PBF Logistics LP (PBFX) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of PBF Logistics LP (NYSE:PBFX) from a strong sell rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “PBF Logistics LP engages in owning, leasing, operating, developing and acquiring crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBF Logistics LP is headquartered in Parsippany, New Jersey. “
A number of other equities research analysts have also issued reports on the company. BidaskClub raised PBF Logistics from a strong sell rating to a sell rating in a research report on Friday, November 3rd. UBS AG dropped their target price on PBF Logistics from $28.00 to $24.00 and set a buy rating on the stock in a research report on Tuesday, October 17th. Finally, Credit Suisse Group set a $24.00 target price on PBF Logistics and gave the company a hold rating in a research report on Saturday, August 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $24.00.
Shares of PBF Logistics (PBFX) traded down $0.45 during trading on Wednesday, reaching $19.50. The company had a trading volume of 63,200 shares, compared to its average volume of 95,208. PBF Logistics has a 1-year low of $17.45 and a 1-year high of $22.70. The firm has a market cap of $816.95, a price-to-earnings ratio of 8.71, a PEG ratio of 2.17 and a beta of 1.26. The company has a debt-to-equity ratio of 3.40, a quick ratio of 1.26 and a current ratio of 1.26.
PBF Logistics (NYSE:PBFX) last announced its earnings results on Thursday, November 2nd. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.05. PBF Logistics had a return on equity of 64.05% and a net margin of 38.76%. The business had revenue of $65.50 million for the quarter, compared to analyst estimates of $64.60 million. During the same quarter last year, the firm earned $0.50 EPS. PBF Logistics’s revenue for the quarter was up 35.2% compared to the same quarter last year. analysts anticipate that PBF Logistics will post 2.24 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 29th. Shareholders of record on Monday, November 13th will be given a dividend of $0.48 per share. This is a positive change from PBF Logistics’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Friday, November 10th. This represents a $1.92 annualized dividend and a dividend yield of 9.85%. PBF Logistics’s payout ratio is 83.93%.
Several large investors have recently bought and sold shares of PBFX. First Trust Advisors LP bought a new position in shares of PBF Logistics during the 2nd quarter worth approximately $7,985,000. State of New Jersey Common Pension Fund D bought a new position in shares of PBF Logistics during the 3rd quarter worth approximately $1,222,000. Marshall Wace North America L.P. bought a new position in shares of PBF Logistics during the 2nd quarter worth approximately $1,065,000. JPMorgan Chase & Co. boosted its stake in shares of PBF Logistics by 3,128.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 45,322 shares of the pipeline company’s stock worth $884,000 after acquiring an additional 43,918 shares during the period. Finally, Arrow Investment Advisors LLC bought a new position in shares of PBF Logistics during the 3rd quarter worth approximately $793,000. 42.36% of the stock is currently owned by hedge funds and other institutional investors.
PBF Logistics Company Profile
PBF Logistics LP owns or leases, operates, develops and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. The Company operates through two segments: Transportation and Terminaling, and Storage. The Transportation and Terminaling segment consists of various assets, including Delaware City Rail Unloading Terminal (DCR Rail Terminal), Toledo Truck Unloading Terminal (Toledo Truck Terminal), Delaware City West Heavy Unloading Rack (the DCR West Rack), East Coast Terminals and Torrance Valley Pipeline.
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