PBF Energy Inc. (PBF) is a stock, not an exchange-traded fund. The Parsippany, New Jersey-based company is one of the largest independent petroleum refiners in the United States, converting crude oil into gasoline, diesel, jet fuel and other products across refineries on the East Coast, Gulf Coast, Mid-Continent and West Coast. After a 2026 rally that more than tripled the shares, investors are asking whether the run can continue toward a $92 stock price target.
Because PBF's shares have climbed so fast, the overall average analyst price target — near $80 across the roughly 14 analysts tracked by S&P Global — now trails the market price. That is why the central target used here is calculated differently: it is the arithmetic mean of the five current, individually attributed analyst targets that remain above the stock's recent price.
Those five targets are: UBS at $99 (Buy), Citigroup at $91 (Neutral), Goldman Sachs at $91 (Hold), Mizuho Securities at $89 (Hold) and J.P. Morgan at $89 (Hold). Their average is about $91.80, rounded to a clean $92.
For context, the overall mean of all valid targets is roughly $80, and the full range is unusually wide — from a very low, older bearish target of $23 (Wolfe Research, December 2025) to a high of $99. Among recent, current targets, the range runs from $76 (Morgan Stanley, Underweight) to $99 (UBS). Most firms rate the stock Hold or Neutral, with UBS as the notable bull and Morgan Stanley carrying a Sell-style view.
The stock recently traded near $81, having pulled back from a 52-week high around $92.46 set in mid-October. Reaching $92 therefore requires a gain of roughly 14% from current levels — a modest but still meaningful move after a year-to-date advance of roughly 170% to 217%, depending on the reference date.
The path depends overwhelmingly on refining margins. PBF is among the "purest" refiners among large U.S. peers, with limited chemicals, retail or pipeline operations, which makes its earnings highly sensitive to crack spreads (the gap between crude costs and refined-product prices). In the second quarter, the company reported adjusted EPS (earnings per share) of $6.22 against a $4.12 consensus estimate, revenue of $11.68 billion that beat expectations by a wide margin, and GAAP net income of about $906 million, swinging from a loss a year earlier.
The clearest resistance level is the 52-week high of about $92.46, which sits just above the $92 central target. A move through that zone would put the target within reach. On the downside, support has formed near $80, an area that roughly coincides with the recent pullback low; a break below it could open a test of the prior breakout region near the mid-$70s. The stock trades well above its short- and long-term moving averages, reflecting strong but potentially stretched momentum.
Analyst price targets generally reflect a research horizon of about 12 months, though individual firms rarely state a uniform timeframe. The most immediate catalyst is PBF's third-quarter earnings report, scheduled for October 29, 2026, which will reveal whether the elevated margin environment held through the quarter. Investors should also watch the 3-2-1 crack spread, crude and product prices, geopolitical developments, the pace of debt reduction, and any further analyst target revisions, which have been rising quickly all year.
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Can PBF Energy stock reach $92? The question is credible but conditional. The $92 central target — the average of the five analyst targets above the current price — implies a gain of about 14% from near $81, and it sits just below the stock's own 52-week high. The bull case rests on durable refining-margin strength and a rapidly improving balance sheet; the bear case warns that today's profits reflect geopolitical disruption that could reverse. With the overall analyst average still below the share price and individual targets spanning $76 to $99, Wall Street is clearly divided. Whether $92 is reached will depend largely on whether refining margins hold through the third-quarter report and beyond.
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A.I.dvisor indicates that over the last year, PBF has been closely correlated with VLO. These tickers have moved in lockstep 79% of the time. This A.I.-generated data suggests there is a high statistical probability that if PBF jumps, then VLO could also see price increases.