PBF Logistics LP (NYSE:PBFX) declared a quarterly dividend on Thursday, August 1st, NASDAQ reports. Stockholders of record on Thursday, August 15th will be paid a dividend of 0.515 per share by the pipeline company on Friday, August 30th. This represents a $2.06 annualized dividend and a dividend yield of 10.12%. The ex-dividend date is Wednesday, August 14th. This is a positive change from PBF Logistics’s previous quarterly dividend of $0.51.
PBF Logistics has raised its dividend payment by an average of 11.0% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. PBF Logistics has a dividend payout ratio of 110.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect PBF Logistics to earn $1.85 per share next year, which means the company may not be able to cover its $2.06 annual dividend with an expected future payout ratio of 111.4%.
Shares of PBFX stock traded down $0.04 on Monday, hitting $20.36. The company had a trading volume of 45,254 shares, compared to its average volume of 61,991. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 11.18, a P/E/G ratio of 3.34 and a beta of 0.77. The company’s 50-day simple moving average is $21.21. The company has a current ratio of 1.34, a quick ratio of 0.96 and a debt-to-equity ratio of 7.19. PBF Logistics has a twelve month low of $19.17 and a twelve month high of $23.69.
Separately, Zacks Investment Research lowered PBF Logistics from a “strong-buy” rating to a “hold” rating in a research note on Saturday, July 20th.
About PBF Logistics
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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