How PBF Energy Stock Reacted to 4Q16 Results



PBF stock performance after 4Q16 results

We’ve looked at PBF Energy’s (PBF) 4Q16 results. Now let’s see how PBF stock performed after the earnings release.

PBF Energy (PBF) announced its 4Q16 results on February 16, 2017. The stock opened at $24.40 per share that day, which was below the previous day’s closing price.

PBF saw a high of $24.40 and a low of $23.70 on February 16, 2017, and eventually closed at $24. That was about 2.2% below its previous day’s close. The fall could be due to PBF’s higher-than-expected 4Q16 loss.

On February 16, 2017, PBF’s peers Valero Energy (VLO), HollyFrontier (HFC), and Western Refining (WNR) fell 1.7%, 0.50%, and 1.0%, respectively. The broader market indicator, the SPDR S&P 500 ETF (SPY), fell 0.10%. However, crude oil prices rose 0.50% that day.

If you’re looking for exposure to mid-cap stocks, you can consider the SPDR S&P MidCap 400 ETF (MDY) (MID-INDEX). MDY has a ~4.0% exposure to energy sector stocks, including HFC and WNR.

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What PBF management is saying

PBF plans to go ahead with two of its growth projects, which should strengthen its logistics assets base. These projects include constructing a tank at the Chalmette refinery and building a natural gas pipeline for the Paulsboro refinery.

In PBF’s 4Q16 earnings press release, chairman and CEO (chief executive officer) Tom Nimbley stated, “Our fourth quarter and full-year 2016 results reflect the numerous market and regulatory headwinds faced by the independent refiners and we, as a company, did not operate our assets to the fullest of their potential.”

Nibley went on to say, “Looking ahead, with the proceeds from our recent equity raise, we are pleased to be starting the year with a strong and flexible balance sheet. We are committed to the continued integration of both Torrance and Chalmette, and further optimizing our entire system in 2017.”


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