Shares of PBF Energy Inc (NYSE: PBF) surged 5.55% on November 6, 2024, as investors welcomed the company's decision to raise its quarterly dividend despite reporting weaker-than-expected third-quarter earnings.
The refining company announced a 10% increase in its quarterly dividend to 27.5 cents per share, which will be paid on November 27, 2024, to shareholders of record as of November 13. This dividend hike appears to have overshadowed the company's disappointing Q3 2024 performance, which saw an adjusted loss of $1.50 per share, wider than the consensus estimate of $1.40 loss per share.
PBF Energy's Q3 2024 revenues of $8.38 billion also fell short of the prior year's $10.73 billion, as the company grappled with lower throughput volumes and a decline in refining margins. However, efforts to reduce costs and expenses partially offset the negative impact.
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