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Tag: PBF Energy

  • PBF Energy Inc. (PBF) Stock Undergoes Minor Volatility Following BAAQMD Emissions Ruling

    PBF Energy Inc. (PBF) stock prices were up 8.17% as of the market close on July 21st, 2021, bringing the price per share up to USD$10.46 at the end of the trading day. Subsequent premarket fluctuations saw the stock fall by 2.87%, bringing it down to USD$10.16.

    BAAQMD’s Decision

    July 21st, 2021 saw the company address the BAAQMD Board’s decision to adopt Proposed Amended Rule 6-5, in regard to particulate emission in the Bay Area resulting from refinery Fluid Catalytic Cracking units. The company has been collaborating closely with Bay Area Air Quality Management District staff throughout the rule-making process, which will require refineries to meet a specific emission standard by 2026. Fortunately, this will not require the installation of a wet gas scrubber or other potentially costly technology.

    Implementing Change

    In line with this, the company plans to continue with the implementation of previously planned projects over the upcoming months, which will see the Martinez refinery undergo a drastic reduction in emissions. The company expects to close the gap between existing emissions and target emissions by the first quarter of 2022. PBF is keen to continue partnering with the BAAQMD to facilitate efficient improvements in air quality while ensuring the continued provision of the company’s vital products to one of the largest fuel markets in the world.

    Healthy Financials

    The company exhibited improvements in financial reports for the first quarter of 2021, as compared to the prior quarter. March 2021 indicated a significant increase from January, reflecting favorable market conditions as the ongoing push for universal immunizations resulted in a normalizing and resurgence of demand. Despite this increase, however, the independent refining sector is at the mercy of rising compliance costs under the RFS program.

    Solid Liquidity Position

    As the devastating effects of the pandemic played out following its onset, PBF took measures to protect its balance sheet in the face of economic uncertainty. The company reported having a solid liquidity position of USD$2.3 billion as of March 31st, 2021, of which USD$1.5 billion consisted of cash and funds available via an asset-based lending facility. Furthermore, PBF Logistics LP liquidity included USD$44 million in cash and roughly USD$311 million as a part of a revolving credit facility.

    Future Outlook for PBF

    Armed with a solid liquidity position that will help the company execute their strategy over the next couple months until the economy fully returns to pre-pandemic levels, PBF is poised to capitalize on its opportunities for success. Current and potential investors are hopeful that management will leverage the resources at their disposal to usher in significant and sustained increases in shareholder value.

  • 15 Key Players from OIL Sector

    15 Key Players from OIL Sector

    For the first time since March, Brent crude topped $50 a barrel last week, a landmark for an oil market that has been working its way back out of a severe recession for months.

    Things are not quite back to usual, but there are gaining traction optimistic signs. The immense fuel surplus that accrued on anything from tiny barges to gigantic supertankers is continuously being drained.

    While the coronavirus pandemic is stronger than ever in the U.S., as the second round of lockdowns eases, demand in Europe is roaring back, and Asia continues to take in big volumes of oil.

    Cabot Oil & Gas Corporation (NYSE:COG) shares were trading down -3.68% at $17.00 at the time of writing on Friday.

    Cabot Oil & Gas Corporation (NYSE:COG) share price went from a low point around $13.06 to briefly over $22.67 in past 52 weeks, though shares have since pulled back to $17.00. COG market cap has remained high, hitting $7.03B at the time of writing, giving it price-to-sales ratio of more than 4.

    If we look at the recent analyst rating COG, Siebert Williams Shank upgraded coverage on COG shares with a Buy rating and a $22.16 price target, which implies room for 5.16% upside momentum this year.

    Tellurian Inc. (TELL) last closed at $1.30, in a 52-week range of $0.67 to $8.69. The company on November 30, 2020 announced the appointments of Octávio Simões as President and Chief Executive Officer (CEO), and Jonathan Gross and Jean Abiteboul as new independent Board members.

    Cenovus Energy Inc. (CVE) stock soar by 0.16% to $6.21. On December 2, 2020, the company and Headwater Exploration Inc. (TSX:HWX) declared the closing of the acquisition by Headwater of Cenovus’s assets in the Marten Hills area of Alberta. The most recent rating by Morgan Stanley, on December 11, 2020, is at an Equal-weight.

    Suncor Energy Inc. (NYSE:SU) Shares headed falling, lower as much as -1.01%. The firm on December 1, 2020 released its 2021 corporate guidance. The most recent rating by CIBC, on October 26, 2020, is at a Sector outperform.

    PBF Energy Inc. (NYSE:PBF) fall -7.36% after losing more than -$0.65 on Friday.

    Devon Energy Corporation (DVN) last closed at $16.16, in a 52-week range of $4.60 to $26.42. On December 2, 2020, Devon Energy revealed that its board of directors has declared a quarterly cash dividend on Devon’s common stock for the first quarter of 2021. Analysts have a consensus price target of $17.07.

    Plains All American Pipeline L.P. (PAA) stock drop by -1.13% to $8.76. Plains All American Pipeline L.P. (PAA) and Plains GP Holdings reported on December 2, 2020, transfer of stock exchange listings to Nasdaq. The most recent rating by Morgan Stanley, on September 25, 2020, is at an Overweight.

    Baker Hughes Company (NYSE:BKR) Shares headed falling, lower as much as -1.95%. On December 8. 2020, Aramco and Baker Hughes announced the commencement of construction on non-metallics joint venture in Saudi Arabia. The most recent rating by HSBC Securities, on December 10, 2020, is at a Hold.

    EnLink Midstream LLC (NYSE:ENLC) fall -6.50% after losing more than -$0.26 on Friday.

    Antero Midstream Corporation (AM) last closed at $8.42, in a 52-week range of $1.69 to $8.43. Analysts have a consensus price target of $6.45.

    TechnipFMC plc (FTI) stock drop by -3.59% to $9.67. The most recent rating by HSBC Securities, on December 10, 2020, is at a Hold.

    Amplify Energy Corp. (NYSE:AMPY) Shares headed falling, lower as much as -20.67% after declaration of pricing of secondary public offering of common stock for selling stockholders. The most recent rating by ROTH Capital, on November 22, 2019, is at a Buy.

    National Oilwell Varco Inc. (NYSE:NOV) fall -2.32% after losing more than -$0.34 on Friday.

    Equinor ASA (EQNR) last closed at $16.87, in a 52-week range of $8.41 to $21.04. On behalf of Equinor, DNB has on 10 December 2020 purchased 734,253 shares for use in the group’s Share saving plan. Analysts have a consensus price target of $19.26.

    Ovintiv Inc. (OVV) stock soar by 0.92% to $15.38. The firm on November 19, 2020, declared that Meg A. Gentle has been named as an independent member of its board of directors, effective December 16, 2020. The most recent rating by CIBC, on October 26, 2020, is at a Sector underperform.