PBF · PBF Energy
PBF Energy in 2022: refining margins, short interest and debt
2022 · +216% in the calendar year
For scale: buying every US stock breakout from 2018 to 2026 with no selection returned a median −22.6% a year later, measured on the 14,674 with a full twelve months of data. How it was measured
PBF Energy, an independent US refiner, began 2022 with $5.01 billion of debt against $1.34 billion of cash, and with its dividend suspended since 2020. MarketBeat put short interest at 13.8% of the float at the end of November 2021. After Russia's invasion of Ukraine, short interest peaked at 18.6% on 15 March 2022 and fell to 9.3% by 30 April.
Refining margins widened: gross margin went from 3.45% in the first quarter of 2022 to 14.63% in the second, when earnings were $9.65 a share on revenue of $14.08 billion. Third-quarter earnings were $8.40 a share, and PBF reinstated its dividend at $0.20 a quarter, first going ex-dividend on 10 November 2022. Total debt ended the year at $2.64 billion. The stock's return was +216% in calendar 2022. Margins then narrowed: earnings fell to $4.86 a share in the fourth quarter of 2022, and the fourth quarter of 2023 brought a loss of $0.40 a share.
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Sources: MarketBeat, PBF short interest · stockanalysis.com, PBF quarterly income statements · stockanalysis.com, PBF quarterly balance sheet · stockanalysis.com, PBF dividend history. Price figures are split-adjusted, not dividend-adjusted.
The Runner Tape and its staff hold no financial or other interest, direct or indirect, in PBF — no shares, no options or other derivatives, no compensation or arrangement of any kind connected with it — and have received no consideration from any person in connection with it being covered here.