PBF Energy: Recent Weakness Appears Overdone

PBF Energy MichaelRLopez In the company's first quarter reported on May 2nd, PBF earned $0.85 in adjusted EPS, which actually beat consensus by $0.20. Earnings were down from $2.76 last year, given a less favorable refining environment. Revenue fell by 7% to $8.65 billion. For refiners, I de-emphasize revenue, as that is driven by the absolute level of oil Ultimately, PBF cannot control the crack spread environment and is exposed to the refining macro in that regard. Because of tighter spreads, it generated ...