PBF Energy (PBF) Loses 6.8% as Oil Prices Nosedive
PBF Energy Inc. (NYSE:PBF) is one of the 10 Stocks Investors Are Dumping Right Now.
PBF Energy dropped for a second day on Wednesday, shedding 6.82 percent to finish at $43.03 apiece as investors unloaded portfolios after oil prices plunged by double digits early in the day.
In intra-day trading, crude oil prices fell by 15 percent after President Donald Trump’s announcement that the US and Iran have agreed to a two-week conditional ceasefire, if the latter reopens the Strait of Hormuz.
Photo from PBF Energy LinkedIn
The Strait is a critical waterway passage where 20 percent of global crude oil demand passes through. Since the start of the war, it was ordered shut under Iranian control, sending prices of global crude oil soaring, as shipping giants looked for alternative paths to transport oil.
PBF Energy Inc. (NYSE:PBF) fell alongside its counterparts, namely Crescent Energy, Venture Global, and Sasol Ltd., among others, having benefited for weeks from the surging crude oil prices, which typically benefit oil companies through higher profit margins.
Founded in 2008, PBF Energy Inc. (NYSE:PBF) is a US-based major independent petroleum refiner with refineries located in Delaware, Ohio, New Jersey, California, and Louisiana.
In a notice to its investors, PBF Energy Inc. (NYSE:PBF) said that it would announce the results of its earnings performance for the first quarter of the year before market open on Thursday, April 30.
For the period, the company expects to register a throughput range of 810,000 to 870,000 barrels per day.
While we acknowledge the potential of PBF as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.
Disclosure: None. Follow Insider Monkey on Google News.