PBF Logistics LP (PBFX) Downgraded by BidaskClub
BidaskClub cut shares of PBF Logistics LP (NYSE:PBFX) from a sell rating to a strong sell rating in a research report sent to investors on Wednesday.
A number of other equities research analysts have also weighed in on PBFX. UBS AG cut their price objective on PBF Logistics from $28.00 to $24.00 and set a buy rating on the stock in a research report on Tuesday. Zacks Investment Research lowered PBF Logistics from a hold rating to a sell rating in a research report on Wednesday, August 9th. Credit Suisse Group set a $24.00 price objective on PBF Logistics and gave the stock a hold rating in a research report on Saturday, August 5th. Finally, ValuEngine upgraded PBF Logistics from a hold rating to a buy rating in a research report on Thursday, July 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $24.00.
PBF Logistics (PBFX) traded down 2.22% during midday trading on Wednesday, hitting $19.80. 78,733 shares of the stock traded hands. The firm’s 50 day moving average is $20.90 and its 200-day moving average is $20.45. The stock has a market capitalization of $829.46 million, a PE ratio of 8.96 and a beta of 1.30. PBF Logistics has a 12-month low of $17.45 and a 12-month high of $22.70.
PBF Logistics (NYSE:PBFX) last issued its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $0.49 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.09). The business had revenue of $62.30 million during the quarter, compared to the consensus estimate of $58.69 million. PBF Logistics had a return on equity of 62.40% and a net margin of 39.25%. PBF Logistics’s quarterly revenue was up 53.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. On average, analysts anticipate that PBF Logistics will post $2.22 EPS for the current fiscal year.
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Several institutional investors and hedge funds have recently added to or reduced their stakes in PBFX. Wells Fargo & Company MN lifted its stake in shares of PBF Logistics by 17.5% in the 1st quarter. Wells Fargo & Company MN now owns 69,358 shares of the pipeline company’s stock valued at $1,494,000 after purchasing an additional 10,330 shares during the period. Renaissance Technologies LLC lifted its stake in shares of PBF Logistics by 4.5% in the 1st quarter. Renaissance Technologies LLC now owns 156,117 shares of the pipeline company’s stock valued at $3,364,000 after purchasing an additional 6,785 shares during the period. Bank of America Corp DE lifted its stake in shares of PBF Logistics by 22.3% in the 1st quarter. Bank of America Corp DE now owns 81,906 shares of the pipeline company’s stock valued at $1,765,000 after purchasing an additional 14,931 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of PBF Logistics by 9.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 5,851 shares of the pipeline company’s stock valued at $126,000 after purchasing an additional 508 shares during the period. Finally, Global X Management Co. LLC lifted its stake in shares of PBF Logistics by 3.1% in the 2nd quarter. Global X Management Co. LLC now owns 381,537 shares of the pipeline company’s stock valued at $7,440,000 after purchasing an additional 11,546 shares during the period. Institutional investors own 42.47% of the company’s stock.
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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