. (NYSE:PBF – Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 19,642 shares of the oil and gas company’s stock, valued at approximately $935,000.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Torren Management LLC acquired a new stake in shares of PBF Energy during the 4th quarter worth about $30,000. Los Angeles Capital Management LLC acquired a new position in PBF Energy in the fourth quarter valued at approximately $31,000. Leonteq Securities AG acquired a new position in PBF Energy in the first quarter valued at approximately $33,000. Smartleaf Asset Management LLC boosted its holdings in PBF Energy by 65.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,466 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 579 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new position in PBF Energy in the fourth quarter valued at approximately $57,000. 96.29% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets In other PBF Energy news, insider Control Empresarial De Capital sold 570,000 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $46.36, for a total value of $26,425,200.00. Following the transaction, the insider directly owned 17,142,128 shares of the company’s stock, valued at approximately $794,709,054.08. The trade was a 3.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 3,541,570 shares of company stock valued at $165,787,386. Company insiders own 5.50% of the company’s stock.
PBF Energy Stock Performance Shares of PBF stock opened at $61.74 on Monday. The stock’s 50-day moving average price is $46.67 and its 200 day moving average price is $41.72. The company has a quick ratio of 0.62, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $7.30 billion, a PE ratio of 16.64, a price-to-earnings-growth ratio of 0.10 and a beta of 0.11. PBF Energy Inc. has a 52-week low of $21.24 and a 52-week high of $68.33.
PBF Energy (NYSE:PBF – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09). PBF Energy had a negative return on equity of 4.12% and a net margin of 1.46%.The company had revenue of $7.90 billion for the quarter, compared to analyst estimates of $7.32 billion. During the same period in the previous year, the business posted ($3.53) earnings per share. The firm’s revenue was up 11.9% compared to the same quarter last year. As a group, equities research analysts forecast that PBF Energy Inc. will post 10.94 EPS for the current year.
PBF Energy Announces Dividend The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.10 annualized dividend and a dividend yield of 1.8%. PBF Energy’s dividend payout ratio (DPR) is currently 29.65%.
Key Headlines Impacting PBF Energy Here are the key news stories impacting PBF Energy this week:
Positive Sentiment: PBF was added to multiple Zacks Rank #1 (Strong Buy) lists on July 24, including momentum, value, income, and general strong-buy screens, which can boost trader interest and signal improving analyst sentiment. Article Title Positive Sentiment: Several Zacks pieces highlighted PBF as a top-ranked growth, value, income, and momentum stock, reinforcing the idea that the name is screening well across multiple investment styles. Article Title Positive Sentiment: PBF was featured in a “Best Momentum Stocks” article and noted as being up strongly over the past week, suggesting short-term buying momentum remains intact. Article Title Neutral Sentiment: One article compared PBF’s year-to-date performance with peers like Phillips 66, which is mainly a relative-performance check and not a direct catalyst. Article Title Neutral Sentiment: Another note said PBF does not have the ideal setup for a likely earnings beat ahead of next week’s report, so investors may remain cautious until the company releases results. Article Title Negative Sentiment: Seeking Alpha published an earnings preview titled “Don’t Get Trapped At The Top”, which suggests some skepticism about upside after the recent run-up. Article Title Analysts Set New Price Targets Several brokerages have recently weighed in on PBF. Weiss Ratings restated a “sell (d-)” rating on shares of PBF Energy in a research report on Monday, May 11th. Morgan Stanley lifted their price target on shares of PBF Energy from $34.00 to $38.00 and gave the stock an “underweight” rating in a research note on Friday, June 12th. The Goldman Sachs Group boosted their target price on PBF Energy from $51.00 to $71.00 and gave the company a “neutral” rating in a report on Thursday. BMO Capital Markets raised their target price on shares of PBF Energy from $43.00 to $50.00 and gave the stock a “market perform” rating in a research report on Thursday, April 2nd. Finally, Freedom Capital raised shares of PBF Energy to a “hold” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $45.62.
Check Out Our Latest Stock Report on PBF Energy
About PBF Energy (Free Report)
PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.
The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.
See Also Five stocks we like better than PBF Energy RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Want to see what other hedge funds are holding PBF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PBF Energy Inc. (NYSE:PBF – Free Report).
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Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at PBF Energy (PBF - Free Report) , a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. PBF Energy currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market? In order to see if PBF is a promising momentum pick, let's examine some Momentum Style elements to see if this refiner holds up.
Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.
For PBF, shares are up 18% over the past week while the Zacks Oil and Gas - Refining and Marketing industry is up 9.82% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 46.49% compares favorably with the industry's 20.2% performance as well.
While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Shares of PBF Energy have increased 42.87% over the past quarter, and have gained 165.54% in the last year. In comparison, the S&P 500 has only moved 4.48% and 17.65%, respectively.
Investors should also take note of PBF's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now PBF is averaging 3,021,517 shares for the last 20 days..
Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with PBF.
Over the past two months, 4 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost PBF's consensus estimate, increasing from $6.99 to $10.94 in the past 60 days. Looking at the next fiscal year, 5 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom LineGiven these factors, it shouldn't be surprising that PBF is a #1 (Strong Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep PBF Energy on your short list.
It doesn't matter if you're a growth, value, income, or momentum-focused investor -- building a successful investment portfolio takes skill, research, and a little bit of luck.
But how do you find the right combination of stocks? Funding your retirement, your kids' college tuition, or your short- and long-term savings goals certainly requires significant returns.
Enter the Zacks Rank.
What is the Zacks Rank?The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, that makes building a winning portfolio easier.
There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise.
Agreement is the extent to which all brokerage analysts are revising their earnings estimates in the same direction. The greater the percentage of analysts revising their estimates higher, the better chance the stock will outperform.
Magnitude is the size of the recent change in the consensus estimate for the current and next fiscal years.
Upside is the difference between the most accurate estimate, which is calculated by Zacks, and the consensus estimate.
Surprise is made up of a company's last few quarters' earnings per share surprises; companies with a positive earnings surprise are more likely to beat expectations in the future.
Each factor is given a raw score, which is recalculated every night and compiled into the Zacks Rank. Utilizing this data, stocks are put into five different groups: Strong Buy, Buy, Hold, Sell, and Strong Sell.
The Power of Institutional InvestorsThe Zacks Rank also allows individual investors, or retail investors, to benefit from the power of institutional investors.
These professionals manage the trillions of dollars invested in hedge funds, mutual funds, and investment banks, and studies have shown that they can and do move the market because of the large amounts of money they invest with. Thus, the market tends to move in the same direction as institutional investors.
In order to determine the fair value of a company and its shares, institutional investors design valuation models that focus on earnings and earnings estimates. Because if you raise earnings estimates, it then creates a higher fair value for a company and its stock price.
Institutional investors then act on these changes in earnings estimates, typically buying stocks with rising estimates and selling those with falling estimates; an increase in earnings estimates can translate into higher stock prices and bigger gains for the investor.
Retail investors who get in at the first sign of upward revisions have a distinct advantage over larger investors since it can often take weeks, if not months, for an institutional investor to build a position. They'll also benefit from the expected institutional buying that could follow.
Not only can the Zacks Rank help you take advantage of trends in earnings estimate revisions, but it can also provide a way to get into stocks that are highly sought after by professionals.
How to Invest with the Zacks RankThe Zacks Rank is known for transforming investment portfolios. In fact, a portfolio of Zacks Rank #1 (Strong Buy) stocks has beaten the market in 26 of the last 32 years, with an average annual return of +23.94%.
Moreover, stocks with a new #1 (Strong Buy) ranking have some of the biggest profit potential, while those that fell to a #4 (Sell) or #5 (Strong Sell) have some of the worst.
Let's take a look at PBF Energy (PBF - Free Report) , which was added to the Zacks Rank #1 list on July 24, 2026. PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $3.95 to $10.94 per share. PBF boasts an average earnings surprise of 113.3%.
Earnings are expected to grow 364.9% for the current fiscal year, while revenue is projected to increase 14%.
PBF has been moving higher over the past four weeks as well, up 46.5% compared to the S&P 500's gain of 0.6%.
Bottom LineWith a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, PBF Energy should be on investors' shortlist.
If you want even more information on the Zacks Ranks, or one of our many other investing strategies, check out the Zacks Education home page.
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For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Has PBF Energy (PBF - Free Report) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question.
PBF Energy is one of 252 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #11 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. PBF Energy is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for PBF's full-year earnings has moved 103.4% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, PBF has gained about 128.4% so far this year. At the same time, Oils-Energy stocks have gained an average of 28.6%. This shows that PBF Energy is outperforming its peers so far this year.
Phillips 66 (PSX - Free Report) is another Oils-Energy stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 60.4%.
For Phillips 66, the consensus EPS estimate for the current year has increased 44.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, PBF Energy belongs to the Oil and Gas - Refining and Marketing industry, which includes 16 individual stocks and currently sits at #19 in the Zacks Industry Rank. On average, this group has gained an average of 59.1% so far this year, meaning that PBF is performing better in terms of year-to-date returns. Phillips 66 is also part of the same industry.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to PBF Energy and Phillips 66 as they could maintain their solid performance.
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. PBF has a Growth Style Score of B, forecasting year-over-year earnings growth of 364.9% for the current fiscal year.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $3.95 to $10.94 per share. PBF boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, PBF should be on investors' short list.
Fifth Third Bancorp boosted its stake in shares of PBF Energy Inc. (NYSE:PBF – Free Report) by 2,197.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 32,114 shares of the oil and gas company’s stock after buying an additional 30,716 shares during the period. Fifth Third Bancorp’s holdings in PBF Energy were worth $1,529,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. Hsbc Holdings PLC increased its position in PBF Energy by 34.2% during the first quarter. Hsbc Holdings PLC now owns 90,790 shares of the oil and gas company’s stock valued at $4,347,000 after acquiring an additional 23,116 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of PBF Energy by 3.6% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 17,055 shares of the oil and gas company’s stock worth $812,000 after acquiring an additional 600 shares during the last quarter. Abel Hall LLC purchased a new position in shares of PBF Energy during the 1st quarter worth about $231,000. Moran Wealth Management LLC purchased a new position in shares of PBF Energy during the 1st quarter worth about $281,000. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of PBF Energy by 71.0% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 71,796 shares of the oil and gas company’s stock worth $3,419,000 after purchasing an additional 29,814 shares during the period. 96.29% of the stock is currently owned by institutional investors.
PBF Energy Trading Down 3.9% PBF stock opened at $61.83 on Friday. PBF Energy Inc. has a 12 month low of $21.24 and a 12 month high of $68.33. The firm’s 50-day moving average is $46.28 and its 200 day moving average is $41.49. The company has a market capitalization of $7.31 billion, a PE ratio of 16.66, a P/E/G ratio of 0.15 and a beta of 0.11. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.31 and a quick ratio of 0.62.
PBF Energy (NYSE:PBF – Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The oil and gas company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by ($0.09). The company had revenue of $7.90 billion during the quarter, compared to analysts’ expectations of $7.32 billion. PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. PBF Energy’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the firm earned ($3.53) earnings per share. On average, research analysts anticipate that PBF Energy Inc. will post 10.94 EPS for the current year.
PBF Energy Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were paid a $0.275 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.10 annualized dividend and a yield of 1.8%. PBF Energy’s dividend payout ratio is 29.65%.
Insider Transactions at PBF Energy In other PBF Energy news, insider Control Empresarial De Capital sold 570,000 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $46.36, for a total transaction of $26,425,200.00. Following the transaction, the insider directly owned 17,142,128 shares in the company, valued at $794,709,054.08. This trade represents a 3.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 3,541,570 shares of company stock valued at $165,787,386 over the last quarter. 5.50% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth PBF has been the topic of a number of recent analyst reports. Morgan Stanley increased their price objective on shares of PBF Energy from $34.00 to $38.00 and gave the stock an “underweight” rating in a research report on Friday, June 12th. Scotiabank boosted their target price on PBF Energy from $28.00 to $34.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Mizuho upped their target price on PBF Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. TD Cowen increased their price target on PBF Energy from $39.00 to $68.00 and gave the stock a “hold” rating in a report on Tuesday. Finally, Freedom Capital raised PBF Energy to a “hold” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $43.92.
Get Our Latest Stock Report on PBF Energy
PBF Energy Profile (Free Report)
PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.
The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.
Further Reading Five stocks we like better than PBF Energy Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market Want to see what other hedge funds are holding PBF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PBF Energy Inc. (NYSE:PBF – Free Report).
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Wall Street expects a year-over-year increase in earnings on higher revenues when PBF Energy (PBF - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 30. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis refiner is expected to post quarterly earnings of $4.02 per share in its upcoming report, which represents a year-over-year change of +490.3%.
Revenues are expected to be $8.51 billion, up 13.9% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 30.63% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for PBF Energy?For PBF Energy, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that PBF Energy will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that PBF Energy would post a loss of$0.79 per share when it actually produced a loss of -$0.88, delivering a surprise of -11.39%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
PBF Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of PSX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Oils-Energy stock. PBF has a Momentum Style Score of A, and shares are up 68.3% over the past four weeks.
For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $3.06 to $9.76 per share. PBF boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, PBF should be on investors' short list.
Shares of petroleum refiner PBF Energy (PBF +3.71%) rose by 10.5% in the week to Friday morning. The reason for the move is pretty straightforward, but the factors that need to come together to stop it are anything but straightforward.
Why PBF stock is soaring The refiner's stock is up almost 125% in 2026 as of the time of writing. The overall move and this week's performance are driven by higher crack spreads. In other words, the difference between the price of refined products and the key input price of crude oil.
Today's Change
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The most commonly followed crack spread is the so-called 3-2-1 crack spread. It represents the difference between two barrels of gasoline and one barrel of diesel compared to three barrels of crude oil. This is the key metric for PBF, rather than focusing solely on crude oil input prices. The good news, from PBF's perspective, is that the 3-2-1 crack spread has risen by double digits over the last week to close to $69.
It's a significant improvement from nearly $43 at the start of June, when optimism over a potential resolution to the hostilities with Iran was higher. It's also a massive increase from the $20 that it started in 2026 with.
Image source: Getty Images.
The Strait of Hormuz and PBF The increase came as the memorandum of understanding with Iran collapsed, leading to an escalation in the conflict and, at the very least, restricting commercial traffic through the Strait of Hormuz. Not only does about a fifth of global crude oil flow through the Strait of Hormuz, but the Gulf countries are also major producers of refined oil products.
As such, it's not just a problem of non-US refiners getting hold of crude oil to refine; it's also an issue of a lack of refined products (jet fuel, etc.) hitting the market. All of which is a positive for PBF, because even though it has to pay a higher price for crude, it's still able to secure domestic crude oil and profit from widening crack spreads. Moreover, the longer traffic through the Strait is restricted, the more PBF is likely to benefit.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Key Takeaways Delek expects its optimization plan to generate about $220M in annual cash flow improvements.PBF generated more than $230M in annualized savings through its RBI initiative during 2025.DK offers diversified cash flows, while PBF's recovery could unlock significant earnings improvement. Independent refiners continue to benefit from a favorable industry backdrop, supported by healthy crack spreads, resilient fuel demand, constrained global refining capacity and ongoing geopolitical tensions in the Middle East, which have contributed to uncertainty in energy markets. Companies that can efficiently operate their refining assets while maintaining financial discipline are well positioned to capitalize on these favorable market conditions.
Two notable players in the sub-industry are Delek US Holdings, Inc. (DK - Free Report) and PBF Energy Inc. (PBF - Free Report) . While both operate diversified refining systems across the United States, their investment stories are quite different. Delek is building on operational improvements and the steady growth of its logistics business to drive more consistent earnings. PBF, meanwhile, is focused on completing the turnaround of its Martinez refinery while lowering costs through company-wide efficiency initiatives. With both companies benefiting from improving refining fundamentals, which stock deserves investors' attention today?
Delek Builds on Operational StrengthDelek entered 2026 with improving operational momentum despite reporting a GAAP net loss in the first quarter. The company generated adjusted EBITDA of $211.7 million, a sharp improvement from $33.6 million in the year-ago quarter, while adjusted earnings per share came in at 8 cents in the first quarter. Higher benchmark crack spreads, which climbed nearly 64% year over year, played a major role in supporting the company's profitability.
The refining segment remained Delek's primary earnings driver, generating adjusted EBITDA of $155.3 million following the successful completion of the planned turnaround at its Big Spring refinery. In addition, Delek Logistics continued to provide stable cash flows by delivering adjusted EBITDA of $132.4 million, supported by stronger wholesale margins and higher third-party volumes.
Another positive for Delek is its Enterprise Optimization Plan. Management expects the initiative to generate nearly $220 million in annual cash flow improvements, which should further strengthen profitability over time. Combined with its diversified business model, these initiatives provide Delek with greater earnings visibility and reduce its dependence on refining margins alone.
PBF Offers a Compelling Turnaround OpportunityUnlike Delek, whose investment case is centered on operational consistency, PBF's investment thesis depends largely on the successful recovery of its refining operations.
The company reported first-quarter net income attributable to shareholders of $198.3 million, benefiting from insurance recoveries and improving operations following the Martinez refinery outage. Although adjusted earnings remained under pressure due to temporary operational challenges, management expects Martinez to return to planned operating rates shortly, restoring one of the company's most valuable assets.
PBF is also making steady progress through its Refining Business Improvement ("RBI") initiative. The program generated more than $230 million in annualized savings during 2025 and management expects cumulative annualized savings to exceed $350 million by the end of 2026. Along with nearly $1 billion in insurance recoveries related to the Martinez incident, these cost-saving initiatives could significantly improve earnings as refinery utilization normalizes.
While PBF's recovery story carries greater execution risk than Delek's, it also provides meaningful upside potential if management successfully delivers on the turnaround strategy.
DK vs. PBF: Performance, Valuation and Growth OutlookBoth companies have benefited from improving industry conditions, but investors have rewarded Delek more aggressively. Over the past six months, DK’s shares have rallied 92.5%, outperforming PBF's impressive 75.8% gain. The stronger share-price performance reflects investors' confidence in Delek's consistent execution, operational improvements and diversified earnings base.
Image Source: Zacks Investment Research
Market has also become increasingly optimistic about both refiners.
Image Source: Zacks Investment Research
Over the past 60 days, the Zacks Consensus Estimate for 2026 earnings has increased 40.35% for DK and 33.01% for PBF. The upward estimate revisions suggest analysts expect refining fundamentals to remain supportive while company-specific initiatives continue to improve earnings.
Valuation, however, paints a different picture.
Image Source: Zacks Investment Research
Delek currently trades at a forward 12-month P/E multiple of 14.73X, while PBF trades at just 7.89X. Although Delek commands a premium valuation due to its stronger operational execution and more diversified earnings streams, PBF's discounted multiple could offer attractive upside if the Martinez refinery continues operating smoothly and the RBI program delivers its targeted savings.
Which Stock Should Investors Choose?Both Delek and PBF currently carry a Zacks Rank #3 (Hold), meaning neither stock has a ranking advantage. Instead, investors should evaluate the companies based on their risk tolerance and investment objectives. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Delek appears better suited for investors seeking a more balanced investment. The company benefits from improving refinery operations, stable cash flows from its logistics business and ongoing optimization initiatives that are expected to enhance long-term profitability. These strengths provide greater earnings visibility and justify its premium valuation. PBF, on the other hand, is the more aggressive investment choice.
The successful restart of the Martinez refinery, expanding cost savings under the RBI initiative and substantial insurance recoveries could drive a meaningful earnings rebound over the next several quarters. However, the investment thesis remains more dependent on flawless execution.
Overall, Delek stands out as the stronger all-around investment due to its operational momentum, diversified earnings profile and stronger financial visibility. PBF remains an attractive turnaround story and investors willing to accept higher execution risk may be rewarded if management successfully delivers on its recovery plans. For conservative investors, however, Delek's consistent execution and more predictable growth profile make it the better choice today
On July 13, 2026, PBF Energy Inc (PBF) shares rose 8.0% today, reflecting a significant uptrend in its stock price. The current trading price is $57.44, which i
Shares in petroleum refiner PBF Energy (PBF 0.69%) rose by 10.6% in the week to Friday morning as the market reacted to the deterioration in US-Iran relations and the breakdown of the ceasefire agreement.
PBF owns and operates six refineries in the U.S. and has a 50% interest in a renewable diesel facility. While its profitability is tied to conditions in the energy market and end demand for its refined products, the key metric that governs its profitability isn't so much the price of oil, but rather the marginal difference between the price of refined products and the oil, feedstocks, and energy products inputs that it uses to produce them. This is something usually referred to as the "crack spread" in the industry.
Today's Change
(
-0.69
%) $
-0.37
Current Price
$
52.94
These observations are relevant in a week when oil prices rose amid a resumption of conflict in the Persian Gulf (thereby increasing input costs for PBF Energy), but the stock rose by double digits in response to a concomitant increase in the crack spread. In other words, the increase in the crack spread more than offset the increase in oil prices.
Image source: Getty Images.
Crude oil and refined product availability, not just price The reason for the increase in the crack spread is that any closure of the Strait of Hormuz not only makes it harder for non-US refiners to acquire crude oil but also slows exports of refined products from the Gulf countries. These pressures naturally lead to a wider spread, and that's great news for PBF Energy.
It also highlights the long-term advantages of owning a domestic refiner amid geopolitical uncertainty.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. PBF has a Growth Style Score of A, forecasting year-over-year earnings growth of 307% for the current fiscal year.
For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $2.34 to $8.55 per share. PBF boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, PBF should be on investors' short list.
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 5.76; value investors should take notice.
Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $2.34 to $8.55 per share. PBF also boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, PBF should be on investors' short list.
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Oils-Energy stock. PBF has a Momentum Style Score of B, and shares are up 12.9% over the past four weeks.
Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $2.47 to $8.55 per share. PBF also boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, PBF should be on investors' short list.
PBF Energy (PBF - Free Report) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.
The upward trend in estimate revisions for this refiner reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- has this insight at its core.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For PBF Energy, there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $3.39 per share, which is a change of +429.1% from the year-ago reported number.
Over the last 30 days, the Zacks Consensus Estimate for PBF Energy has increased 15.85% because one estimate has moved higher while one has gone lower.
Current-Year Estimate RevisionsFor the full year, the earnings estimate of $7.69 per share represents a change of +286.2% from the year-ago number.
The revisions trend for the current year also appears quite promising for PBF Energy, with two estimates moving higher over the past month compared to no negative revisions. The consensus estimate has also received a boost over this time frame, increasing 14.72%.
Favorable Zacks RankThanks to promising estimate revisions, PBF Energy currently carries a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LinePBF Energy shares have added 11% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.
PBF Energy (PBF - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PBF broke out above the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
PBF could be on the verge of another rally after moving 6.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Once investors consider PBF's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 5 higher, and the consensus estimate has increased as well.
Investors should think about putting PBF on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
, /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) announced today that it will release its earnings results for the second quarter 2026 on Thursday, July 30, 2026. The company will host a conference call and webcast regarding results and other business matters on Thursday, July 30, 2026, at 8:30 a.m. ET.
The call is being webcast and can be accessed on PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 549-8228 or (646) 564-2877. The audio replay will be available approximately two hours after the end of the call and will be available on the company's website.
About PBF Energy Inc.
PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business and provide superior returns to our investors.
PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.
Contacts:
Colin Murray (investors)
[email protected]
Tel: 973.455.7578
Michael C. Karlovich (media)
[email protected]
Tel: 973.455.8981
PBF Energy (PBF - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PBF crossed above the 20-day moving average, suggesting a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
Shares of PBF have been moving higher over the past four weeks, up 6.4%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that PBF could be poised for a continued surge.
Looking at PBF's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors should think about putting PBF on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 4.85; value investors should take notice.
Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $3.55 to $7.69 per share. PBF boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, PBF should be on investors' short list.
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) PBF Energy Inc. is a leading independent refiner of crude oil based in Parsippany, New Jersey. Through six oil refineries and associated infrastructure in the United States, the company produces unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products. The refineries can collectively process about 1,000,000 barrels of crude oil per day.
PBF is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. PBF has a Growth Style Score of A, forecasting year-over-year earnings growth of 286.2% for the current fiscal year.
Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $3.54 to $7.69 per share. PBF also boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, PBF should be on investors' short list.
Key Takeaways PBF Energy reported a narrower Q1 loss, as revenues rose 11.9% y/y and beat estimates.PBF Energy's refining segment returned to profit, supported by higher margins and throughput gains.PBF's throughput rose to 844.2 thousand bpd, with margins per barrel increasing to $9.53 from $5.96 y/y. PBF Energy Inc. (PBF - Free Report) reported a first-quarter 2026 adjusted loss of 88 cents per share, wider than the Zacks Consensus Estimate of a loss of 79 cents by 11.4%. The bottom line improved from the year-ago quarter’s loss of $3.09.
Total quarterly revenues increased 11.9% year over year to $7.90 billion from $7.07 billion in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $6.83 billion.
The wider-than-expected loss was due to special charges and increased total costs and expenses. Higher refining margins and increased throughput partially offset the negatives.
PBF Energy's Refining Segment Returned to ProfitRefining revenues totaled $7.90 billion, up from the year-ago figure of $7.06 billion. The Logistics segment generated $93.2 million in revenues, down from $94.5 million in the year-ago period.
Refining reported income from operations of $335.3 million against an operating loss of $473.2 million a year ago. Income from operations for the Logistics segment was $47.6 million compared with $51.4 million in the prior-year quarter. The Corporate segment posted an operating loss of $83.3 million, which narrowed from $89.4 million recorded in the year-ago quarter.
PBF's Throughput Rose on Martinez Progress & Stable RunsIn the quarter under review, throughput improved across PBF’s network. Total crude oil and feedstocks throughput averaged 844.2 thousand barrels per day (bpd), up from 730.4 thousand bpd in the first quarter of 2025.
Regional operating data pointed to broad-based gains. East Coast throughput averaged 304.4 thousand bpd, higher than 262.2 thousand bpd recorded in the year-ago period. Mid-Continent (Toledo) throughput averaged 144.0 thousand bpd compared with 137.4 thousand bpd in the year-ago quarter. Gulf Coast (Chalmette) throughput increased to 185.1 thousand bpd from 157.8 thousand bpd registered in the first quarter of 2025. West Coast (Torrance and Martinez) throughput increased from the year-ago figure of 173 thousand bpd to 210.7 thousand bpd.
Margin per Barrel of PBFThe company-wide gross refining margin per barrel of throughput, excluding special items, was $9.53, higher than the year-earlier figure of $5.96. The gross refining margin per barrel of throughput was $11.68 for the East Coast, up from $5.86 in the year-ago quarter. The realized refining margin rose to $11.34 per barrel for the Gulf Coast from $5.32 a year ago. The metric was $7.34 per barrel in the Mid-Continent and $6.31 per barrel in the West Coast compared with $6.76 and $6.04, respectively, in the year-ago period.
PBF Energy Managed Costs Despite RINs & Derivative LossesOn a GAAP basis, first-quarter 2026 income from operations improved from the year-ago loss of $511.2 million to $299.6 million, while the company flagged a $208.8 million mark-to-market derivative loss within its reported results.
Special items affected comparability. The quarter included a $313.0 million LCM inventory adjustment, a $106.5 million gain on insurance recoveries related to the Martinez refinery fire, $11.5 million of Martinez-related expenses and $9.4 million of costs tied to the Refinery Business Improvement initiative.
Costs & Expenses of PBFTotal costs and expenses in the reported quarter were $7.60 billion, up from $7.58 billion in the year-ago period.
PBF's Balance Sheet & DividendPBF exited the quarter with $541.8 million of cash and cash equivalents and total debt of $2,802.3 million, reflecting a total debt-to-capitalization of 33%. Cash used in operating activities totaled $323.7 million in the quarter.
Shareholders are set to receive a quarterly dividend of 27.5 cents per share, payable on May 29, 2026, to holders of record as of May 14.
PBF’s Q2 OutlookFor the second quarter of 2026, PBF Energy anticipates throughput volumes on the East Coast to be between 280,000 bpd and 300,000 bpd. In the Mid-Continent region, the figure is estimated to be between 145,000 bpd and 155,000 bpd. The Gulf Coast is expected to report throughput in the range of 175,000-185,000 bpd, while the West Coast is expected to deliver between 250,000 bpd and 270,000 bpd. Total PBF’s throughput volumes are expected to be in the range of 850,000-910,000 bpd. Renewable diesel production is anticipated to be in the range of 15,000-16,000 bpd for the second quarter.
PBF’s Zacks Rank & Key PicksPBF currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Chevron Corporation (CVX - Free Report) , Valero Energy Corporation (VLO - Free Report) and Eni S.p.A. (E - Free Report) . CVX, VLO and E each sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevron reported first-quarter 2026 adjusted earnings per share (EPS) of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
Valero reported first-quarter 2026 adjusted EPS of $4.22, which beat the Zacks Consensus Estimate of $3.07.
As of March 31, 2026, VLO reported $5.7 billion in cash and cash equivalents. At the quarter's end, its total debt amounted to $9.2 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion and cash and cash equivalents of €8.3 billion.
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Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
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Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
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Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
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How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.93% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
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Stock to Watch: PBF Energy (PBF - Free Report) Based in New jersey, PBF Energy Inc. is a leading refiner of crude. Through five oil refineries and associated infrastructure in the United States, the company provides end products that comprise heating oil, transportation fuels, lubricants and many related products. The refineries can collectively process 1,000,000 barrels of crude every day.
PBF is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 7.6; value investors should take notice.
For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $5.30 to $6.08 per share. PBF boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, PBF should be on investors' short list.
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: PBF Energy (PBF - Free Report) Based in New jersey, PBF Energy Inc. is a leading refiner of crude. Through five oil refineries and associated infrastructure in the United States, the company provides end products that comprise heating oil, transportation fuels, lubricants and many related products. The refineries can collectively process 1,000,000 barrels of crude every day.
PBF is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Oils-Energy stock. PBF has a Momentum Style Score of A, and shares are up 0.1% over the past four weeks.
For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $5.43 to $6.21 per share. PBF boasts an average earnings surprise of +113.3%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, PBF should be on investors' short list.
PBF Energy benefits from elevated crack spreads due to geopolitical disruptions, driving windfall profits and strong near-term financials. Operational reliability is a growing concern, with recent refinery incidents highlighting risks from aggressive cost-cutting and smaller scale versus peers. PBF maintains excellent liquidity and is prioritizing debt reduction, targeting net debt to capital below 20% from the current 36% by 2027.
PBF Energy (PBF - Free Report) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company.
The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this refiner, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- has this insight at its core.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For PBF Energy, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $3.20 per share, which is a change of +410.7% from the year-ago reported number.
Over the last 30 days, the Zacks Consensus Estimate for PBF Energy has increased 50.71% because three estimates have moved higher while one has gone lower.
Current-Year Estimate RevisionsFor the full year, the company is expected to earn $6.21 per share, representing a year-over-year change of +250.4%.
There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, four estimates have moved up for PBF Energy versus two negative revisions. This has pushed the consensus estimate 49.24% higher.
Favorable Zacks RankThe promising estimate revisions have helped PBF Energy earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineInvestors have been betting on PBF Energy because of its solid estimate revisions, as evident from the stock's 8.9% gain over the past four weeks. As its earnings growth prospects might push the stock higher, you may consider adding it to your portfolio right away.
On May 13, 2026, PBF Energy Inc PBF shares fell 3.5% to a current price of $40.93. This decline comes amid a 52-week trading range that has seen a high of $52.18 and a low of $17.53, indicating significant volatility in the stock's performance over the past year.
GF Value™ verdict: Current price is $40.93, which is 26.6% overvalued compared to the GF Value™ of $32.34.GF Score™ of 71/100 indicates that PBF is above average in its overall ranking based on key financial metrics.Notable signal: Insiders have sold $475.6 million worth of shares in the last three months, with no buying activity reported. Is PBF Overvalued or Undervalued? PBF Energy Inc's current price of $40.93 suggests that the stock is trading at a significant premium compared to its GF Value™ estimate of $32.34. This represents a 26.6% overvaluation, indicating that the stock may not provide an adequate margin of safety for prospective investors. The GF Valuation label classifies PBF as "Modestly Overvalued," suggesting that while the company has potential, the current price may not reflect its intrinsic value accurately.
Given the current overvaluation, investors should be cautious as the risk of a price correction could impact shareholder returns. The GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates, which further supports the conclusion that PBF shares may not be a favorable investment at this time.
How Does PBF's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 11.0x 2.7x Forward P/E 7.8x N/A PBF's current P/E ratio of 11.0x is significantly above its 5-year median P/E of 2.7x, indicating that the stock is trading at a considerable premium compared to its historical valuation. Furthermore, the current P/E is 307% above its 5-year median, reinforcing the GF Value™ verdict of overvaluation. This P/E analysis aligns with the GF Value™ assessment, indicating that PBF may not be a bargain at its current price level.
What Does PBF's GF Score™ Tell Us? Metric Rating GF Score™ 71/100 Financial Strength 5/10 Profitability 7/10 Growth 4/10 Valuation 5/10 Momentum 3/10 PBF's GF Score™ of 71/100 indicates that it is positioned above average compared to its peers. The strongest area is profitability, with a score of 7/10, suggesting that the company has been effective in generating profits. However, its growth rank of 4/10 and momentum rank of 3/10 point to weaknesses in these areas, which could affect future performance. Overall, while PBF shows potential through its profitability, the lower growth and momentum scores may raise concerns about its sustainability moving forward.
What Are Insiders Doing with PBF Stock? Insider activity at PBF Energy Inc has shown a significant trend towards selling, with insiders divesting $475.6 million worth of shares in the last three months without any reported buying activity. This pattern could signal a lack of confidence from those within the company regarding its future performance or stock price trajectory. Such selling activity often raises red flags for external investors, leading to questions about the outlook for the company and its stock.
What This Means for Investors Based on the current analysis, PBF Energy Inc is deemed overvalued according to the GF Value™ assessment, suggesting that the stock may not be an optimal investment at its current price.
For the complete analysis, visit the PBF Energy Inc PBF stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is PBF's GF Score™?
PBF's GF Score™ is 71/100, indicating that it is above average in terms of its overall ranking based on key financial metrics.
Is PBF overvalued or undervalued?
PBF is overvalued, with its current price of $40.93 being 26.6% above the GF Value™ of $32.34.
What is PBF's P/E ratio?
PBF's P/E ratio is 11.0x, which is significantly above its 5-year median P/E of 2.7x, reinforcing the conclusion of overvaluation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Investors with an interest in Oil and Gas - Refining and Marketing stocks have likely encountered both PBF Energy (PBF - Free Report) and Neste OYJ - Unsponsored ADR (NTOIY - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Both PBF Energy and Neste OYJ - Unsponsored ADR have a Zacks Rank of #1 (Strong Buy) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is just one piece of the puzzle for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
PBF currently has a forward P/E ratio of 6.59, while NTOIY has a forward P/E of 11.94. We also note that PBF has a PEG ratio of 0.17. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. NTOIY currently has a PEG ratio of 0.23.
Another notable valuation metric for PBF is its P/B ratio of 0.86. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, NTOIY has a P/B of 3.08.
These metrics, and several others, help PBF earn a Value grade of B, while NTOIY has been given a Value grade of C.
Both PBF and NTOIY are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that PBF is the superior value option right now.
