Long Position on PBF @ $43.00 on 1/24/2023 (Momentum)

PBF Energy Inc. (PBF) engages in refining and supplying petroleum products.  Stockwinners

The company operates in two segments, Refining and Logistics. 
It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products. 
The company sells its products in Northeast, Midwest, Gulf Coast, and West Coast of the United States, as well as in other regions of the United States, Canada, and Mexico. 
It also offers various rail, truck, and marine terminaling services, as well as pipeline transportation and storage services. 
As of December 31, 2021, the company owned and operated six oil refineries and related assets. 
Shares have formed a bullish "double bottom" ahead of company's report on February 16th. On October 27th, PBF reported 3rd Quarter September 2022 earnings of $7.96 per share on revenue of $12.8 billion. The consensus earnings estimate was $6.03 per share on revenue of $10.3 billion. We expect another strong report from the firm along with higher share prices.
  • Entry Point: $43.00
  • Stop Loss: $40.75
  • Trading Range: $14.75 to $49.00
  • Target Price: $48.00

Updates

2/1/2023 3:01:51 PM

Closed at $40.70

Position closed on 2/1/2023 at price of $40.70 with a -5.35% loss in 8 days.

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