Zacks Investment Research upgraded shares of PBF Logistics LP (NYSE:PBFX) from a strong sell rating to a hold rating in a research report report published on Wednesday, November 8th.
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. “
Several other research firms also recently commented on PBFX. BidaskClub raised PBF Logistics from a buy rating to a strong-buy rating in a report on Wednesday, August 30th. Credit Suisse Group set a $24.00 target price on PBF Logistics and gave the stock a hold rating in a report on Saturday, August 5th. Finally, UBS AG decreased their price target on PBF Logistics from $28.00 to $24.00 and set a buy rating for the company in a research note on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $24.00.
PBF Logistics (NYSE:PBFX) last released its earnings results on Thursday, November 2nd. The pipeline company reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.05. The company had revenue of $65.50 million during the quarter, compared to the consensus estimate of $64.60 million. During the same period last year, the firm posted $0.50 earnings per share. The company’s revenue was up 35.2% compared to the same quarter last year. equities analysts expect that PBF Logistics will post 2.28 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 29th. Stockholders of record on Monday, November 13th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Friday, November 10th. This represents a $1.92 annualized dividend and a dividend yield of 9.70%. This is a boost from PBF Logistics’s previous quarterly dividend of $0.47. PBF Logistics’s payout ratio is currently 85.71%.
Several hedge funds have recently bought and sold shares of the company. Harvest Fund Advisors LLC raised its stake in shares of PBF Logistics by 1.8% in the third quarter. Harvest Fund Advisors LLC now owns 1,307,569 shares of the pipeline company’s stock worth $27,459,000 after purchasing an additional 23,406 shares during the last quarter. First Trust Advisors LP purchased a new position in shares of PBF Logistics in the second quarter worth $7,985,000. NBW Capital LLC raised its stake in shares of PBF Logistics by 2.8% in the second quarter. NBW Capital LLC now owns 403,291 shares of the pipeline company’s stock worth $7,864,000 after purchasing an additional 11,006 shares during the last quarter. Global X MANAGEMENT CO LLC raised its stake in shares of PBF Logistics by 3.4% in the third quarter. Global X MANAGEMENT CO LLC now owns 394,687 shares of the pipeline company’s stock worth $8,288,000 after purchasing an additional 13,150 shares during the last quarter. Finally, Global X Management Co. LLC raised its stake in shares of PBF Logistics by 3.1% in the second quarter. Global X Management Co. LLC now owns 381,537 shares of the pipeline company’s stock worth $7,440,000 after purchasing an additional 11,546 shares during the last quarter. Hedge funds and other institutional investors own 37.54% of the company’s stock.
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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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