PBF Energy (PBF) Surges 6% on Higher Oil Prices

PBF Energy Inc. (NYSE:PBF) is one of the 10 Stocks Boast Whopping Gains Amid Market Downturn.

PBF Energy rallied for a third day on Tuesday, adding 6.6 percent to close at $24.39 apiece as investors loaded up positions following the surge in oil prices.

As of writing, Brent crude prices have gone up by 4.4 percent, while WTI crude oil prices are up by 0.77 percent.

PBF Energy Inc. (NYSE:PBF), a petroleum refining and logistics company, rallied alongside its counterparts amid the ongoing tensions between Israel and Iran, putting pressure on oil prices.

In recent news, 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.

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.

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