PBF Logistics LP (PBFX) Declares Quarterly Dividend of $0.48
PBF Logistics LP (NYSE:PBFX) announced a quarterly dividend on Friday, November 3rd, Wall Street Journal reports. Shareholders of record on Monday, November 13th will be given a dividend of 0.48 per share by the pipeline company on Wednesday, November 29th. This represents a $1.92 annualized dividend and a yield of 9.32%. The ex-dividend date of this dividend is Friday, November 10th. This is a boost from PBF Logistics’s previous quarterly dividend of $0.47.
PBF Logistics has a dividend payout ratio of 85.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect PBF Logistics to earn $2.43 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 77.4%.
PBF Logistics (NYSE:PBFX) traded up $0.50 during midday trading on Friday, reaching $20.60. The company’s stock had a trading volume of 18,474 shares, compared to its average volume of 64,447. The stock has a market cap of $854.66 million, a P/E ratio of 9.11 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 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.05. PBF Logistics had a net margin of 38.76% and a return on equity of 64.84%. The firm had revenue of $65.50 million for the quarter, compared to analysts’ expectations of $64.60 million. During the same quarter last year, the firm earned $0.50 EPS. The company’s quarterly revenue was up 35.2% compared to the same quarter last year. research analysts predict that PBF Logistics will post 2.2 EPS for the current fiscal year.
PBFX has been the topic of a number of research reports. BidaskClub cut shares of PBF Logistics from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. ValuEngine raised shares of PBF Logistics from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Zacks Investment Research raised shares of PBF Logistics from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Finally, Credit Suisse Group set a $24.00 price target on shares of PBF Logistics and gave the stock a “hold” rating in a report on Saturday, August 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $24.00.
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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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