PBF Logistics (PBFX) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of PBF Logistics (NYSE:PBFX) from a buy rating to a hold rating in a research note issued to investors on Friday 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. “

PBFX has been the subject of a number of other research reports. Credit Suisse Group assumed coverage on PBF Logistics in a report on Thursday, October 11th. They issued a neutral rating and a $24.00 target price for the company. Wells Fargo & Co lifted their target price on PBF Logistics from $23.00 to $25.00 and gave the stock an outperform rating in a report on Monday, August 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. PBF Logistics currently has an average rating of Hold and an average target price of $24.13.

Shares of PBF Logistics stock traded down $0.09 on Friday, reaching $21.73. The company’s stock had a trading volume of 58,222 shares, compared to its average volume of 42,447. The firm has a market cap of $985.39 million, a price-to-earnings ratio of 11.87 and a beta of 0.98. PBF Logistics has a 52 week low of $17.75 and a 52 week high of $22.70. The company has a current ratio of 1.35, a quick ratio of 2.56 and a debt-to-equity ratio of 2.91.

PBF Logistics (NYSE:PBFX) last posted its earnings results on Wednesday, October 31st. The pipeline company reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.06). The business had revenue of $70.60 million during the quarter, compared to the consensus estimate of $70.30 million. PBF Logistics had a return on equity of 47.64% and a net margin of 27.78%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 EPS. On average, equities research analysts forecast that PBF Logistics will post 1.86 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Thursday, November 15th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 9.20%. This is a positive change from PBF Logistics’s previous quarterly dividend of $0.50. PBF Logistics’s payout ratio is presently 91.24%.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC bought a new stake in shares of PBF Logistics in the third quarter worth $345,000. Spirit of America Management Corp NY lifted its position in PBF Logistics by 7.4% during the third quarter. Spirit of America Management Corp NY now owns 84,225 shares of the pipeline company’s stock valued at $1,815,000 after purchasing an additional 5,800 shares in the last quarter. California Public Employees Retirement System purchased a new position in PBF Logistics during the second quarter valued at $257,000. First Republic Investment Management Inc. purchased a new position in PBF Logistics during the second quarter valued at $391,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in PBF Logistics during the second quarter valued at $3,128,000. 29.57% of the stock is 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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