PBF Energy Inc. (NYSE: NYSE:PBF), based in Parsippany, NJ, released its third-quarter financial results for 2023 on Thursday. The company's operational income saw a decrease from the corresponding period in 2022, falling to $1,077.1 million from $1,400.0 million. The net income for the quarter was reported at $794.1 million, a drop from Q3 2022's net income of $1,056.4 million.
The company also witnessed a decline in earnings per share, with Q3 2023 reporting $6.11 per share compared to $8.40 per share in Q3 2022. Despite these decreases, PBF Energy declared a raised quarterly dividend of $0.25 per share, marking a 25% increase and due to be paid on November 30, 2023.
In terms of debt management, PBF reduced its debt by approximately $170 million to a total debt of $1,243.0 million and repurchased about 14.3 million shares for roughly $590 million. The company's subsidiary, St. Bernard Renewables, reported profitability in its first full quarter of operations.
PBF Energy's revenues for Q3 2023 were reported at $10,733.5 million with costs and expenses at $8,720.3 million and operating expenses at $645.3 million excluding depreciation and amortization expense.
As of the end of the third quarter on September 30, 2023, PBF Energy's cash and cash equivalents were $1,892.5 million with total assets amounting to $14,692.8 million and total equity at $6,861.8 million.
The financial data provided by the company is derived from SEC filings courtesy of Edgar Online and quote data hosted by Barchart.com, in accordance with its terms, conditions, and disclaimer. Fundamental company data was furnished by Zacks Investment Research and Morningstar.
InvestingPro Insights
PBF Energy's financial results for Q3 2023 indicate a decrease in operational income and net income compared to the same period in 2022. Yet, the company's strong earnings, as indicated by InvestingPro, should allow management to continue dividend payments, as evidenced by the raised quarterly dividend announced.
InvestingPro's data highlights that PBF Energy has an adjusted market cap of $5910M USD, a low P/E ratio of 1.92, and a slightly higher adjusted P/E ratio of 2.63 as of Q2 2023. This aligns with the InvestingPro Tip that the company is trading at a low earnings multiple, suggesting that the stock may be undervalued.
Over the last six months, PBF Energy has seen a large price uptick, which is affirmed by the 44.69% 6-month price total return. This, combined with the fact that PBF Energy is a prominent player in the Oil, Gas, and consumable Fuels industry, could make it an attractive investment opportunity.
The InvestingPro product offers numerous additional tips and insights for investors, enabling them to make informed decisions. For instance, there are 14 additional InvestingPro Tips related to PBF Energy that could further guide investment strategies.
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