PBF Energy beats Q3 estimates as refining margins surge

Freedom Broker upgraded PBF Energy (NYSE:PBF) to Hold, raising its price target to $63. PBF reported record Q3 2026 earnings, with adjusted EPS of $12.78, beating estimates. The company reduced net debt by $1.3B and increased its dividend by 18%. Piper Sandler also raised its price target to $97, citing strong financials.

Piper Sandler raised its PBF Energy (NYSE: PBF) price target to $97 from $94, citing improved balance sheet strength. The company reported Q3 2026 earnings of $12.78 per share and revenue of $12.13 billion, exceeding expectations. Piper Sandler maintains a Neutral rating due to lower total return of capital yields compared to peers.

PBF Energy processed 924,000 barrels per day in Q3, meeting guidance. Q4 throughput is expected to be 925,000-985,000 barrels per day. The company completed turnarounds at Martinez and Paulsboro within budget. Refining improvements generated $230M in annualized cost savings, with $350M expected by year-end. PBF reported $1.9B in cash from operations, reduced debt, and increased its dividend by 18%.

PBF Energy reported strong Q3 2026 results, driven by a tight refining market. The company reduced net debt by $1.2B, cut costs by $230M, and increased its dividend by 18%. Management expects Q4 throughput of 925K-985K barrels/day and a 26% effective tax rate. They plan to focus on debt reduction, sustainable dividends, and yield improvements.

PBF Energy (PBF) reported Q3 2026 net debt reduction of $1.2B, raising its dividend by 18% and achieving a net cash position of $426M. The company completed turnarounds on time and expects $350M in cost improvements by year-end. PBF benefits from widening crude differentials but faces challenges like high freight rates and regulatory uncertainties. Management discussed operational strategies and financial positioning during the earnings call.

PBF Energy announced a refinery improvement program targeting over $350 million in annual savings by year-end. The company reported adjusted Q3 earnings of $12.78 per share, exceeding estimates. PBF also expects $130 million in reduced interest expenses by 2027. Shares rose 3.6% in morning trading.