PBF Energy gains on second-quarter profit beat
PBF•Shares jump after profit beat
Shares of U.S.-based refiner PBF Energy were up 11.2% to reach a record high of $70.47 after the company posted stronger-than-expected second-quarter results.
PBF reported adjusted earnings of $6.22 per share for the second quarter, above analysts' average estimate of $4.17, according to LSEG data.
Stock extends year-to-date gains
Including the session's move, the stock was up 156.2% year to date.
Martinez restart supports results
PBF also benefited from the restart of its Martinez refinery in California.
“We believe the current refining environment remains constructive, with margins continuing to track above mid-cycle levels. PBF is well positioned to benefit from this backdrop and could accelerate its de-leveraging trajectory as cash flows strengthen,” UBS said.
Throughput rises and outlook improves
Crude oil and feedstock throughput increased to 887,300 barrels per day (bpd), from 839,100 bpd a year earlier.
