PBF Energy, the Energy sector company, was revisited by a Wall Street analyst today. Analyst Jason Gabelman from TD Cowen maintained a Sell rating on the stock and has a $19.00 price target.
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Jason Gabelman has given his Sell rating due to a combination of factors affecting PBF Energy’s financial outlook. The company’s earnings were in line with expectations but did not match the performance of its peers, which showed significant earnings beats. Additionally, the delay in the full restart of the Martinez facility has been pushed to the end of 2025, which may impact future cash flows and operational efficiency.
Moreover, while PBF Energy remains optimistic about market conditions supporting margins, Gabelman projects flat free cash flow in the latter half of 2025, even after accounting for insurance and asset sale proceeds. The company’s net debt has been stable, aided by insurance inflows, but Gabelman anticipates a free cash flow loss excluding working capital adjustments. Given these factors, along with a forecast of limited free cash flow at mid-cycle cracks, Gabelman maintains a Sell rating with a price target of $19, based on a 5x 2026 EV/EBITDA multiple.
Gabelman covers the Energy sector, focusing on stocks such as Equinor ASA, NextDecade, and Enterprise Products Partners. According to TipRanks, Gabelman has an average return of 8.4% and a 57.73% success rate on recommended stocks.
In another report released yesterday, Bank of America Securities also reiterated a Sell rating on the stock with a $16.00 price target.