PBF Energy price target raised to $76 from $38 at Morgan Stanley - TipRanks.com

PBF Energy's shares rose after the company priced a $500 million exchangeable notes offering. The stock has seen a 5-day increase of 6.14% and a year-to-date gain of 175.52%. The offering is expected to provide the company with additional financial flexibility.

PBF Energy's shares rose after announcing a $500M offering of 0% exchangeable notes to refinance higher-cost debt. The company also acquired hydrogen plants and plans to expand its credit facility. Morgan Stanley raised its price target but kept an Underweight rating. PBF aims to strengthen liquidity and cut costs, though it faces cyclical risks and regulatory challenges.

PBF Energy stock rose 4.3% after a 10% drop on September 14. The rally follows a $500M debt offering with notes exchangeable at a 37.5% premium, signaling management's confidence. The company plans to use proceeds to retire higher-interest debt. Morgan Stanley doubled its price target to $76, despite an Underweight rating. The broader market declined, making PBF's gain company-specific.

PBF Energy priced a $500M private offering of 0% exchangeable notes due 2032, with an option for an additional $50M. Proceeds, about $485M, will refinance higher-cost debt. Notes are exchangeable for cash or stock at a 37.5% premium. PBF also entered capped call transactions to limit dilution.

PBF Energy (PBF) announced a $500M private offering of 0% senior unsecured exchangeable notes due 2032, with a $50M option. Proceeds will repay 7.875% Senior Unsecured Notes due 2030. PBF also acquired hydrogen plants for $44.8M cash and $342.2M debt, and plans to extend its revolving credit facility. Q1 2026 net income was $200.2M, up from a $405.9M loss a year earlier, with adjusted net loss of $102.4M. PBF declared a $0.275 dividend and expects Q2 2026 throughput of 850K-910K barrels per day.

PBF Energy's subsidiary priced $500M in 0% exchangeable notes due 2032, with an option for $50M more. Notes are senior, unsecured, and guaranteed by certain subsidiaries. They can be exchanged for cash, stock, or a mix, with an initial exchange rate of 10.3306 shares per $1,000. The offering is expected to close September 17, 2026, with net proceeds estimated at $485M ($533.6M if the option is fully exercised).