PBF Energy: Initiation Of Coverage – What Is The Management’s Strategy to Fortify the Balance Sheet? 

PBF Energy Inc, during its 2023 4th quarter’s earnings, executed a successful financial year, marked as the second-best in its history. It pointed to significant equity value enhancement achieved by reducing the debt by over $700 million. About $640 million was also returned directly to shareholders via dividends and share buybacks. The company managed to buy $150 million of shares in the last quarter, and the Board of Directors approved an additional $750 million for the share repurchase authorization. This potentially leaves the program with just over $1 billion of remaining capacity.