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January 31, 2013
18:38 EDTPBFPBF Energy comments on Toledo refinery operations
PBF Energy reported that its Toledo refinery experienced a drop in steam pressure last night, which was followed by a brief fire beginning at 11:50pm ET within the Fluid Catalytic Cracking, or FCC, complex. Emergency response personnel extinguished the fire in approximately 25 minutes and there were no injuries or known offsite impacts. Appropriate government agencies have been contacted and a full investigation into the cause of the incident is underway. Regarding operations, the FCC was the only unit involved and it has been temporarily shut down. The refinery's other processing units are currently running at reduced rates or on standby. The company expects that it will take several weeks for the refinery to return to planned operations.
News For PBF From The Last 14 Days
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October 12, 2015
10:00 EDTPBFOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Bloomin' Brands (BLMN) upgraded to Strong Buy from Buy at CL King... Blue Buffalo Pet Products (BUFF) upgraded to Overweight at Morgan Stanley... Brandywine Realty (BDN) upgraded to Outperform from Neutral at Credit Suisse... CONMED (CNMD) upgraded to Buy from Neutral at Ladenburg... CVR Refining (CVRR) upgraded to Overweight from Equal Weight at Barclays... Charles River (CRL) upgraded to Market Perform from Underperform at Wells Fargo... Citizens Financial (CFG) upgraded to Buy from Neutral at Citi... Eni SpA (E) upgraded to Neutral from Reduce at Nomura... Entravision (EVC) upgraded to Outperform from Neutral at Wedbush... Exxon Mobil (XOM) upgraded to Equal Weight from Underweight at Barclays... Federated National (FNHC) upgraded to Buy from Neutral at Janney Capital... Goldman Sachs (GS) upgraded to Buy from Hold at Sandler O'Neill... Harris (HRS) upgraded to Overweight from Neutral at JPMorgan... Impala Platinum (IMPUY) upgraded to Outperform from Underperform at RBC Capital... MGIC Investment (MTG) upgraded to Outperform from Market Perform at Keefe Bruyette... Melco Crown (MPEL) upgraded to Outperform from Neutral at Credit Suisse... NetApp (NTAP) upgraded to Outperform from Neutral at Baird... Northrop Grumman (NOC) upgraded to Neutral from Underweight at JPMorgan... PBF Energy (PBF) upgraded to Equal Weight from Underweight at Barclays... PPG Industries (PPG) upgraded to Buy from Neutral at Goldman... RWE AG (RWEOY) upgraded to Buy from Hold at Societe Generale... Raytheon (RTN) upgraded to Overweight from Neutral at JPMorgan... The Advisory Board (ABCO) upgraded to Outperform from Market Perform at FBR Capital.
05:42 EDTPBFPBF Energy upgraded to Equal Weight from Underweight at Barclays
Barclays analyst Paul Cheng upgraded PBF Energy to Equal Weight amid a rating reshuffling in the Refiners space ahead of the Q3 earnings season. The analyst raised his price target for shares to $38 from $32.
October 6, 2015
18:18 EDTPBFPBF Energy 10M share Secondary priced at $31.00
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10:23 EDTPBFHigh option volume stocks
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October 5, 2015
16:21 EDTPBFPBF Energy files to sell 10M shares of Class A common stock
Morgan Stanley and Credit Suisse Securities are acting as the co-lead managers for the offering.
16:18 EDTPBFPBF Energy sees Q3 net income $135M-$155M, excluding LCM
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October 1, 2015
12:16 EDTPBFOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as investors remain cautious following last quarter's rout. The Dow, Nasdaq and S&P 500 each lost 7% or more in the third quarter and yesterday's end-of-quarter rally is turning out to be very short-lived as investors brace for tomorrow's nonfarm jobs report and the Federal Reserve rate setting meeting that comes late this month. ECONOMIC EVENTS: In the U.S., Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0 that was flat from August. ISM's manufacturing index fell to 50.2 in September, however, versus expectations for a reading of 50.6. Construction spending grew 0.7% in August, versus the consensus expectation for a rise of 0.5% for the month. Initial jobless claims rose to 277,000 in the week of September 26, versus expectations for 271,000 first-time claims. In Asia, Chinese markets were closed for holidays, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading. The final Caixin/Markit PMI, meanwhile, fell to a fresh six-and-a-half-year low of 47.2 in September, though that was slightly improved an earlier flash estimate of 47. In Japan, the Bank of Japan's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, consistent with the flash figure and down from August's final 52.3 reading. COMPANY NEWS: Shares of General Motors (GM) rose fractionally near midday after the company reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Fiat Chrysler (FCAU), which reported U.S. sales increased 14% last month, and Ford (F), which said its U.S. sales rose 23% in September, both saw their shares slip fractionally near noon. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 19% after the company released additional data from its Phase IIb program of eteplirsen in patients with Duchenne muscular dystrophy. Also higher was PBF Energy (PBF), which gained 10% after agreeing to purchase the 155,000 barrel-per-day Torrance refinery, and related logistics assets, from ExxonMobil (XOM). Among the noteworthy losers was Crocs (CROX), which dropped 14% after Piper Jaffray analyst Erinn Murphy downgraded the stock to Neutral, saying adverse currency moves and China weakness could cause sales to miss expectations in Q3. Also lower were shares of Dunkin' Brands (DNKN), which fell 10% after the company projected third quarter U.S. same-store sales that fell below the prior year period and said it would close 100 stores in the U.S. in 2015 and 2016. INDEXES: Near midday, the Dow was down 195.02, or 1.2%, to 16,089.68, the Nasdaq was down 55.92, or 1.21%, to 4,564.24, and the S&P 500 was down 17.57, or 0.92%, to 1,902.46.
07:07 EDTPBFPBF Energy to host conference call
Conference call to discuss agreement to acquire Torrance refinery will be held on October 1 at 8:30 am. Webcast Link
September 30, 2015
19:12 EDTPBFOn The Fly: After Hours Movers
UP AFTER EARNINGS: 8Point3 Energy (CAFD), up 3.2%. ALSO HIGHER: PBF Energy (PBF), up 4.3% after announcing that it will acquire a Torrance, CA refinery from ExxonMobil (XOM)... Verisk Analytics (VRSK), up 5.2% after being added to the S&P 500. LOWER: Medgenics (MDGN), down 11.1% after filing to sell common stock... Concho Resources (CXO), down 4.4% after filing to sell 7M shares of common stock... Joy Global (JOY), down 2.2% after Verisk Analytics replaced the company in the S&P 500... Amicus Therapeutics (FOLD), down 1.7% after filing to sell 5.92M shares of common stock for holders.
16:22 EDTPBFPBF Energy makes certain management changes
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16:21 EDTPBFPBF Energy to buy Torrance refinery, related logistics assets
PBF Energy announced that its subsidiary has signed a definitive agreement to purchase the 155,000 barrel-per-day Torrance refinery, and related logistics assets, from ExxonMobil. With the acquisition, PBF will increase its total throughput capacity to approximately 900,000 barrels per day. The purchase price for the assets is $537.5M, plus working capital to be valued at closing. PBF expects to finance the transaction with a combination of cash, debt and equity. The transaction is expected to be immediately accretive to earnings. The Torrance transaction is expected to close in the second quarter of 2016, subject to customary closing conditions and regulatory approvals. The refinery will be restored to full working order prior to close. The Torrance refinery, located on 750 acres in Torrance, California, is a high-conversion 155,000 barrel per day, delayed-coking refinery with a Nelson Complexity Index of 14.9. The facility is strategically positioned in Southern California with advantaged logistics connectivity that offers flexible raw material sourcing and product distribution opportunities primarily to the California, Las Vegas and Phoenix area markets. In addition to refining assets, the transaction includes a number of high-quality logistics assets including a sophisticated network of crude and products pipelines, product distribution terminals and refinery crude and product storage facilities. The most significant of the logistics assets is a 171-mile crude gathering and transportation system which delivers San Joaquin Valley crude oil directly from the field to the refinery. Additionally, included in the transaction are several pipelines which provide access to sources of crude oil including the Ports of Long Beach and Los Angeles, as well as clean product outlets with a direct pipeline supplying jet fuel to the Los Angeles airport. The refinery also has crude and product storage facilities with approximately 8.6 million barrels of shell capacity.
16:19 EDTPBFExxon Mobil to sell Torrance refinery to PBF Energy
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16:18 EDTPBFPBF Energy to buy Torrance refinery, related logistics assets
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