PBF Energy's Q3 EPS fell into negative territory due to lower operating margins and continued strength in RIN prices for the quarter. The earnings release had little impact on the company's share price, however, as investors looked forward to the impact that strengthening crack spreads and sharply lower RIN prices in October will have on earnings in Q4 and 2014. The company's shares are fairly valued at present based on its forward P/E ratio for next year, although they have the potential for downside due to the risks that rebounding margins are not sustained and/or RIN prices begin to increase again.
Independent refiner PBF Energy (NYSE:PBF) reported Q3 earnings that both turned sharply negative from the...
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