|Bid||0.00 x 800|
|Ask||0.00 x 1400|
|Day's Range||28.58 - 29.24|
|52 Week Range||23.67 - 53.91|
|Beta (3Y Monthly)||1.68|
|PE Ratio (TTM)||10.45|
|Earnings Date||Aug 1, 2019|
|Forward Dividend & Yield||1.20 (4.15%)|
|1y Target Est||38.71|
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Let's look at Wall Street analysts’ fourth-favorite refiner, PBF Energy (PBF). Analysts' ratings on PBF seem to be divided, with eight (or 50%) out of 16 analysts calling it a “buy” in June.
Let's rank six US refiners based on the number of "buy" ratings they've received from Wall Street analysts ahead of their second-quarter earnings results.
The shutdown at Philadelphia Energy Solutions could increase US oil inventories in the coming weeks. But at the same time, gasoline inventories might decline. The Philadelphia Energy Solutions refinery has a refining capacity of 335,000 barrels per day. On June 26, the United States Gasoline Fund (UGA), which follows gasoline prices, rose 4%.
(Bloomberg) -- The biggest refinery on the U.S. East Coast will shut down, after a massive explosion and fire crippled operations at a site that has helped fuel the region for 153 years.The Philadelphia Energy Solutions Inc. complex on the banks of the Schuylkill and Delaware Rivers in Pennsylvania has been in place since 1866, a year after the Civil War ended. It emerged from bankruptcy just 10 months prior to two fires in June that closed down key gasoline-making units just as the summer driving season gears up.Philadelphia Mayor Jim Kenney said Wednesday the refinery will close within the next month. The complex produces 335,000 barrels a day, meeting about 3% of gasoline demand in a densely populated region. Futures in New York jumped more than 5% on a Reuters report Tuesday night that the refinery would close.PES will dismiss half of its 640 union workers and 130 salaried employees Wednesday, said a person familiar with the plans.The company will close the refinery in a month, Kenney said in an interview. "I assume they will try to find a buyer."PES confirmed in a statement that it’s shutting the site, saying the fire made it impossible to continue operations, and "will position the refinery complex for a sale and restart." It filed a notice with the state that it will dismiss 1,024 workers at the refinery and rail yard, effective July 1.On Monday, the United Steelworkers union said any decision to shut the complex would have lasting consequences “starting with almost 2,000 workers directly employed by PES and tens of thousands more whose employment depends on the refinery to some degree,” according to a statement by USW International Vice President Tom Conway.Ryan O’Callaghan, president of USW Local 10-1, said he hadn’t been given prior warning of any plans to close.The refinery was beset by two fires, on June 10 and June 21. The most recent, affecting an alkylation unit used to make high-octane gasoline, was triggered by an explosion in the complex’s Girard Point section that could be seen miles away and was picked up by weather satellites. The earlier blaze was at a fluid catalytic cracker in the Point Breeze section of the refinery.Biggest ComplexThe plant is the biggest of five refineries in the Northeast. It’s faced threats before. In 2012, with supply outpacing demand, it took a change of ownership and a push by lawmakers and unions to keep it operating."That refinery plays a huge part in the gasoline market," said Gene McGillian, vice president at Tradition Energy, a risk management firm in Stamford, Conn.The loss of the refinery will likely increase the region’s dependence on supplies from Canada, Europe and the Gulf Coast, potentially boosting prices for drivers and profit margins for the remaining plants in the area. Shares of PBF Energy Inc, which operates two refineries near Philadelphia, have surged 16% since Thursday."The US Gulf Coast will remain a key supplier of refined products with supplemental gasoline imports from Europe likely needed to replenish lost production from the facility," Marc Amons, senior research analyst, North America refining at Wood Mackenzie, said in an emailed statement.In 2012, the Philadelphia facility almost closed before being taken over by Energy Transfer Partners subsidiary Sunoco Inc. and the Carlyle Group. It emerged from Chapter 11 bankruptcy in August with the previous owners retaining smaller stakes.The fundamental problems that undercut the complex in 2012, though, largely remained.East Coast refiners aren’t on the receiving end of crude pipelines from America’s oil shale riches in Texas and North Dakota. So the only way they can get hold of U.S. crude is by train or U.S.-flagged tankers, which are much more expensive. The result: Philadelphia-area fuel makers still import crude from West Africa and the North Sea.PES used to take at least 200 rail cars a day of Bakken crude, but most was diverted to the Midwest and Gulf Coast after pipeline expansions. Margins for processing imported crude sank in early June to the lowest in three years, according to Oil Analytics data. At the same time, refiners in the Midwest were threatening to encroach on part of the western Pennsylvania market.Girard Point was already facing months of downtime as inspections continue to determine extent of damage from Friday’s explosions and fire.To permanently shut the complex “could take up to a year to fully secure the facility and removes the crude and products that remain in the process units and the storage tanks,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.(Updates with mayor, company comments starting in fifth paragraph. A previous version corrected spelling of a river in second paragraph.)\--With assistance from Michael Roschnotti.To contact the reporters on this story: Jeffrey Bair in Houston at email@example.com;Barbara Powell in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Jessica SummersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
PARSIPPANY, N.J. , June 25, 2019 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) announced today that it will release its earnings results for the second quarter 2019 on Thursday, August 1, 2019 . The company ...
Earlier this week, money managers at top hedge funds around the country submitted 13F filings with the U.S. Securities and Exchange Commission (SEC). Seth Klarman, the billionaire head of Baupost Group, is a favorite of those who closely follow the quarterly 13F releases, and for good reason: his firm's 13F filing for Q2 suggests that Baupost's 13F portfolio value climbed by more than $1 billion in that three-month period. Other new positions in Klarman's portfolio include Tribune Media Co. (TRCO) and Sinclair Broadcast Group Inc. (SBGI).
Details the CEO buys this past week for the following companies: Guess?, First Citizens BancShares, Odonate Therapeutics, G-III Apparel Group, and PBF Energy.
In the week ending June 21, oilfield services stock Nabors Industries (NBR) rose the most among the stocks in the energy space. On June 18, RBC reduced its target price on Nabors Industries by $1 to $11.
The biggest refinery on the East Coast caught fire Friday morning. Speculation is that PBF Energy is set to profit from its competitor's catastrophe.
Wall Street appears to be betting that the fire Friday at the large, privately owned Philadelphia Energy Solutions refinery could disrupt the supply of gasoline, lift prices, and benefit PBF.
PBF Energy’s (PBF) earnings are estimated to fall by 49% to $1.7 in 2019, which is the highest estimated fall in earnings compared to peers. Delek US Holdings (DK), Valero Energy (VLO), and Marathon Petroleum (MPC) are estimated to post 4%, 10%, and 21% falls in earnings in 2019, respectively.
Wall Street analysts expect refining firms' earnings to fall in 2019. Delek US Holdings (DK) and Valero Energy’s (VLO) earnings are estimated to fall less than 10% in 2019. However, the EPS of Marathon Petroleum (MPC), HollyFrontier (HFC), and Phillips 66 (PSX) are expected to fall 20%–40% this year.
HollyFrontier (HFC) stock has fallen 18% in the second quarter. A weak refining environment weakened impacted HFC stock in the fourth quarter, causing its 50 DMA (day moving average) to break below its 200 DMA.
PBF Energy Inc. subsidiary PBF Holding Co. LLC has entered an agreement with Royal Dutch Shell PLC to purchase Shell subsidiary Equilon Enterprises LLC’s (dba Shell Oil Products US) 157,000-b/d dual-coking refinery and integrated logistics assets at Martinez, Calif., for $0.9-1 billion plus the value of hydrocarbon inventory, crude oil supply, and product offtake agreements, and other adjustments.
CEO of Pbf Energy Inc (NYSE:PBF) Thomas J. Nimbley bought 40,000 shares of PBF on 06/14/2019 at an average price of $23.76 a share.
PARSIPPANY, N.J. , June 15, 2019 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) announced today that the company's management will be attending the J.P. Morgan 2019 Energy Conference being held on June 18-19, ...
Is PBF Energy Inc. (NYSE:PBF) a good dividend stock? How would you know? Dividend paying companies with growing...
Many investors, including Paul Tudor Jones or Stan Druckenmiller, have been saying before the Q4 market crash that the stock market is overvalued due to a low interest rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the first […]
PBF Energy subsidiary PBF Holding Co. has entered an agreement with Royal Dutch Shell to purchase Shell subsidiary Equilon Enterprises’s (dba Shell Oil Products US) 157,000-b/d dual-coking refinery and integrated logistics assets at Martinez, Calif., for $0.9-1 billion plus the value of hydrocarbon inventory, crude oil supply, and product offtake agreements, and other adjustments.