PBF Energy Q3 revenue and profit beat estimates, dividend up 18%

PBF Energy

29/10/2026 10:44

Overview
U.S. independent refiner's Q3 revenue rose, beating analyst expectations
Adjusted net income for Q3 beat analyst expectations
Company raised quarterly dividend by 18% to $0.325 per share

Outlook
PBF expects 2026 capital expenditures of $825-$875 mln, excluding Martinez rebuild costs
Company expects Q4 2026 total throughput of 925,000-985,000 barrels per day
Renewable diesel production for Q4 2026 expected at 18,000-20,000 barrels per day

Result Drivers
REFINING FUNDAMENTALS - Co said refining fundamentals remained exceptionally strong during the quarter
COST IMPROVEMENTS - Co said its Refinery Business Improvement initiative generated cost improvements and is expected to further improve cost structure
MARTINEZ REFINERY - Martinez refinery returned to full operations in May 2026, with fire-related restoration costs largely covered by insurance

Company press release: ID:nPn8gKJ5Va

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$12.13 bln
$10.50 bln (10 Analysts)
Q3 Adjusted Net Income
Beat
$1.57 bln
$1.28 bln (8 Analysts)
Q3 Net Income
 
$1.54 bln
 
Q3 Dividend
 
$0.33
 
Q3 Operating Income
 
$2.10 bln
 
Q3 Pretax Profit
 
$2.05 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 10 "hold" and 5 "sell" or "strong sell"
The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."
Wall Street's median 12-month price target for PBF Energy Inc. is $76.00, about 3.7% above its October 28 closing price of $73.28
The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 6 three months ago

Reuters Recommended Reads
Oct 28 - Phillips 66 posts record quarterly profit on refining strength
Oct 28 - HF Sinclair posts record quarterly profit on refining boom, appoints new CEO
Oct 29 - Shell and Total post highest quarterly profit since 2022

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)