PBF Energy’s stock performance
PBF Energy (PBF) stock has fallen 15.3% since February 5—the highest fall among the six US refiners discussed in this series. The broad market indicator, the SPDR S&P 500 ETF (SPY) has risen 2.2% during the same period. PBF Energy’s ten-day moving average has broken below its 30-day moving average. Currently, PBF Energy’s ten-day moving average is 5.4% below its 30-day moving average.
In the current quarter, the weaker refining spread environment is expected to impact the company’s earnings. The Canadian spread is weaker in the current quarter, which could impact PBF Energy’s refining margin and earnings in the quarter. The expectation of lower earnings would likely have impacted PBF Energy stock.
In this series, we reviewed the stock returns of six US refiners in the past month. The stocks have put up a mixed trend likely due to mixed cues from the refining environment. While refining cracks have risen in the past month, the oil spreads have narrowed. Delek US Holdings (DK) and Phillips 66 (PSX) have risen 7.5% and 2.4%, respectively.
However, Valero Energy (VLO) has fallen 5.6%. The company’s crack indicators have fallen across zones year-over-year in the current quarter. HollyFrontier (HFC) and Marathon Petroleum (MPC) have fallen 8.7% and 9.5%, respectively. Both of the companies’ refining margin indicators have been weak in the first quarter. PBF Energy has fallen the most in the past month.