PBF Logistics LP (PBFX) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of PBF Logistics LP (NYSE:PBFX) from a hold rating to a buy rating in a report issued on Thursday morning. The brokerage currently has $22.00 price objective on the stock.
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. “
Separately, Credit Suisse Group AG reissued a neutral rating on shares of PBF Logistics in a research report on Monday, August 1st.
Shares of PBF Logistics (NYSE:PBFX) traded down 1.04% during trading on Thursday, hitting $19.94. The stock had a trading volume of 5,981 shares. The company has a market cap of $744.48 million, a PE ratio of 9.76 and a beta of 1.38. PBF Logistics has a 12-month low of $15.39 and a 12-month high of $23.49. The stock’s 50 day moving average is $20.32 and its 200-day moving average is $20.82.
PBF Logistics (NYSE:PBFX) last posted its earnings results on Friday, July 29th. The company reported $0.41 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by $0.10. The business had revenue of $40.66 million for the quarter, compared to analyst estimates of $38.61 million. PBF Logistics had a negative return on equity of 42.52% and a net margin of 48.09%. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.58 earnings per share. Analysts forecast that PBF Logistics will post $1.99 earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in PBFX. JPMorgan Chase & Co. bought a new stake in PBF Logistics during the second quarter valued at $173,000. Kayne Anderson Capital Advisors LP boosted its stake in PBF Logistics by 48.5% in the second quarter. Kayne Anderson Capital Advisors LP now owns 2,746,950 shares of the company’s stock valued at $63,221,000 after buying an additional 897,157 shares during the last quarter. GSA Capital Partners LLP boosted its stake in PBF Logistics by 294.8% in the second quarter. GSA Capital Partners LLP now owns 47,567 shares of the company’s stock valued at $1,095,000 after buying an additional 35,519 shares during the last quarter. BB&T Corp bought a new stake in PBF Logistics during the second quarter valued at $230,000. Finally, Magnetar Financial LLC bought a new stake in PBF Logistics during the first quarter valued at $942,000. Institutional investors and hedge funds own 60.52% of the company’s stock.
PBF Logistics Company Profile
PBF Logistics LP is engaged in the receiving, handling and transferring of crude oil and the receipt, storage and delivery of crude oil, refined products and intermediates. The Company operates through two segments: Transportation and Terminaling segment, and storage segment. The Company focuses on owning or leasing, operating, developing and acquiring crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.
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