NEW YORK (TheStreet) -- Shares of PBF Energy (PBF) closed up on Friday after the company reported stronger-than-anticipated revenue for the 2016 third quarter.

Before today's market open, the Parsippany, NJ-based petroleum refiner posted revenue of $4.51 billion, topping analysts' estimates of $4.08 billion.

PBF reported an adjusted net loss of 16 cents per diluted share, which was wider than the FactSet consensus for a loss of 3 cents per share.

Additionally, the company said it would pay a dividend of 30 cents per share on November 22 to shareholders of record as of November 8.

"It was a challenging refining environment in the third quarter, with the exception of the Gulf Coast, average benchmarks margins were down in every region and we experienced the added headwind of a 15% increase in the cost of compliance with the renewable fuels mandate," CEO Tom Nimbley said in a statement.

In the first three quarters of 2016, PBF spent $252.0 million to meet renewable fuel standards vs. the $171.6 million spent in the entirety of 2015, the company said in a conference call, Reuters reports.

The company plans to boost its product exports in coming months to cut its exposure to growing renewable standards costs in the U.S., Reuters notes.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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