PBF Energy Inc. (NYSE:PBF) saw a 13.85% increase in share prices on Thursday, closing at $32.15 after an investment firm turned bullish on the company. Piper Sandler upgraded PBF Energy to “overweight” with a revised price target of $40, indicating a 24% potential upside from its latest closing price.

Piper Sandler projects an optimistic outlook for the refining market in 2026, expecting tighter supply and demand dynamics and other crude-related tailwinds to drive growth. PBF Energy targets a throughput production of 885,000 to 945,000 barrels per day across its operations, benefiting from increased imports from Venezuela.

The US government’s seizure of up to 50 million barrels of sanctioned oil from Venezuela following the arrest of Nicolas Maduro could benefit PBF Energy. The company is well-positioned in the West Coast with a significant exposure to the crude oil environment, making it a promising investment.

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Read more at Yahoo Finance: PBF Energy (PBF) Climbs 13.8% as Venezuela Oil Seizure Sparks Rosy Prospects