Zacks Investment Research upgraded shares of PBF Logistics (NYSE:PBFX) from a sell rating to a hold rating in a research note released on Wednesday morning.
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 analysts have also recently weighed in on the company. Wells Fargo & Co cut PBF Logistics from an outperform rating to a market perform rating and decreased their price objective for the company from $25.00 to $24.00 in a report on Tuesday, November 6th. Credit Suisse Group initiated coverage on PBF Logistics in a report on Thursday, October 11th. They set a neutral rating and a $24.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. PBF Logistics presently has a consensus rating of Hold and an average price target of $23.88.
NYSE:PBFX opened at $21.26 on Wednesday. PBF Logistics has a twelve month low of $17.75 and a twelve month high of $22.70. The stock has a market capitalization of $965.90 million, a price-to-earnings ratio of 9.80 and a beta of 0.80. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.35 and a current ratio of 1.35.
PBF Logistics (NYSE:PBFX) last released its quarterly earnings results on Wednesday, October 31st. The pipeline company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.06). PBF Logistics had a net margin of 27.78% and a return on equity of 47.64%. The business had revenue of $70.60 million during the quarter, compared to analysts’ expectations of $70.30 million. During the same period in the previous year, the business earned $0.63 EPS. The business’s revenue was up 6.6% on a year-over-year basis. As a group, research analysts expect that PBF Logistics will post 1.79 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in PBFX. Tortoise Capital Advisors L.L.C. purchased a new position in shares of PBF Logistics during the 3rd quarter valued at about $38,278,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in PBF Logistics in the 3rd quarter worth approximately $8,774,000. MetLife Investment Advisors LLC purchased a new position in PBF Logistics in the 3rd quarter worth approximately $2,473,000. Renaissance Technologies LLC increased its stake in PBF Logistics by 99.9% in the 3rd quarter. Renaissance Technologies LLC now owns 101,500 shares of the pipeline company’s stock worth $2,187,000 after purchasing an additional 50,728 shares during the period. Finally, Advisory Research Inc. increased its stake in PBF Logistics by 5.2% in the 3rd quarter. Advisory Research Inc. now owns 625,625 shares of the pipeline company’s stock worth $13,482,000 after purchasing an additional 30,815 shares during the period. 33.43% of the stock is currently owned by institutional investors.
About PBF Logistics
PBF Logistics LP owns, leases, acquires, develops, and operates crude oil and refined petroleum products terminals, pipelines, storage facilities, and other logistics assets in the United States. It operates through Transportation and Terminaling, and Storage segments. The company's assets include Delaware City rail unloading terminal, a light crude oil rail unloading terminal, which serves Delaware City and Paulsboro refineries; Toledo truck unloading Terminal, that serves Toledo refinery; Delaware City west heavy unloading rack, a heavy crude oil unloading facility, which serves Delaware City refinery; and a terminaling facility that consists of 27 propane storage bullets and a truck loading facility.
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