Credit Suisse Group Initiates Coverage on PBF Logistics (PBFX)

Research analysts at Credit Suisse Group assumed coverage on shares of PBF Logistics (NYSE:PBFX) in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $24.00 price target on the pipeline company’s stock. Credit Suisse Group’s price target points to a potential upside of 8.16% from the company’s current price.

Several other research analysts have also commented on PBFX. Zacks Investment Research raised PBF Logistics from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Wednesday, July 4th. Wells Fargo & Co boosted their price objective on PBF Logistics from $23.00 to $25.00 and gave the stock an “outperform” rating in a report on Monday, August 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $23.90.

Shares of NYSE PBFX opened at $22.19 on Thursday. PBF Logistics has a 12 month low of $17.75 and a 12 month high of $22.70. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 4.00. The stock has a market cap of $977.18 million, a PE ratio of 10.23 and a beta of 1.15.

PBF Logistics (NYSE:PBFX) last issued its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.06). PBF Logistics had a return on equity of 54.99% and a net margin of 31.20%. The business had revenue of $67.40 million for the quarter, compared to analysts’ expectations of $70.06 million. During the same period in the previous year, the firm posted $0.49 EPS. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. Sell-side analysts anticipate that PBF Logistics will post 1.87 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of PBFX. Raymond James Financial Services Advisors Inc. purchased a new stake in PBF Logistics in the second quarter worth approximately $203,000. California Public Employees Retirement System purchased a new stake in PBF Logistics in the second quarter worth approximately $257,000. First Republic Investment Management Inc. purchased a new stake in PBF Logistics in the second quarter worth approximately $391,000. Alps Advisors Inc. purchased a new stake in PBF Logistics in the second quarter worth approximately $467,000. Finally, Bank of Montreal Can purchased a new stake in PBF Logistics in the second quarter worth approximately $945,000. 29.61% of the stock is owned by institutional investors and hedge funds.

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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