Analysts highlight PBF’s restored Martinez refinery and heavy crude processing edge amid Venezuelan oil market shifts.
PBF Energy Inc. shares closed at $39.82 on May 28, reflecting a trailing P/E of 10.51 and forward P/E of 11.99. The company’s refining segment is positioned for stronger margins after restoring full capacity at its Martinez refinery, a high-margin asset previously hampered by operational disruptions.
PBF operates six refineries with over 1 million barrels per day of crude capacity, including facilities optimized for heavy, sour crude. This configuration is expected to benefit from discounted Venezuelan crude returning to global markets, widening feedstock differentials and boosting refining profitability.
The company has entered a cash-harvesting phase following elevated maintenance spending, with analysts viewing PBF as a deep-value opportunity in the U.S. refining sector.