PBF Energy (PBF) Double Upgraded to ‘Overweight’

PBF Energy Inc. (NYSE:PBF) is included among the 10 High Yield Crude Oil Stocks to Buy After Trump’s Blitz in Venezuela.

PBF Energy (PBF) Double Upgraded to 'Overweight'

PBF Energy Inc. (NYSE:PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States.

PBF Energy Inc. (NYSE:PBF) received a boost on January 8 when Piper Sandler double upgraded the stock from Underweight to Overweight. However, the analyst also reduced its price target on the stock from $42 to $40, still indicating an upside potential of 22% from the current share price. The revision comes as Piper Sandler expects West Coast balances to tighten materially this year.

PBF Energy Inc. (NYSE:PBF) disclosed on January 5 that it now expects the rebuild activities at its Martinez refinery to progress into February. The 157,000 bpd refinery was damaged by a fire in February 2025 and has been operating at partial capacity since early in the second quarter of 2025. Despite the delay, Piper Sandler believes that the petroleum refiner remains among the most levered to PADD 5.

Moreover, the analyst highlighted that while PBF Energy Inc. (NYSE:PBF)’s organic cash flow generation falls behind its peers, the insurance proceeds from the fire incident will help support its balance sheet and may even offer the potential of shareholder returns if margins rise. PBF is the only US refiner trading well below its recent highs, and at around 4X EV/EBITDA, the analyst thinks that the stock remains inexpensive.

PBF Energy Inc. (NYSE:PBF) stands to benefit from the US blitz in Venezuela as it already buys the country’s crude from Chevron and could potentially take more, as it is well-suited to its refining operations. The potential of large amounts of cheaper Venezuelan oil entering the country would also reduce the prices that US buyers pay to Canadian producers and help increase their margins.

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