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PBF Stock Fell the Most among US Refiners

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Dec. 12 2018, Updated 10:30 a.m. ET

PBF Energy’s stock performance

PBF Energy (PBF) stock has fallen 22.3% since November 7—the highest fall among the six US refiners that we’re discussing in this series. The broad market indicator, the SPDR S&P 500 ETF (SPY) has fallen 6.2% during the same period. PBF Energy’s ten-day moving average is 6.0% below its 30-day moving average.

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Why has PBF Energy Stock fallen?

In the fourth quarter, the weaker refining environment is expected to impact the company’s earnings. The benchmark crack, the US Gulf Coast WTI 3-2-1 crack has fallen 15.9% YoY in the fourth quarter. The crack has fallen 11.4% in November, which suggests likely weakness in the company’s refining margin and earnings in the fourth quarter. The expectation of lower earnings would have impacted PBF Energy stock.

Series overview

In this series, we reviewed stock returns of six US refiners in the past month. All of the stocks fell in the past month due to the weaker refining crack environment. HollyFrontier (HFC) and Valero Energy (VLO) stock have fallen 16.6% and 17.9%, respectively, during the stated period. HollyFrontier’s refining index values and Valero Energy’s regional crack indicators have fallen in the past month.

Delek US Holdings (DK) stock has fallen 4.1%. The company’s refineries are positioned to take advantage of broader oil spreads, which could support the company’s refining margin and earnings in the fourth quarter. Marathon Petroleum (MPC) and Phillips 66 (PSX) stocks have lost 11.8% and 12.4%, respectively, in the past month. Marathon Petroleum’s blended crack has fallen during the same period.

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