5 Best Performing Energy Stocks in 2022

3. PBF Energy Inc. (NYSE:PBF)

Number of Hedge Fund Holders: 32

YTD Share Price Gain as of December 27: 194.15%

PBF Energy Inc. (NYSE:PBF) is a New Jersey-based company engaged in refining and supplying petroleum products. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, asphalt, petrochemical feedstocks, blending components, and other petroleum products. PBF Energy Inc. (NYSE:PBF) shares have climbed over 194% year-to-date as of December 27, making it one of the best performing stocks in 2022. 

On December 12, PBF Energy Inc. (NYSE:PBF) announced that its board authorized the repurchase of up to $500 million of its class A stock, which sent its shares 7.3% higher. 

​​Piper Sandler analyst Ryan Todd on November 9 raised the price target on PBF Energy Inc. (NYSE:PBF) to $69 from $53 and maintained an Overweight rating on the shares. Despite investor concerns of a “one off” boom in refining margins during 2022, recent earnings results from the independent refiners and “persistent systemic tightness have made it abundantly clear that global tightness in refined product markets is likely to persist for quite some time,” the analyst wrote in a research note. He lifted his 2023 outlook for refining margins to within 10% of 2022 margins.

According to Insider Monkey’s Q3 data, 32 hedge funds were long PBF Energy Inc. (NYSE:PBF), compared to 31 funds in the prior quarter. Israel Englander’s Millennium Management is the biggest position holder in the company, with 2.3 million shares worth $82.3 million.