PBF Energy Q3 revenue and profit beat estimates, dividend up 18%
Overview
U.S. independent refiner's Q3 revenue rose, beating analyst expectations
Adjusted net income for Q3 beat analyst expectations
Company raised quarterly dividend by 18% to $0.325 per share
Outlook
PBF expects 2026 capital expenditures of $825-$875 mln, excluding Martinez rebuild costs
Company expects Q4 2026 total throughput of 925,000-985,000 barrels per day
Renewable diesel production for Q4 2026 expected at 18,000-20,000 barrels per day
Result Drivers
REFINING FUNDAMENTALS - Co said refining fundamentals remained exceptionally strong during the quarter
COST IMPROVEMENTS - Co said its Refinery Business Improvement initiative generated cost improvements and is expected to further improve cost structure
MARTINEZ REFINERY - Martinez refinery returned to full operations in May 2026, with fire-related restoration costs largely covered by insurance
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $12.13 bln | $10.50 bln (10 Analysts) |
Q3 Adjusted Net Income | Beat | $1.57 bln | $1.28 bln (8 Analysts) |
Q3 Net Income | $1.54 bln | ||
Q3 Dividend | $0.33 | ||
Q3 Operating Income | $2.10 bln | ||
Q3 Pretax Profit | $2.05 bln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 10 "hold" and 5 "sell" or "strong sell"
The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."
Wall Street's median 12-month price target for PBF Energy Inc. is $76.00, about 3.7% above its October 28 closing price of $73.28
The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 6 three months ago
Reuters Recommended Reads
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)