Why These 10 Firms Soared on Monday

5. PBF Energy Inc. (NYSE:PBF)

PBF Energy, an oil refining company, saw its share prices rally by 5.19 percent on Monday to end at $18.44 apiece as investors cheered the company’s cost-saving measures to achieve profitability.

In its latest earnings release, PBF Energy Inc. (NYSE:PBF) said it expects to save more than $200 million of annualized, run-rate sustainable cost savings by year-end 2025.

“Since then, we have generated over 500 cost savings ideas through more than 40 idea generation sessions. Our teams are building out these ideas with actionable, quantifiable, and measurable plans,” the company said.

As a result of the ongoing measures, PBF Energy Inc. (NYSE:PBF) is now programming between $750 million and $775 million in capital expenditures. The amount excludes the costs to restore the fire damage to the Martinez Refinery last February.

In the first quarter of the year, PBF Energy Inc. (NYSE:PBF) swung to an attributable net loss of $401.8 million from a net income of $106.6 million in the same period last year. Revenues declined by 18 percent to $7.07 billion from $8.64 billion year-on-year.