Zacks Investment Research upgraded shares of PBF Logistics (NYSE:PBFX) from a sell rating to a hold rating in a report released on Wednesday 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. “
Several other research firms have also weighed in on PBFX. Wells Fargo & Co lowered PBF Logistics from an outperform rating to a market perform rating and dropped their price target for the company from $25.00 to $24.00 in a research report on Tuesday, November 6th. Credit Suisse Group initiated coverage on PBF Logistics in a research report on Thursday, October 11th. They set a neutral rating and a $24.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. PBF Logistics presently has an average rating of Hold and a consensus target price of $23.88.
PBF Logistics (NYSE:PBFX) last released its quarterly earnings results on Wednesday, October 31st. The pipeline company reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.06). PBF Logistics had a net margin of 27.78% and a return on equity of 47.64%. The firm had revenue of $70.60 million for the quarter, compared to the consensus estimate of $70.30 million. During the same quarter in the prior year, the firm earned $0.63 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Research analysts forecast that PBF Logistics will post 1.79 earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PBFX. Arlington Partners LLC bought a new stake in shares of PBF Logistics during the fourth quarter valued at approximately $98,000. California Public Employees Retirement System purchased a new position in PBF Logistics during the second quarter valued at $257,000. Advisory Services Network LLC purchased a new position in PBF Logistics during the third quarter valued at $345,000. First Republic Investment Management Inc. purchased a new position in PBF Logistics during the second quarter valued at $391,000. Finally, JPMorgan Chase & Co. raised its stake in PBF Logistics by 62.2% during the third quarter. JPMorgan Chase & Co. now owns 76,662 shares of the pipeline company’s stock valued at $1,652,000 after buying an additional 29,399 shares during the last quarter. Institutional investors own 33.43% of the company’s stock.
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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