PBF Energy (NYSE:PBF) Releases Earnings Results, Misses Estimates By $0.63 EPS

Key Points

• PBF missed Q1 EPS, reporting a GAAP loss of ($0.88) vs. consensus ($0.25) — the shortfall was driven in part by a ~$209M derivative mark‑to‑market loss even as revenue beat at $7.90B (up ~12% YoY) and adjusted EBITDA was $68.7M.
• Martinez refinery restart imminent with key units already running and full California supply expected soon; the company has received about $106.5M in Q1 insurance proceeds, bringing total recoveries to roughly $1 billion net and saying major rebuild spending is largely complete.
• PBF says Refining Business Improvement savings hit a ~$230M annualized run‑rate and will prioritize de‑levering, reinvestment and shareholder returns as capex falls, but sentiment is mixed due to heavy insider selling and a Wall Street consensus of "Reduce" (price target ~$35.38).

PBF Energy (NYSE:PBF - Get Free Report) posted its quarterly earnings results on Thursday. The oil and gas company reported ($0.88) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.63), FiscalAI reports. The company had revenue of $7.90 billion during the quarter, compared to analyst estimates of $7.18 billion. PBF Energy had a negative return on equity of 8.86% and a negative net margin of 0.54%.The company's revenue was up 11.9% compared to the same quarter last year. During the same period last year, the company posted ($3.53) earnings per share.

Here are the key takeaways from PBF Energy's conference call:

• Martinez restart imminent — PBF says the cat‑feed hydrotreater and alkylation units are already running and the FCC should be making finished products this weekend, restoring full California supply capacity.
• Material market tailwinds — Management cites the Middle East disruption as causing tight global product balances and higher product demand, positioning PBF’s coastal, complex refineries to earn strong margins in coming quarters.
• Weak Q1 operational and financial results — Excluding special items, Q1 adjusted net loss was $0.88/share with adjusted EBITDA $68.7M; the quarter included a >$200M derivative mark‑to‑market loss, a $324M cash use in operations and higher net debt from inventory builds.
• Insurance recoveries and rebuild mostly behind — PBF received a $106.5M payment in Q1, bringing total insurance recoveries to about $1 billion net of deductibles; management says major rebuild spending is largely complete and further interim recoveries are expected.
• RBI savings and capital priorities — The Refining Business Improvement program hit a $230M annualized run‑rate target (≈$160M OpEx) and PBF is on track for $350M by end‑2026; with Martinez capex winding down, the company plans to prioritize de‑levering, reinvestment and shareholder returns when cash generation strengthens.

PBF Energy Stock Performance

Shares of NYSE PBF traded up $0.26 during mid-day trading on Thursday, hitting $43.39. The company had a trading volume of 7,259,599 shares, compared to its average volume of 2,885,527. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.21 and a quick ratio of 0.51. The business's 50-day simple moving average is $42.56 and its 200-day simple moving average is $35.90. PBF Energy has a 12 month low of $16.47 and a 12 month high of $52.18. The firm has a market cap of $5.07 billion, a P/E ratio of -29.52, a PEG ratio of 0.18 and a beta of 0.25.

PBF Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 11th. Investors of record on Wednesday, February 25th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Wednesday, February 25th. PBF Energy's dividend payout ratio (DPR) is presently -74.83%.

Insider Activity at PBF Energy

In related news, SVP James E. Fedena sold 77,085 shares of the stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $49.60, for a total value of $3,823,416.00. Following the completion of the sale, the senior vice president owned 139,016 shares in the company, valued at approximately $6,895,193.60. This trade represents a 35.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas J. Nimbley sold 50,000 shares of the stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $50.62, for a total transaction of $2,531,000.00. Following the completion of the sale, the director owned 790,716 shares of the company's stock, valued at approximately $40,026,043.92. The trade was a 5.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 11,381,825 shares of company stock worth $501,363,867. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PBF Energy

Several hedge funds have recently made changes to their positions in PBF. Los Angeles Capital Management LLC bought a new position in PBF Energy during the fourth quarter worth about $31,000. Smartleaf Asset Management LLC lifted its stake in PBF Energy by 65.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,466 shares of the oil and gas company's stock worth $38,000 after purchasing an additional 579 shares during the period. Quarry LP lifted its stake in PBF Energy by 4,868.4% during the third quarter. Quarry LP now owns 2,832 shares of the oil and gas company's stock worth $85,000 after purchasing an additional 2,775 shares during the period. Advisory Services Network LLC bought a new position in PBF Energy during the third quarter worth about $92,000. Finally, Kestra Advisory Services LLC bought a new position in PBF Energy during the fourth quarter worth about $87,000. Institutional investors own 96.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PBF. The Goldman Sachs Group began coverage on PBF Energy in a research report on Friday, April 10th. They issued a "neutral" rating and a $49.00 price target on the stock. BMO Capital Markets raised their price target on PBF Energy from $43.00 to $50.00 and gave the company a "market perform" rating in a research report on Thursday, April 2nd. TD Cowen lowered their price target on PBF Energy from $41.00 to $36.00 and set a "sell" rating on the stock in a research report on Monday. Wall Street Zen downgraded PBF Energy from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. Finally, Tudor Pickering raised PBF Energy from a "strong sell" rating to a "hold" rating in a research report on Friday, February 13th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $35.38.

Key Headlines Impacting PBF Energy

Here are the key news stories impacting PBF Energy this week:

• Positive Sentiment: PBF reported strong underlying refining results and corporate actions that support cash flow — income from operations excluding special items was $299.6M, the company declared a quarterly dividend of $0.275/sh, received a $106.5M insurance/installment related to the Martinez refinery fire, and said Martinez refinery restart is progressing with full planned rates expected in early May. PBF Energy Announces First Quarter 2026 Results, Declares Dividend...
• Neutral Sentiment: Top‑line performance was better than expected — revenue of $7.90B beat consensus (~$7.18B) and was up ~12% year‑over‑year — showing demand/resiliency in throughput even as earnings were mixed. PBF Energy (PBF) Reports Q1 Loss, Beats Revenue Estimates
• Neutral Sentiment: Shareholders re‑elected the board and approved the company’s pay and incentive plan at the April 28 annual meeting — removes near‑term governance overhang and keeps management strategy intact. PBF Energy Shareholders Back Board, Pay and Incentive Plan
• Negative Sentiment: PBF missed on GAAP EPS (loss of $0.88 vs. consensus loss of ~$0.25), driven in part by a $208.8M mark‑to‑market derivative loss that turned GAAP results negative; net margin and ROE remain negative — a reminder of volatility in reported earnings despite healthy operational cash. Q1 results and conference call
• Negative Sentiment: Insider selling: Control Empresarial De Capital sold a large block (362,000 shares at ~$43.50, ~$15.7M) on April 29 and a smaller block (3,000 shares) on April 30 — large insider disposition can weigh on sentiment even though the remaining stake is large. SEC Form 4 — Insider Sale

PBF Energy Company Profile

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.

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