PBF Logistics (PBFX) Lowered to Market Perform at Wells Fargo & Co

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Wells Fargo & Co lowered shares of PBF Logistics (NYSE:PBFX) from an outperform rating to a market perform rating in a report released on Tuesday morning, MarketBeat reports. The firm currently has $24.00 price objective on the pipeline company’s stock, down from their prior price objective of $25.00.

A number of other analysts have also recently weighed in on PBFX. Zacks Investment Research raised shares of PBF Logistics from a hold rating to a buy rating and set a $25.00 price target for the company in a research report on Friday, October 26th. Credit Suisse Group began coverage on shares of PBF Logistics in a research report on Thursday, October 11th. They set a neutral rating and a $24.00 price target for the company. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. PBF Logistics currently has an average rating of Hold and a consensus target price of $23.88.

Shares of PBF Logistics stock opened at $21.28 on Tuesday. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.35 and a quick ratio of 1.35. PBF Logistics has a twelve month low of $17.75 and a twelve month high of $22.70. The firm has a market cap of $985.40 million, a P/E ratio of 9.81 and a beta of 0.98.

PBF Logistics (NYSE:PBFX) last announced its quarterly earnings results on Wednesday, October 31st. The pipeline company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.06). PBF Logistics had a return on equity of 47.64% and a net margin of 27.78%. The business had revenue of $70.60 million for the quarter, compared to analysts’ expectations of $70.30 million. During the same period last year, the company posted $0.63 earnings per share. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, sell-side analysts expect that PBF Logistics will post 1.86 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Thursday, November 15th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 9.40%. This is a boost from PBF Logistics’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Wednesday, November 14th. PBF Logistics’s dividend payout ratio is 91.24%.

A number of large investors have recently bought and sold shares of PBFX. CIBC Private Wealth Group LLC boosted its position in PBF Logistics by 32.8% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 887,629 shares of the pipeline company’s stock valued at $18,640,000 after buying an additional 219,479 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in PBF Logistics in the 2nd quarter valued at about $3,128,000. Bank of Montreal Can purchased a new position in PBF Logistics in the 2nd quarter valued at about $945,000. Alps Advisors Inc. purchased a new position in PBF Logistics in the 2nd quarter valued at about $467,000. Finally, First Republic Investment Management Inc. purchased a new position in PBF Logistics in the 2nd quarter valued at about $391,000. 29.48% of the stock is owned by institutional investors.

PBF Logistics Company Profile

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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