Renaissance Technologies LLC Raises Position in PBF Logistics LP (PBFX)
Renaissance Technologies LLC boosted its position in shares of PBF Logistics LP (NYSE:PBFX) by 4.5% during the first quarter, Holdings Channel reports. The fund owned 156,117 shares of the pipeline company’s stock after buying an additional 6,785 shares during the period. Renaissance Technologies LLC’s holdings in PBF Logistics were worth $3,364,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the stock. UBS Group AG raised its stake in shares of PBF Logistics by 44.9% in the first quarter. UBS Group AG now owns 646,881 shares of the pipeline company’s stock worth $13,941,000 after buying an additional 200,484 shares during the last quarter. Global X Management Co. LLC raised its stake in shares of PBF Logistics by 4,529.5% in the first quarter. Global X Management Co. LLC now owns 369,991 shares of the pipeline company’s stock worth $7,973,000 after buying an additional 361,999 shares during the last quarter. OppenheimerFunds Inc. raised its stake in shares of PBF Logistics by 20.8% in the first quarter. OppenheimerFunds Inc. now owns 895,593 shares of the pipeline company’s stock worth $19,300,000 after buying an additional 154,308 shares during the last quarter. M&T Bank Corp purchased a new stake in shares of PBF Logistics during the first quarter worth about $505,000. Finally, Wells Fargo & Company MN raised its stake in shares of PBF Logistics by 17.5% in the first quarter. Wells Fargo & Company MN now owns 69,358 shares of the pipeline company’s stock worth $1,494,000 after buying an additional 10,330 shares during the last quarter. Hedge funds and other institutional investors own 71.98% of the company’s stock.
Shares of PBF Logistics LP (NYSE:PBFX) traded down 0.85% during trading on Friday, reaching $21.00. 110,681 shares of the company were exchanged. PBF Logistics LP has a 1-year low of $17.45 and a 1-year high of $22.70. The firm has a 50-day moving average price of $19.97 and a 200-day moving average price of $20.36. The stock has a market capitalization of $879.73 million, a P/E ratio of 9.51 and a beta of 1.34.
PBF Logistics (NYSE:PBFX) last announced its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.49 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by $0.09. PBF Logistics had a return on equity of 62.40% and a net margin of 39.25%. The company had revenue of $62.30 million for the quarter, compared to analyst estimates of $58.69 million. During the same quarter in the prior year, the business earned $0.41 earnings per share. PBF Logistics’s revenue was up 53.1% compared to the same quarter last year. Equities research analysts predict that PBF Logistics LP will post $2.31 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 15th will be paid a dividend of $0.47 per share. This is a positive change from PBF Logistics’s previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a yield of 8.68%. The ex-dividend date is Friday, August 11th. PBF Logistics’s dividend payout ratio (DPR) is currently 87.20%.
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A number of brokerages recently issued reports on PBFX. BidaskClub upgraded PBF Logistics from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research downgraded shares of PBF Logistics from a “hold” rating to a “sell” rating in a research note on Wednesday. Credit Suisse Group set a $24.00 price objective on shares of PBF Logistics and gave the stock a “hold” rating in a research note on Saturday, August 5th. TheStreet raised shares of PBF Logistics from a “d” rating to a “c” rating in a research note on Tuesday, May 30th. Finally, ValuEngine raised shares of PBF Logistics from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $24.00.
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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