Yahoo Finance How PBF’s Stock Reacted to Its 1Q16 Results
PBF Energy Reports a 1Q16 Loss: Refining Margins Plummet
PBF’s stock performance after its 1Q16 results
In earlier parts of this series, we analyzed PBF Energy’s (PBF) 1Q16 results. In this part, we’ll look at PBF’s stock performance after its earnings.
PBF Energy (PBF) announced its 1Q16 results on April 28 before the market hours. PBF opened at $34.5 per share lower than the previous close of $35.3. PBF saw highs of $34.9 and lows of $33.3 during the day. Eventually, PBF closed at $33.5, around 5% lower than its previous day’s close.
On April 28, Western Refining (WNR), Northern Tier Energy (NTI), Marathon Petroleum Corporation (MPC), and Phillips 66 (PSX) fell 2.6%, 1.1%, 0.94%, and 1.6%, respectively. For exposure to energy sector stocks, you can consider the PowerShares Dynamic Large Cap Value Portfolio (PWV), which has ~11% exposure to the sector.
The word from PBF’s management
PBF’s 1Q16 results included full-quarter operations of the Chalmette refinery and related logistics assets acquired in November 2015. Also, PBF’s Torrance refinery acquisition transaction is valued at $537.5 million—plus working capital to be valued at closing—and expected to close per schedule in 2Q16.
In its first quarter earnings press release, PBF’s management stated, “Looking forward, margins have rebounded from the first quarter lows and crude oil differentials have improved. Fundamentals are supportive of a strong summer driving season with positive indicators in terms of high consumer demand and year-over-year increases in vehicle miles traveled.”
In the next part of this series, we’ll discuss analyst recommendations for PBF Energy.
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