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 (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...
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