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PBF · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is PBF Energy Inc. (PBF) stock moving?
PBF beat Q3 2026 estimates on both adjusted EPS ($12.78 vs $10.59) and sales ($12.133B vs $10.500B), declared a $0.325 quarterly dividend, and launched a refinery cost-savings program targeting over $350 million. Analysts were mixed: Piper Sandler kept a Neutral rating while raising its target to $97, and Freedom Broker upgraded the stock from Sell to Hold with a $63 target. Despite the strong results, the shares fell from a $82.78 intraday high on Oct 22 to a $65.91 close on Nov 10, about 20% lower, with the steepest drop on Nov 4 (-6.7%, 4.47M shares traded, about 1.7x the 30-day average). The provided news does not explain that sell-off; the only same-day items were the Freedom upgrade and a $938K director share sale. Closing near the low of the range with a fourth straight lower close suggests persistent selling pressure, though the earnings beat and target increases offer some support.
News behind the analysis
- PBF Energy Reports Third Quarter 2026 Financial Results and Declares DividendPBF reported Q3 2026 net income of $1.543 billion and declared a quarterly dividend of $0.325 per share.
- PBF Energy Q3 Adj. EPS $12.78 Beats $10.59 Estimate, Sales $12.133B Beat $10.500B EstimateAdjusted EPS and sales both came in well above analyst estimates for the third quarter.
- PBF Energy Targets Over $350 Million in Refinery SavingsPBF launched an initiative to improve refinery operations with a target of more than $350 million in cost savings.
- Piper Sandler Maintains Neutral on PBF Energy, Raises Price Target to $97Piper Sandler kept a Neutral rating on PBF while raising its price target.
- Piper Sandler Maintains Neutral Rating on PBF Energy and Raises Price TargetPiper Sandler reaffirmed its neutral stance on PBF while increasing the company's price target.
- Freedom Broker Upgrades PBF Energy to HoldFreedom Broker upgraded PBF from Sell to Hold and raised its price target to $63 from $55.
- PBF Energy Director Karen Berriman Davis Sells Shares Worth Over $938,000Director Karen Berriman Davis sold 12,117 Class A shares for about $938,171.
About PBF ENERGY INC.
PBF Energy is one of the largest independent US petroleum refiners, based in Parsippany, New Jersey. It runs six refineries, in Delaware, New Jersey, Ohio, Louisiana and two in California (Torrance and Martinez), which can together process roughly 1 million barrels of crude oil a day. The refineries are complex and mostly sit on the coasts.
How it makes money
Nearly all of PBF's revenue (about $39 billion over the last 12 months) comes from its refining business. It buys crude oil and turns it into gasoline, diesel, jet fuel, asphalt and other products, which it sells to wholesale customers. Its profit depends on the gap between what crude costs and what the fuels sell for, called the crack spread. PBF also owns a stake in a renewable diesel joint venture and earns some money from logistics assets like terminals and pipelines. Results swing a lot from one year to the next: PBF lost money in 2025 after a fire at its Martinez refinery. In 2026 it earned large profits as fuel markets tightened and Martinez came back online.
What usually moves PBF
- Refining margins (crack spreads) for gasoline and diesel
- Crude oil prices and the price gap between different crude grades
- Refinery outages, fires and planned maintenance shutdowns
- California fuel market rules and environmental regulation
- Debt reduction, dividends and insurance payouts from the Martinez fire