Why This Oil Stock Tanked 11% on Wednesday
Shares of PBF Energy (NYSE: PBF) slumped in trade today, closing July 14 down nearly 11%. An analyst downgrade is largely to blame.
The energy sector and oil stocks, in particular, have been red-hot this year thanks to surging crude oil prices. Not surprisingly, PBF shares more than doubled through the first six months of the year before cooling off this month despite oil prices staying firm. Its heavy debt load has been a lingering concern -- one that Wolfe Research believes could stymie the company's growth.
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Source Fool.com
