PBF Energy Raises Quarterly Dividend 18.2% to $0.325

PBF Energy Inc. raised its quarterly cash dividend to $0.325 a share from $0.275, an increase of 18.2%. The stock will trade ex-dividend on November 12, 2026, and the payment is scheduled for November 24, 2026.

Why the dividend changed

PBF did not attribute the increase to a single financial target. The announcement instead paired the higher payment with stronger refining results, a restored balance sheet and management’s continued focus on disciplined capital allocation. Third-quarter income from operations was $2,100.9 million, while net income attributable to PBF was $1,529.3 million. Chief Executive Matt Lucey said the company was investing in its assets and strengthening the balance sheet while refining fundamentals remained strong. PBF’s third-quarter release provides the operational and capital-allocation context.

Balance-sheet repair was central to that decision. PBF reduced net debt by more than $1.2 billion during the third quarter and ended the period with about $2.5 billion of cash, $2.1 billion of total debt and $426 million of net cash. It also refinanced higher-cost obligations and, after the quarter ended, repaid the remaining $800 million of its 9.875% senior notes due in 2030. The company said these transactions reduced its cost of capital and cash interest burden. The third-quarter results detail those actions.

Operating conditions also improved after the Martinez refinery returned to full service in May 2026 following a fire and extended outage. PBF previously said the restart helped lift throughput, while favorable refining margins and crude-oil differentials supported results. Insurers have paid $1.25 billion related to the Martinez claim, and PBF expects to complete the claims process before year-end 2026. PBF’s second-quarter results and its third-quarter update describe the restart and insurance recoveries.

The increase was an ordinary quarterly dividend action. No stock split, merger or spin-off explains the change.

Dividend track record

The latest increase follows eight consecutive quarterly payments of $0.275, beginning with the November 13, 2024, ex-dividend date and continuing through August 14, 2026. That steady period indicates the board held the payment flat while PBF restored Martinez, absorbed maintenance demands and reduced debt.

Annual payments have recovered unevenly. PBF paid $0.30 across one payment in 2020 and $0.20 across one payment in 2022. The total then rose 325.0% to $0.85 in 2023, increased 20.6% to $1.03 in 2024 and climbed 7.3% to $1.10 in 2025. The sequence shows a restoration of regular quarterly distributions rather than an uninterrupted long-term growth record.

PBF has three consecutive years of dividend growth, but its last annual cut occurred in 2023. The short growth streak and prior interruption matter because refining cash flows remain exposed to commodity margins, maintenance cycles and unplanned outages.

Is the dividend covered?

The dividend consumes 10% of earnings, indicating substantial coverage from reported profit. That low payout ratio leaves room for operating volatility, capital spending and debt service before the common dividend would absorb most earnings.

SmarterDividends rates the dividend C, with a safety score of 63. The grade falls in the borderline range of 50-65. In plain terms, current earnings coverage is wide, but the overall safety assessment stops short of a strong rating because the payment is supported by a cyclical refining business with material maintenance and capital requirements.

Yield and valuation

PBF’s forward yield is 1.50%, below the Energy sector median of 3.94%. At a share price of $75.54, the dividend provides less current income than the typical sector payout. The shares have recorded a 120.9% gain over one year, a move that has also compressed the yield available at the current price.

The annual dividend per share is $1.10, equivalent to $110.00 of annual income for 100 shares. PBF’s market value is $9.0 billion.

SmarterDividends estimates fair value at $169.66 and classifies the shares as undervalued, representing 123% upside to that estimate. That valuation is a model output, not a forecast of the share price or a measure of dividend safety.

What to watch

The first dividend checkpoint is the November 12, 2026, ex-dividend date, followed by payment on November 24, 2026. Operationally, investors can monitor whether PBF completes the Martinez insurance-claim process before year-end 2026 and whether the refinery continues to operate reliably after its restart.

PBF expects fourth-quarter refinery throughput of 925,000 to 985,000 barrels a day. It maintained 2026 capital-spending guidance of $825 million to $875 million, excluding the Martinez rebuild, and moved planned Chalmette and Toledo turnarounds into 2027. Those deferred maintenance projects, future refining margins and continued balance-sheet allocation will provide the next evidence on the cash demands surrounding the dividend. PBF’s latest guidance sets out those items.