Zacks Investment Research Upgrades PBF Logistics LP (PBFX) to Buy
PBF Logistics LP (NYSE:PBFX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $23.00 price target on the stock. Zacks Investment Research’s price target indicates a potential upside of 14.14% from the company’s current price.
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, Credit Suisse Group AG reissued a “neutral” rating on shares of PBF Logistics in a research note on Monday, August 1st.
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PBF Logistics (NYSE:PBFX) opened at 20.15 on Wednesday. The stock has a 50 day moving average of $20.18 and a 200-day moving average of $20.90. PBF Logistics has a 52 week low of $15.39 and a 52 week high of $23.49. The firm has a market cap of $752.32 million, a PE ratio of 9.86 and a beta of 1.39.
PBF Logistics (NYSE:PBFX) last released its earnings results on Friday, July 29th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.51 by $0.10. PBF Logistics had a net margin of 48.09% and a negative return on equity of 42.52%. The firm earned $40.66 million during the quarter, compared to the consensus estimate of $38.61 million. During the same period in the prior year, the business posted $0.58 earnings per share. PBF Logistics’s quarterly revenue was up 16.5% compared to the same quarter last year. Analysts expect that PBF Logistics will post $1.91 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its position in PBF Logistics by 3.9% in the first quarter. State Street Corp now owns 15,519 shares of the company’s stock worth $292,000 after buying an additional 581 shares during the period. Raymond James & Associates boosted its position in PBF Logistics by 23.9% in the second quarter. Raymond James & Associates now owns 27,313 shares of the company’s stock worth $629,000 after buying an additional 5,275 shares during the period. JPMorgan Chase & Co. bought a new position in PBF Logistics during the second quarter worth approximately $173,000. BB&T Corp bought a new position in PBF Logistics during the second quarter worth approximately $230,000. Finally, Harvest Fund Advisors LLC boosted its position in PBF Logistics by 1.2% in the first quarter. Harvest Fund Advisors LLC now owns 1,163,263 shares of the company’s stock worth $21,916,000 after buying an additional 13,356 shares during the period. 60.57% of the stock is owned by hedge funds and other institutional investors.
PBF Logistics Company Profile
PBF Logistics LP is engaged in the receiving, handling and transferring of crude oil and the receipt, storage and delivery of crude oil, refined products and intermediates. The Company operates through two segments: Transportation and Terminaling segment, and storage segment. The Company focuses on owning or leasing, operating, developing and acquiring crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.
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