US Refining Industry Enters Earnings Season, Goldman Sachs Bullish on Three Buy-Rated Companies

Moody’s upgraded CVR Energy Inc. (CVI) to B1 from B2, citing improved financials, lower debt, and strong cash flow. The agency also raised its senior unsecured debt rating to B2 and liquidity assessment to SGL-1, maintaining a stable outlook. CVR operates two U.S. refineries and holds a stake in CVR Partners LP (UAN). Moody’s noted risks like operational scale and regulatory uncertainty but highlighted strong liquidity, including $600M in cash and a $550M credit facility.

Moody's upgraded CVR Energy (NYSE:CVI) to B1 from B2, citing improved balance sheet and liquidity. The refiner's debt reduction and cash flow generation were noted, but risks include operational outages and regulatory uncertainty. Liquidity is strong, with $600M in cash and a $550M credit facility. Future upgrades depend on scale and low leverage.

PBF Energy plans to redeem $800M of 9.875% Senior Notes due 2030 on October 26, 2026, at 100% principal plus premium and accrued interest. This debt management move may reduce future interest expenses and alter its capital structure, potentially benefiting equity investors and bondholders. Analysts rate PBF stock as Hold with a $91 target, while TipRanks' AI rates it as Outperform.

PBF Energy Inc. (PBF) filed an SEC Form 8-K — Other Events. Item 8.01. Other Events. Notice of Optional Redemption On October 14, 2026, PBF Holding Company LLC (“PBF Holding”), an indirect subsidiary of PBF Energy Inc. (the “Company”), and PBF Finance Corporation, a wholly-owned subsidiary of PBF Holding (“PBF Finance”), issued a notice o

PBF Energy Inc. (NYSE: PBF) shares rose 5.44% on October 13, 2026, driven by strong refining margins and capacity outlook. The company reported $11.7B in revenue and $1.44B in EBITDA for Q2 2026, with a net income of $906M. Analysts from Goldman Sachs, Citi, and Mizuho raised price targets, citing strong cash flow and favorable refining conditions. PBF also issued $500M in exchangeable notes to reduce debt.

Citigroup raised its price target for Valero Energy (VLO) to $485 from $302. The adjustment reflects the bank's updated outlook on the company's valuation and earnings potential. Valero's shares were trading at $436.00 in pre-market activity.