PBF Logistics (PBFX) Stock Rating Upgraded by Zacks Investment Research
PBF Logistics (NYSE:PBFX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to 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. “
Separately, Wells Fargo & Co raised their price objective on shares of PBF Logistics from $23.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, August 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $23.88.
PBF Logistics (NYSE:PBFX) last announced its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.06). The firm had revenue of $67.40 million during the quarter, compared to the consensus estimate of $70.06 million. PBF Logistics had a return on equity of 54.99% and a net margin of 31.20%. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.49 EPS. On average, sell-side analysts predict that PBF Logistics will post 1.87 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of PBFX. CIBC Private Wealth Group LLC raised its stake in shares of PBF Logistics by 32.8% during the second quarter. CIBC Private Wealth Group LLC now owns 887,629 shares of the pipeline company’s stock valued at $18,640,000 after acquiring an additional 219,479 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of PBF Logistics during the second quarter valued at approximately $3,128,000. Bank of Montreal Can bought a new stake in shares of PBF Logistics during the second quarter valued at approximately $945,000. UBS Group AG raised its stake in shares of PBF Logistics by 5.1% during the first quarter. UBS Group AG now owns 526,960 shares of the pipeline company’s stock valued at $9,723,000 after acquiring an additional 25,463 shares in the last quarter. Finally, Alps Advisors Inc. bought a new stake in shares of PBF Logistics during the second quarter valued at approximately $467,000. 29.61% of the stock is owned by hedge funds and other 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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