Short Interest in PBF Logistics LP (NYSE:PBFX) Decreases By 42.6%

PBF Logistics LP (NYSE:PBFX) was the target of a significant drop in short interest in March. As of March 13th, there was short interest totalling 47,900 shares, a drop of 42.6% from the February 27th total of 83,500 shares. Based on an average daily trading volume, of 99,700 shares, the days-to-cover ratio is currently 0.5 days. Approximately 0.2% of the company’s stock are short sold.

In other news, insider Carso S.A. De C.V. Inversora bought 185,044 shares of the firm’s stock in a transaction that occurred on Tuesday, March 24th. The stock was acquired at an average cost of $4.36 per share, with a total value of $806,791.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.90% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its position in PBF Logistics by 712.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,436 shares of the pipeline company’s stock worth $49,000 after purchasing an additional 2,136 shares during the period. Arlington Partners LLC bought a new stake in shares of PBF Logistics in the fourth quarter valued at about $99,000. Sunbelt Securities Inc. bought a new stake in shares of PBF Logistics in the fourth quarter valued at about $25,312,000. Advisor Group Inc. boosted its position in shares of PBF Logistics by 206.8% in the fourth quarter. Advisor Group Inc. now owns 5,283 shares of the pipeline company’s stock valued at $107,000 after acquiring an additional 3,561 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of PBF Logistics in the fourth quarter valued at about $188,000. 31.01% of the stock is owned by hedge funds and other institutional investors.

Several research firms recently weighed in on PBFX. Zacks Investment Research cut shares of PBF Logistics from a “strong-buy” rating to a “hold” rating in a research note on Saturday, January 25th. ValuEngine cut shares of PBF Logistics from a “hold” rating to a “sell” rating in a research note on Friday, March 6th. UBS Group decreased their target price on shares of PBF Logistics from $18.50 to $13.00 and set a “buy” rating for the company in a research note on Wednesday. Wells Fargo & Co reaffirmed a “hold” rating on shares of PBF Logistics in a research report on Friday, December 6th. Finally, Raymond James cut shares of PBF Logistics from an “outperform” rating to a “market perform” rating in a research report on Thursday, March 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $20.67.

PBFX stock traded up $0.29 during midday trading on Thursday, reaching $5.14. 916,051 shares of the company were exchanged, compared to its average volume of 250,949. The company has a debt-to-equity ratio of 7.63, a current ratio of 1.97 and a quick ratio of 1.97. The business has a 50-day moving average price of $15.46 and a two-hundred day moving average price of $19.60. PBF Logistics has a one year low of $3.06 and a one year high of $22.00. The firm has a market capitalization of $321.83 million, a price-to-earnings ratio of 3.02 and a beta of 0.82.

PBF Logistics (NYSE:PBFX) last released its quarterly earnings data on Thursday, February 13th. The pipeline company reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02. PBF Logistics had a net margin of 29.48% and a return on equity of 83.83%. The firm had revenue of $92.20 million during the quarter, compared to analysts’ expectations of $88.73 million. During the same period in the previous year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, analysts anticipate that PBF Logistics will post 2.11 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 17th. Shareholders of record on Tuesday, February 25th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 40.47%. This is a boost from PBF Logistics’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Monday, February 24th. PBF Logistics’s payout ratio is 104.52%.

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 two segments, Transportation and Terminaling; and Storage. The company's assets include Delaware City Refining Company LLC (DCR) rail terminal, a double loop track with ancillary pumping and unloading equipment; the Toledo Truck Terminal, a crude truck unloading terminal; the DCR West Rack, a heavy crude oil rail unloading facility at the Delaware city refinery; the Toledo storage facility, which includes a propane storage and loading facility; the DCR products pipeline, an interstate petroleum products pipeline; the DCR Truck Rack, a truck loading rack; the San Joaquin Valley pipeline system and Paulsboro natural gas pipeline; and Knoxville Terminals, which consists of two refined product terminals located in Knoxville, Tennessee.

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