Movement Alert｜PBF Energy Rises 8.88% in Regular Trading, TD Cowen Upgrade Combines with Refining Sector Strength

Market Focus

Jun 30

On June 30, PBF Energy rose 8.88% in regular trading, trading at $46.97/share, with turnover of $124 million. The rally was primarily driven by TD Cowen upgrading PBF Energy from Sell to Hold on June 29, raising its price target from $36 to $39.

The upgrade removed a previously bearish signal on the stock, coinciding with broad strength across the refining sector. Peer stocks also advanced, with HF Sinclair up 4.42%, Valero up 3.97%, Marathon Petroleum up 3.51%, and Phillips 66 up 2.79%. PBF Energy significantly outperformed its peers, potentially reflecting anticipation of earnings recovery in the upcoming quarter, with consensus EPS estimated at $3.39 for Q2. Analysts polled by FactSet assign PBF an average Hold rating with a mean price target of $45.09.

Additionally, the company recently completed a $500 million senior notes offering to refinance higher-cost debt due 2028, and its Martinez refinery restart is expected to contribute to improved operational efficiency in the second half of the year.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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