Goldman Sachs Raises PBF Energy Price Target to $81.00 Amid Refining Boom

The Goldman Sachs Group has raised its price target for PBF Energy (NYSE:PBF) to $81.00, up from $71.00. This increase suggests a potential upside of 7.94% from the stock's current price of $75.04.

This move is part of a larger trend in the oil and gas sector, where refiners are benefiting from oil volatility and tight fuel supply. PBF Energy has been on a strong run recently, with its second-quarter earnings beating expectations at $6.22 per share, compared to a consensus estimate of $4.15.

The company's recent quarterly results and refinery restart have contributed to its positive sentiment. Additionally, elevated gasoline prices and tight fuel markets could support stronger refining margins for independent refiners like PBF Energy.