NEW YORK - UBS Group has adjusted its price target for PBF Energy (NYSE:PBF), a prominent independent petroleum refiner in the United States, from $53 to $49 while maintaining a neutral rating.
PBF Energy's stock is down 0.85% to $40.64. The revised target by UBS comes amid a series of varied analyst ratings and price targets for the company over recent months.
PBF Energy operates across five states and manages two business segments: Refining and Logistics, which includes PBFX. The company plays a significant role in supplying transportation fuels, heating oil, lubricants, and petrochemical feedstocks throughout the country.
The company recently showcased strong financial performance in its latest earnings results announcement for Q3. Earnings per share exceeded analysts' expectations by about $1.75, and revenue also surpassed estimates at over $10 billion ($10.73B) against projections of around $9.84 billion.
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