Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Good Or Bad, PBF Energy Won't Be Boring

At what point to a company's misses say more about the characteristics of an industry and those analysts who cover it rather than the company itself? I ask that question at the beginning, as it seems to really apply to PBF Energy (NYSE:PBF). PBF has a lot of things that ought to work in its favor, including good exposure to differentials in Bakken and Western Canadian crude, relatively complex refineries in the East, and value-adding rail logistics assets. Yet, PBF Energy has been scolded repeatedly by analysts for missing their estimates, with each of the company's three reported quarters to date for 2013 coming in below expectations.

I think the reality is that the refinery industry is a...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details