PBF Energy jumps as refining-margin tailwinds and Martinez restart progress come back into focus

PBF Energy Inc. (PBF) is up 6.1% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied to a broader upswing in refiner sentiment as market indicators for gasoline/diesel margins improved, which can quickly lift earnings expectations for high-beta refiners like PBF. Investors may also be reacting to renewed confidence that the Martinez refinery rebuild/restart is advancing toward targeted operating rates, reducing a major operational overhang.

Details:

PBF previously communicated that rebuild work at its Martinez, California refinery was expected to wrap up in mid-February 2026, followed by a sequenced restart progressing into early March.

PBF’s 2026 outlook included planned turnaround activity across its system, helping the market frame near-term utilization and cash-flow expectations.

Refining economics improved as crack-spread indicators strengthened during March, which typically supports higher near-term profitability for independent refiners.

Brent–WTI spread data showed notable fluctuations in early March, a setup that can be supportive for certain U.S. refining and export dynamics.

Sources:

PBF Energy Investor Relations, Oil & Gas Journal, RBN Energy, YCharts

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$PBF Insider Trading Activity

$PBF insiders have traded $PBF stock on the open market 45 times in the past 6 months. Of those trades, 0 have been purchases and 45 have been sales.

Here’s a breakdown of recent trading of $PBF stock by insiders over the last 6 months:

EMPRESARIAL DE CAPITALES S.A. DE C.V. CONTROL has made 0 purchases and 32 sales selling 5,243,500 shares for an estimated $201,112,305.
THOMAS J. NIMBLEY has made 0 purchases and 2 sales selling 450,000 shares for an estimated $16,642,680.
CONNOR THOMAS L O (Senior Vice President) has made 0 purchases and 5 sales selling 135,997 shares for an estimated $5,121,130.
PAUL T DAVIS (Senior Vice President) has made 0 purchases and 2 sales selling 100,000 shares for an estimated $4,139,750.
TRECIA M CANTY (SVP and General Counsel) has made 0 purchases and 2 sales selling 100,000 shares for an estimated $3,528,690.
STEVEN JOHN ANDRIOLA (Controller & CAO) has made 0 purchases and 2 sales selling 3,627 shares for an estimated $103,582.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$PBF Hedge Fund Activity

We have seen 175 institutional investors add shares of $PBF stock to their portfolio, and 198 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 4,729,280 shares (-74.9%) from their portfolio in Q4 2025, for an estimated $128,258,073
GOLDMAN SACHS GROUP INC added 3,590,820 shares (+131.2%) to their portfolio in Q4 2025, for an estimated $97,383,038
JANE STREET GROUP, LLC added 1,253,416 shares (+675.8%) to their portfolio in Q4 2025, for an estimated $33,992,641
TWO SIGMA INVESTMENTS, LP added 1,204,954 shares (+146.0%) to their portfolio in Q4 2025, for an estimated $32,678,352
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 872,532 shares (+72.0%) to their portfolio in Q4 2025, for an estimated $23,663,067
CITADEL ADVISORS LLC added 800,048 shares (+147.8%) to their portfolio in Q4 2025, for an estimated $21,697,301
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 749,650 shares (-78.2%) from their portfolio in Q4 2025, for an estimated $20,330,508

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$PBF Analyst Ratings

Wall Street analysts have issued reports on $PBF in the last several months. We have seen 1 firms issue buy ratings on the stock, and 2 firms issue sell ratings.

Here are some recent analyst ratings:

Piper Sandler issued a "Underweight" rating on 11/14/2025
UBS issued a "Buy" rating on 11/03/2025
TD Cowen issued a "Sell" rating on 10/31/2025

To track analyst ratings and price targets for $PBF, check out Quiver Quantitative's $PBF forecast page.

$PBF Price Targets

Multiple analysts have issued price targets for $PBF recently. We have seen 9 analysts offer price targets for $PBF in the last 6 months, with a median target of $36.0.

Here are some recent targets:

Nitin Kumar from Mizuho set a target price of $45.0 on 03/17/2026
Neil Mehta from Goldman Sachs set a target price of $41.0 on 03/12/2026
Ryan Todd from Piper Sandler set a target price of $42.0 on 02/13/2026
Vikram Bagri from Citigroup set a target price of $36.0 on 01/14/2026
Doug Leggate from Wolfe Research set a target price of $23.0 on 12/08/2025
Manav Gupta from UBS set a target price of $42.0 on 11/03/2025
Jason Gabelman from TD Cowen set a target price of $25.0 on 10/31/2025

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.