Piper Sandler raises PBF Energy stock price target on balance sheet strength

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.

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.

PBF Energy Inc. (PBF) projects Q4 throughput of 925,000–985,000 bpd and expects to reduce 2027 interest expenses by at least $130M. CEO Matthew Lucey highlighted $1.2B net debt reduction in Q3 2026, emphasizing deleveraging and operational execution.