PBF Energy (PBF) Moves 5.7% Higher: Will This Strength Last?
PBF Energy (PBF) shares soared 5.7% in the last trading session to close at $54.09. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.4% gain over the past four weeks.
PBF Energy Inc. shares rallied on the last trading day. The bullishness could be attributed to its impressive daily processing capacity of 1,023,000 barrels of crude oil which surpasses most peers. Additionally, the company has seen a reduction in its overall costs and expenses. PBF's ability to produce higher-quality refined products and its rising throughput volumes have been significant drivers of its stock performance.
This refiner is expected to post quarterly earnings of $3.09 per share in its upcoming report, which represents a year-over-year change of -61.2%. Revenues are expected to be $9.31 billion, down 27.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For PBF Energy, the consensus EPS estimate for the quarter has been revised 14% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on PBF going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
PBF Energy belongs to the Zacks Oil and Gas - Refining and Marketing industry. Another stock from the same industry, CVR Energy (CVI), closed the last trading session 3.1% higher at $36.96. Over the past month, CVI has returned -4.3%.
For CVR , the consensus EPS estimate for the upcoming report has changed +31.1% over the past month to $1.63. This represents a change of -14.2% from what the company reported a year ago. CVR currently has a Zacks Rank of #1 (Strong Buy).
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PBF Energy Inc. (PBF) : Free Stock Analysis Report
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