Center Coast Capital Advisors LP cut its position in PBF Logistics LP (NYSE:PBFX) by 29.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,087,920 shares of the pipeline company’s stock after selling 452,454 shares during the quarter. PBF Logistics comprises approximately 0.6% of Center Coast Capital Advisors LP’s holdings, making the stock its 29th biggest position. Center Coast Capital Advisors LP owned approximately 2.60% of PBF Logistics worth $22,846,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP bought a new position in PBF Logistics during the second quarter worth $7,985,000. State of New Jersey Common Pension Fund D bought a new position in PBF Logistics during the third quarter worth $1,222,000. Marshall Wace North America L.P. bought a new position in PBF Logistics during the second quarter worth $1,065,000. JPMorgan Chase & Co. boosted its position in PBF Logistics by 3,128.1% during the second quarter. JPMorgan Chase & Co. now owns 45,322 shares of the pipeline company’s stock worth $884,000 after purchasing an additional 43,918 shares during the period. Finally, Alps Advisors Inc. bought a new position in PBF Logistics during the third quarter worth $468,000. 41.34% of the stock is owned by institutional investors and hedge funds.
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PBF Logistics LP (PBFX) traded down $0.25 on Tuesday, hitting $19.25. The stock had a trading volume of 72,400 shares, compared to its average volume of 97,148. PBF Logistics LP has a 12 month low of $17.45 and a 12 month high of $22.70. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 3.40. The firm has a market capitalization of $816.95, a P/E ratio of 8.71, a P/E/G ratio of 2.17 and a beta of 1.26.
PBF Logistics (NYSE:PBFX) last posted its earnings results on Thursday, November 2nd. The pipeline company reported $0.63 earnings per share for the quarter, topping 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 company had revenue of $65.50 million during the quarter, compared to the consensus estimate of $64.60 million. During the same quarter last year, the firm earned $0.50 earnings per share. The company’s revenue was up 35.2% on a year-over-year basis. sell-side analysts expect that PBF Logistics LP will post 2.24 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 29th. Stockholders of record on Monday, November 13th will be issued a dividend of $0.48 per share. The ex-dividend date is Friday, November 10th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.97%. This is an increase from PBF Logistics’s previous quarterly dividend of $0.47. PBF Logistics’s dividend payout ratio (DPR) is currently 85.71%.
A number of equities analysts have commented on PBFX shares. BidaskClub cut shares of PBF Logistics from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. 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. Zacks Investment Research downgraded PBF Logistics from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Finally, UBS AG dropped their target price on PBF Logistics from $28.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $24.00.
About PBF Logistics
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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