PBF Logistics (PBFX) Cut to “Market Perform” at Wells Fargo & Co

Wells Fargo & Co downgraded shares of PBF Logistics (NYSE:PBFX) from an outperform rating to a market perform rating in a research report report published on Tuesday, Marketbeat Ratings reports. Wells Fargo & Co 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 research firms have also recently commented on PBFX. Zacks Investment Research cut shares of PBF Logistics from a buy rating to a hold rating in a research report on Friday, November 2nd. Credit Suisse Group initiated coverage on shares of PBF Logistics in a research report on Thursday, October 11th. They set a neutral rating and a $24.00 price objective for the company. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. PBF Logistics currently has a consensus rating of Hold and a consensus price target of $23.88.

Shares of NYSE:PBFX traded down $0.27 during midday trading on Tuesday, hitting $21.63. The stock had a trading volume of 11,639 shares, compared to its average volume of 44,630. PBF Logistics has a 12 month low of $17.75 and a 12 month high of $22.70. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 2.91. The stock has a market capitalization of $964.99 million, a PE ratio of 9.97 and a beta of 0.98.

PBF Logistics (NYSE:PBFX) last released its earnings results on Wednesday, October 31st. The pipeline company reported $0.44 earnings per share for the quarter, missing the 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 during the quarter, compared to the consensus estimate of $70.30 million. During the same period in the prior year, the business posted $0.63 earnings per share. PBF Logistics’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, equities analysts predict that PBF Logistics will post 1.86 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders 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 9.25%. 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 payout ratio is 91.24%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of PBF Logistics during the second quarter worth $203,000. California Public Employees Retirement System acquired a new stake in shares of PBF Logistics during the second quarter worth $257,000. Advisory Services Network LLC acquired a new stake in shares of PBF Logistics during the third quarter worth $345,000. First Republic Investment Management Inc. acquired a new stake in shares of PBF Logistics during the second quarter worth $391,000. Finally, Alps Advisors Inc. acquired a new stake in shares of PBF Logistics during the second quarter worth $467,000. 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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