PBF Energy Q3 revenue beats expectations, declares dividend

Overview

• PBF Energy Q3 revenue beats analyst expectations, adjusted net income also exceeds estimates

• Company declared quarterly dividend of $0.275 per share

• PBF Energy completed sale of terminal assets for $175.4 mln

Outlook

• PBF expects to generate over $230 mln of annualized savings by year-end 2025

• Company forecasts full-year capital expenditures of $750 to $775 mln

• PBF anticipates fourth-quarter throughput of 860,000 to 910,000 barrels per day

Result Drivers

• INSURANCE RECOVERIES - Gains from insurance recoveries related to the Martinez Refinery Fire significantly boosted net income

• TERMINAL ASSET SALE - Sale of terminal assets for $175.4 mln contributed to financial results

• PRODUCT CRACKS - Refineries benefited from seasonally higher product cracks, supporting operational performance

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 7 "hold" and 6 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."

• Wall Street's median 12-month price target for PBF Energy Inc is $26.00, about 31.2% below its October 29 closing price of $34.11

Press Release: ID:nPn3cBld3a

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.