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PBF Energy (PBF)
:PBF
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PBF Energy
(NYSE:PBF)46Neutral
Positive Factors
Cost Management
PBF made public the target of delivering $200m in run-rate cost savings by year-end 2025 through significant energy reduction and maintenance optimization.
Negative Factors
Financial Performance
PBF reported EBITDA/FCF misses versus consensus, with estimated EBITDA losses in all regions during a challenging quarter for refining.
Operational Challenges
A fire at the Martinez plant has resulted in a full shutdown with unquantified downtime, affecting operational performance.
PBF Energy (PBF) vs. S&P 500 (SPY)
Market Cap
$2.45B
Dividend Yield4.95%
Average Volume (3M)2.75M
Price to Earnings (P/E)―
Beta (1Y)0.83
Revenue Growth-13.59%
EPS Growth-127.47%
CountryUS
Employees3,855
SectorEnergy
Sector Strength57
IndustryFossil Fuels
Share Statistics
EPS (TTM)-4.72
Shares Outstanding115,313,484
10 Day Avg. Volume3,255,409
30 Day Avg. Volume2,751,813
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.07
Price to Cash Flow (P/CF)-1.90
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$26.91Price Target Upside26.81% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering12
PBF Energy Business Overview & Revenue Model
Company DescriptionPBF Energy Inc. is a leading independent petroleum refiner and supplier of unbranded transportation fuels, heating oils, petrochemical feedstocks, lubricants, and other petroleum products in the United States. The company operates through its refining and logistics segments, focusing on the production and distribution of high-quality fuel products. PBF Energy owns and manages refineries in several strategic locations across the country, enabling it to efficiently serve diverse markets.
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 considerable financial challenges, as reflected in its recent performance. The income statement shows declining revenue and profitability, while the balance sheet indicates fluctuating leverage and moderate stability. Cash flow challenges highlight the need for strategic cash management. Addressing these issues will be key to improving the company's financial standing in the volatile fossil fuel industry.Income Statement
PBF Energy has experienced significant fluctuations in its income statement, with a sharp decline in revenue and profitability in 2024 compared to prior years. The gross profit margin turned negative in 2024, indicating cost challenges. Revenue growth has been inconsistent, with a significant decline from 2023 to 2024. The absence of net income in 2024 and negative EBIT highlight the company's recent struggles with profitability.45
Neutral
Balance Sheet
The balance sheet shows mixed signals. While stockholders' equity remains relatively stable, the debt-to-equity ratio has been volatile, suggesting fluctuating leverage levels. The equity ratio indicates moderate financial stability, but the industry's capital-intensive nature poses inherent risks. The company's ability to maintain equity levels while managing debt will be crucial for future stability.60
Neutral
Cash Flow
Cash flow from operations has decreased significantly, indicating potential challenges in generating cash from core activities. Free cash flow growth has also been negative, reflecting capital expenditure pressures. The operating cash flow to net income ratio indicates a disconnect in 2024 due to the absence of net income. Managing cash flow effectively will be critical for future financial health.50
Neutral
| 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 |
| -2.40M | 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 |
| 2.30B | 2.04B | 2.64B | 5.01B | 5.58B | Net Debt |
| 1.77B | 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 | |||
| 43.40M | 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 |
| -249.30M | -1.42B | -2.90B | -356.80M | 2.45B |
PBF Energy Technical Analysis
Negative
21.22
Price Trends
26.15
Negative
28.15
Negative
32.94
Negative
Market Momentum
-1.86
Positive
35.46
Neutral
37.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PBF, the sentiment is Negative. The current price of 21.22 is below the 20-day moving average (MA) of 23.17, below the 50-day MA of 26.15, and below the 200-day MA of 32.94, indicating a bearish trend. The MACD of -1.86 indicates Positive momentum. The RSI at 35.46 is Neutral, neither overbought nor oversold. The STOCH value of 37.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PBF.
PBF Energy Peers Comparison
Overall Rating
UnderperformOutperform
Sector (57)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $51.44B | 25.27 | 7.27% | 3.65% | -2.81% | -68.00% | |
67 Neutral | $42.99B | 13.63 | 16.33% | 2.52% | -6.70% | -57.84% | |
63 Neutral | $39.95B | 14.79 | 10.86% | 3.42% | -10.35% | -65.68% | |
57 Neutral | $8.34B | 5.35 | -5.98% | 7.29% | 0.20% | -69.45% | |
55 Neutral | $1.82B | 259.48 | 0.90% | 11.07% | -17.69% | -99.09% | |
47 Neutral | $891.44M | ― | -108.21% | 7.05% | -28.68% | -4373.94% | |
46 Neutral | $2.45B | ― | -8.87% | 4.95% | -13.59% | -127.47% |
* Energy Sector Average
Performance Comparison
PBF
PBF Energy
21.22
-27.18
-56.16%
CVI
CVR Energy
18.06
-13.66
-43.06%
DK
Delek US Holdings
14.26
-11.00
-43.55%
MPC
Marathon Petroleum
137.55
-40.08
-22.56%
PSX
Phillips 66
126.18
-18.31
-12.67%
VLO
Valero Energy
126.85
-19.35
-13.24%
PBF Energy Earnings Call Summary
Earnings Call Date: Feb 13, 2025 | % Change Since: -19.25% | Next Earnings Date: May 2, 2025
Earnings Call Sentiment Neutral
The call presented a mixed sentiment with a strong emphasis on PBF Energy's financial resilience and strategic cost-saving initiatives, while acknowledging significant challenges such as the Martinez refinery fire and financial losses in the fourth quarter.Highlights
Strong Financial Position
PBF Energy started 2024 with the strongest financial position in its history, maintaining an under-levered balance sheet that provides flexibility to weather challenging markets.
Business Improvement Initiatives
PBF Energy has launched the Refining Business Improvement Program targeting over $200 million in run rate cost savings by the end of 2025, focusing on energy usage, turnarounds, procurement practices, capital planning, and maintenance.
Shareholder Returns
PBF Energy returned approximately $60 million to shareholders in the fourth quarter through share repurchases and dividends, completing $1 billion in share repurchases since December 2022.
Constructive Market Outlook
The company expects a balanced global refining supply and product demand environment in 2025, with net capacity additions expected to match product demand growth.
Lowlights
Martinez Refinery Fire Incident
A fire occurred at the Martinez refinery during planned maintenance, leading to a complete shutdown of the refinery. The extent of the damage and the timeline for repairs are still being assessed.
Fourth Quarter Financial Loss
PBF Energy reported an adjusted net loss of $2.82 per share and an adjusted EBITDA loss of $249.7 million for the fourth quarter, reflecting weak market conditions and poor crude differentials.
Renewable Diesel Production Challenges
The St. Bernard Renewables facility reported a $4.8 million loss in the fourth quarter, and first-quarter production is expected to decrease due to a planned catalyst change.
Company Guidance
During the call, PBF Energy provided guidance that reflects a challenging market environment, with a focus on achieving a $200 million run-rate cost savings by the end of 2025 through their Refining Business Improvement Program. This initiative targets areas such as energy usage and turnarounds, which represent about 30% to 50% of their overall savings goal. Despite reporting an adjusted net loss of $2.82 per share and an adjusted EBITDA loss of $249.7 million for the fourth quarter of 2024, the company expects a constructive outlook for 2025, with refining capacity additions projected to be in the range of 700,000 to 800,000 barrels per day, aligning closely with the anticipated product demand growth of 750,000 barrels per day. Additionally, PBF Energy's financial strategy includes maintaining a strong balance sheet, which stood at approximately $921 million of net debt and a net debt-to-capital ratio of 16%. The company also highlighted its commitment to shareholder returns, having completed approximately $1 billion in share repurchases since December 2022, equating to over 17% of outstanding shares at the beginning of the program.PBF Energy Corporate Events
Business Operations and StrategyFinancial Disclosures
PBF Energy Releases 2025 Financial Guidance and Plans
Neutral
Jan 3, 2025
PBF Energy Inc. released its financial guidance for fiscal year 2025, detailing expected throughput levels across its various regional operations and anticipated operating expenses. The company outlines its plans for capital expenditures, maintenance, and turnaround projects, highlighting the strategic focus on managing its investment in St. Bernard Renewables LLC and the challenges posed by market conditions and regulatory factors.
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.