PBF Logistics LP (NYSE:PBFX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage presently has a $22.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 11.00% from the stock’s previous close.
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 reiterated a “neutral” rating on shares of PBF Logistics in a research note on Monday, August 1st.
PBF Logistics (NYSE:PBFX) opened at 19.82 on Thursday. The stock has a 50 day moving average price of $20.27 and a 200 day moving average price of $20.82. PBF Logistics has a 52 week low of $15.39 and a 52 week high of $23.49. The stock has a market capitalization of $740.00 million, a PE ratio of 9.70 and a beta of 1.39.
PBF Logistics (NYSE:PBFX) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.41 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.10. The firm earned $40.66 million during the quarter, compared to analyst estimates of $38.61 million. PBF Logistics had a negative return on equity of 42.52% and a net margin of 48.09%. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter last year, the business posted $0.58 earnings per share. Equities analysts forecast that PBF Logistics will post $1.91 EPS for the current year.
A number of institutional investors have recently modified their holdings of the stock. Kayne Anderson Capital Advisors LP increased its position in shares of PBF Logistics by 48.5% in the second quarter. Kayne Anderson Capital Advisors LP now owns 2,746,950 shares of the company’s stock worth $63,221,000 after buying an additional 897,157 shares during the last quarter. Arrowgrass Capital Partners US LP bought a new position in shares of PBF Logistics during the first quarter worth approximately $3,297,000. Goldman Sachs Group Inc. increased its position in shares of PBF Logistics by 12.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,212,929 shares of the company’s stock worth $22,852,000 after buying an additional 132,598 shares during the last quarter. Silvercrest Asset Management Group LLC increased its position in shares of PBF Logistics by 56.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 239,330 shares of the company’s stock worth $4,509,000 after buying an additional 86,689 shares during the last quarter. Finally, Advantus Capital Management Inc bought a new position in shares of PBF Logistics during the second quarter worth approximately $1,766,000. Institutional investors own 60.52% of the company’s stock.
About PBF Logistics
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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