PBF Energy (PBF) Jumps 15.67%, Nears 52-Week High Ahead of Earnings

We recently published Why These 10 Stocks are Soaring by Double Digits. PBF Energy Inc. (NYSE:PBF) is one of the best performers on Thursday.

PBF Energy soared by 15.67 percent on Thursday to close at $34.10 apiece, just a few cents shy of its 52-week high, as investors repositioned portfolios ahead of the release of its earnings performance for the third quarter of the year.

Next Thursday, October 30, PBF Energy Inc. (NYSE:PBF) is set to release its financial and operating highlights, alongside a conference call to elaborate on the results.

PBF Energy (PBF) Jumps 15.67%, Nears 52-Week High Ahead of Earnings

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As one of the largest independent oil refiners in North America, the rally reflected strong optimism among investors as it stands to indirectly benefit from the growing energy demand in the US, thanks to the billion-dollar investments in power-hungry artificial intelligence data centers.

Earlier this year, PBF Energy Inc. (NYSE:PBF) said it targets to record between 865,000 and 915,000 barrels per day of total throughput for the third quarter period.

Meanwhile, it is looking to book more than $200 million in annualized, run-rate sustainable cost savings by year-end, and ramp up the number to $350 million by the end of 2026.

While we acknowledge the risk and potential of PBF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PBF and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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