PBF Energy (PBF) Climbs 13.8% as Venezuela Oil Seizure Sparks Rosy Prospects

We recently published Wall Street Can’t Keep up With These 10 Stocks on Fire. PBF Energy Inc. (NYSE:PBF) was one of the top performers on Thursday.

PBF Energy saw its share prices jump by 13.85 percent on Thursday to finish at $32.15 apiece after an investment firm turned bullish for the company, backed by  optimism that it would benefit from the US government’s seizure of up to 50 million barrels of sanctioned oil from Venezuela.

In a market report, Piper Sandler upgraded PBF Energy Inc. (NYSE:PBF) to “overweight” from “underweight” previously, but lowered its price target to $40 from $42. Still, the revised figure marked a 24 percent upside potential from its latest closing price.

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According to Piper Sandler, PBF Energy Inc. (NYSE:PBF) stands to benefit from the broader crude oil environment, and is very well positioned from increased imports from Venezuela amid its huge exposure in the West Coast.

It can be recalled that the US said it would seize up to 50 million barrels of sanctioned oil from Venezuela following the arrest of ousted president Nicolas Maduro and his wife for narco-trafficking charges.

In the broader front, Piper Sandler also posted an optimistic outlook for the overall refining market, believing the year 2026 to be better than last year on expectations of tighter supply and demand and other crude-related tailwinds.

For 2026, PBF Energy Inc. (NYSE:PBF) is targeting a throughput production between 885,000 and 945,000 barrels per day across its operations in the East Coast, West Coast, Mid-Continent, and Gulf Coast.

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Disclosure: None. This article is originally published at Insider Monkey.