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PBF Energy (PBF)
NYSE:PBF
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PBF Energy
(NYSE:PBF)
51Neutral
Positive Factors
Cash and Liquidity
The combination of asset sale, working capital reversal, and business interruption proceeds is expected to bring in significant cash, reducing liquidity risk.
Cash Flow
Several cash flow items were better than expected, including the 2025 capex guide midpoint coming in significantly lower than consensus due to smaller discretionary projects being cut.
Insurance Payments
Management clarified Martinez fire insurance with a net upfront payment of $250MM to inflow, with further interim payments to be negotiated quarterly.
Negative Factors
Free Cash Flow
The forecast for negative free cash flow in a normalized future year makes the bull case for the stock challenging.
Operational Impact
PBF disclosed a Martinez fire from February 1 will result in unquantified downtime at the site that resulted in management excluding the asset from 1Q throughput guidance.
Operational Reliability
There is an expectation that there will not be a material improvement in PBF West Coast operational reliability, with risks of downtime outweighing closure-related surplus market margin in PADD5.
PBF Energy (PBF) vs. S&P 500 (SPY)
Market Cap
$2.17B
Dividend Yield5.43%
Average Volume (3M)3.74M
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue Growth-16.30%
EPS Growth-160.78%
CountryUS
Employees3,855
SectorEnergy
Sector Strength49
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)-3.09
Shares Outstanding115,647,260
10 Day Avg. Volume3,304,704
30 Day Avg. Volume3,736,021
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap2.28
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-13.30
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$19.64Price Target Upside-2.43% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering11
PBF Energy Business Overview & Revenue Model
Company DescriptionPBF Energy Inc., together with its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products. The company sells its products in Northeast, Midwest, Gulf Coast, and West Coast of the United States, as well as in other regions of the United States, Canada, and Mexico. It also offers various rail, truck, and marine terminaling services, as well as pipeline transportation and storage services. As of December 31, 2021, the company owned and operated six oil refineries and related assets. PBF Energy Inc. was founded in 2008 and is based in Parsippany, New Jersey.
How the Company Makes MoneyPBF Energy generates revenue primarily through the refining and sale of petroleum products. The company purchases crude oil and other feedstocks, processes them into refined products such as gasoline, diesel, jet fuel, and lubricants, and sells these products to wholesale and retail customers. PBF Energy's logistics segment also contributes to its revenue by providing transportation and storage services for crude oil and refined products. Key revenue streams include the sale of refined products to various markets, leveraging strategic partnerships and contracts with suppliers and distributors to optimize pricing and supply chain efficiencies. Additionally, PBF Energy benefits from market conditions such as fluctuations in crude oil prices and refining margins, which can impact its profitability.
PBF Energy Financial Statement Overview
Summary
PBF Energy faces significant financial challenges, particularly in profitability and cash flow, with negative profit margins and cash flow ratios. The balance sheet shows some stability but hints at financial stress due to recent losses.Income Statement
PBF Energy's TTM (Trailing-Twelve-Months) income statement shows challenges in profitability with a negative gross profit margin of -3.2% and a net profit margin of -3.3%. Revenue has declined by 4.8% compared to the previous year, indicating a downward trend. The EBIT margin is also negative at -4.3%, suggesting operational inefficiencies. EBITDA margin is negative at -2.6%, further highlighting profitability concerns.45
Neutral
Balance Sheet
The balance sheet shows a moderate financial position with a debt-to-equity ratio of 0.60, indicating a balanced leverage. Return on equity (ROE) is negative at -20.4%, reflecting recent losses. The equity ratio stands at 39.3%, showing a reasonable level of equity financing. Overall, the balance sheet indicates stability but hints at financial stress due to recent losses.62
Positive
Cash Flow
Cash flow analysis reveals significant challenges, with a negative free cash flow growth rate and an operating cash flow to net income ratio of 0.61, indicating cash flow issues. The free cash flow to net income ratio is -0.85, highlighting challenges in converting profit to cash. Overall, the cash flow statement reflects liquidity issues and cash management difficulties.38
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 33.12B | 38.32B | 46.83B | 27.25B | 15.12B | Gross Profit |
| -372.20M | 2.40B | 4.68B | 887.20M | -1.63B | EBIT |
| -699.00M | 2.95B | 4.15B | 597.20M | -1.42B | EBITDA |
| -17.60M | 3.52B | 4.31B | 1.11B | -510.00M | Net Income Common Stockholders |
| -533.80M | 2.14B | 2.88B | 315.50M | -1.33B |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 536.10M | 1.78B | 2.20B | 1.34B | 1.61B | Total Assets |
| 12.70B | 14.39B | 13.55B | 11.64B | 10.50B | Total Debt |
| 2.31B | 2.04B | 2.64B | 5.01B | 5.58B | Net Debt |
| 1.78B | 260.70M | 438.30M | 3.67B | 3.97B | Total Liabilities |
| 7.02B | 7.76B | 8.49B | 9.11B | 8.30B | Stockholders Equity |
| 5.54B | 6.49B | 5.06B | 2.53B | 2.20B |
| Cash Flow | Free Cash Flow | |||
| -347.50M | 678.90M | 4.14B | 228.20M | -827.80M | Operating Cash Flow |
| 43.40M | 1.34B | 4.77B | 477.30M | -631.60M | Investing Cash Flow |
| -1.04B | -338.60M | -1.01B | -388.50M | -1.03B | Financing Cash Flow |
| -250.70M | -1.42B | -2.90B | -356.80M | 2.45B |
PBF Energy Technical Analysis
Neutral
20.13
Price Trends
18.32
Positive
22.59
Negative
27.42
Negative
Market Momentum
0.32
Negative
65.77
Neutral
86.88
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PBF, the sentiment is Neutral. The current price of 20.13 is above the 20-day moving average (MA) of 16.75, above the 50-day MA of 18.32, and below the 200-day MA of 27.42, indicating a neutral trend. The MACD of 0.32 indicates Negative momentum. The RSI at 65.77 is Neutral, neither overbought nor oversold. The STOCH value of 86.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PBF.
PBF Energy Peers Comparison
Overall Rating
UnderperformOutperform
Sector (56)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $6.14B | 35.13 | -1.49% | 5.86% | -11.17% | -109.60% | |
69 Neutral | $44.10B | 14.02 | 12.37% | 2.31% | -6.39% | -64.50% | |
68 Neutral | $36.65B | 42.08 | 3.73% | 3.56% | -8.44% | -85.95% | |
66 Neutral | $43.66B | 24.44 | 6.48% | 4.21% | -7.61% | -66.18% | |
56 Neutral | $6.99B | 3.67 | -4.87% | 5.88% | 0.18% | -49.70% | |
51 Neutral | $2.17B | ― | -18.01% | 5.43% | -16.30% | -160.78% | |
51 Neutral | $867.98M | ― | -151.69% | 6.65% | -29.23% | -931.43% |
* Energy Sector Average
Performance Comparison
PBF
PBF Energy
20.13
-26.72
-57.03%
DK
Delek US Holdings
15.39
-10.89
-41.44%
DINO
HF Sinclair Corporation
34.11
-19.93
-36.88%
MPC
Marathon Petroleum
150.89
-24.93
-14.18%
PSX
Phillips 66
110.92
-29.81
-21.18%
VLO
Valero Energy
122.93
-28.70
-18.93%
PBF Energy Earnings Call Summary
Earnings Call Date:May 01, 2025
(Q1-2025)
| % Change Since: 17.17%|
Next Earnings Date:Jul 24, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant achievements such as the successful restart of units at the Martinez refinery and the receipt of a $250 million insurance payment. However, these positives were balanced by financial losses, operational challenges, and market uncertainties, particularly related to crude differentials and renewable diesel regulations.Q1-2025 Updates
Positive Updates
Successful Restart of Martinez Refinery Units
Phase 1 of the Martinez restart plans were completed, including the safe restart of several units like the crude unit and hydrocracker.
Insurance Payment for Martinez Incident
Insurance carriers agreed to a first installment payment of $250 million, expected to be received this quarter, highlighting the strength of the company's insurance program.
Sale of Non-Core Assets
Announcement of the sale of Knoxville and Philadelphia terminal assets for $175 million, expected to close in the second half of the year.
Refining Business Improvement (RBI) Program Progress
Over 500 cost-saving ideas generated, with a focus on achieving more than $200 million of annualized savings by year-end 2025. The company is on track to exceed this goal.
Negative Updates
First Quarter Financial Losses
Reported an adjusted net loss of $3.09 per share and adjusted EBITDA loss of $258.8 million for the first quarter.
Challenges with Crude Quality Differentials
Narrow heavy and sour crude differentials are a headwind, reducing capture rates for complex refiners like PBF.
Operational Challenges at Torrance
During a mid-March weather event, a loss of steam occurred at Torrance, shutting down the majority of the refinery and leading to a delayed restart.
Uncertainty in Renewable Diesel Market
Continued uncertainty around RINs and PTC/BTC changes in the renewable diesel market impacting operations at St. Bernard Renewables.
Company Guidance
During the first quarter of 2025, PBF Energy provided guidance that included several key metrics. The company safely restarted several units at the Martinez refinery, with the facility running in a limited configuration producing 85,000 to 105,000 barrels per day. PBF expects to receive a $250 million interim insurance payment in the second quarter, following the end of the business interruption waiting period on April 3. The company announced a $175 million sale of its Knoxville and Philadelphia terminal assets, expected to close in the second half of 2025. Additionally, PBF is on track to exceed its goal of $200 million in annualized run-rate sustainable cost savings by the end of 2025, as part of its Refining Business Improvement program. The revised total capital budget for 2025 is now between $750 million to $775 million, excluding the Martinez rebuild costs covered by insurance.PBF Energy Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
PBF Energy Announces Leadership Transition in 2025
Neutral
Mar 12, 2025
On March 10, 2025, PBF Energy announced the transition of Thomas J. Nimbley from Executive Chairman to non-executive Chairman of the Board, effective July 1, 2025, following his retirement from the executive role on June 30, 2025. Nimbley, who has been pivotal in the company’s growth from a start-up to a major independent refiner, will continue to serve on the Board, assuming his re-election at the 2025 Annual Meeting of Stockholders. This transition reflects PBF Energy’s strategic leadership continuity and acknowledges Nimbley’s significant contributions to the company’s expansion and market positioning.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.