PBF Energy (PBF) surges by 6% against oil prices rise

PBF Energy Inc. (NYSE: PBF) is one of them Ten stocks are somehow making profit amid the market slump.

PBF Energy was promoted on the third day on Tuesday, closing 6.6% at $24.39 as investors loaded positions following a surge in oil prices.

At the time of writing, Brent’s crude oil prices have risen 4.4%, while WTI oil prices have risen 0.77%.

Oil refining and logistics company PBF Energy Inc. (NYSE: PBF) gathered together with its counterparts amid continuing tensions between Israel and Iran to put pressure on crude oil prices.

Aerial view of an oil refinery with smoke swirling from the chimney.

In recent news, PBF Energy Inc. (NYSE: PBF) said it expects to save sustainable cost savings of over $200 million annual occupancy by the end of the year.

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

In the first quarter of this year, PBF Energy Inc. (NYSE: PBF) was attributable to a net loss of $401.8 million from a net profit of $106.6 million over the same period last year. Revenue fell 18% from $8.64 billion year-on-year to $7.07 billion.

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Read next: Best AI stocks to buy now and According to the billionaire, 30 best stocks to buy now.

Disclosure: None. This article was originally published Insider Monkey.