Zacks Investment Research Downgrades PBF Logistics (PBFX) to Sell

PBF Logistics (NYSE:PBFX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

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. “

A number of other research firms have also weighed in on PBFX. BidaskClub lowered shares of PBF Logistics from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 7th. UBS Group reduced their target price on shares of PBF Logistics from $28.00 to $24.00 and set a “buy” rating on the stock in a report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $24.00.

Shares of PBF Logistics (PBFX) opened at $21.40 on Thursday. PBF Logistics has a 1-year low of $18.55 and a 1-year high of $22.70. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 3.40. The firm has a market cap of $896.55, a P/E ratio of 9.55, a price-to-earnings-growth 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 net margin of 38.76% and a return on equity of 64.05%. The firm had revenue of $65.50 million for the quarter, compared to analyst estimates of $64.60 million. During the same period in the previous year, the firm posted $0.50 EPS. The company’s revenue for the quarter was up 35.2% compared to the same quarter last year. equities analysts predict that PBF Logistics will post 2.28 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Institutional & Family Asset Management LLC acquired a new position in shares of PBF Logistics in the 3rd quarter worth approximately $299,000. GSA Capital Partners LLP lifted its position in shares of PBF Logistics by 236.3% in the 3rd quarter. GSA Capital Partners LLP now owns 44,774 shares of the pipeline company’s stock worth $940,000 after purchasing an additional 31,460 shares during the period. Neuberger Berman Group LLC acquired a new position in shares of PBF Logistics in the 3rd quarter worth approximately $1,217,000. First Republic Investment Management Inc. acquired a new position in shares of PBF Logistics in the 3rd quarter worth approximately $206,000. Finally, Wells Fargo & Company MN lifted its position in shares of PBF Logistics by 4.0% in the 3rd quarter. Wells Fargo & Company MN now owns 85,529 shares of the pipeline company’s stock worth $1,796,000 after purchasing an additional 3,319 shares during the period. Hedge funds and other institutional investors own 37.36% of the company’s stock.

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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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