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PBFX

PBF Logistics

$22.46

0.17 (0.76%)

, PBF

PBF Energy

$36.11

0.92 (2.61%)

06:59
02/14/19
02/14
06:59
02/14/19
06:59

PBF Logistics announces immediately accretive IDR simplification agreement

PBFX and PBF Energy Company LLC, a subsidiary of PBF Energy (PBF), entered into a definitive agreement to eliminate the incentive distribution rights, or IDRs, held by PBF LLC in exchange for the issuance by PBFX of 10M of its common units to PBF LLC, representing total equity value of approximately $215M based on PBFX's 30-day volume-weighted average price as of February 13, $21.53. The transaction value represents a multiple of approximately 11x 2019 estimated IDR cash flow and is expected to be immediately accretive to distributable cash flow per LP unit in 2019 and beyond. Upon closing of the transaction, PBF LLC will hold approximately 30M PBFX common units, representing approximately 54% of the outstanding common units. The terms of the transaction were unanimously approved by the board of directors of PBF Logistics (PBFX), a subsidiary of PBF Energy and the general partner of PBFX, based on the unanimous approval and recommendation of its conflicts committee, which is comprised of independent directors. The transaction was also approved by the boards of directors of PBF LLC and PBF Energy. The transaction is subject to customary closing conditions and is expected to close on February 28.

PBFX

PBF Logistics

$22.46

0.17 (0.76%)

PBF

PBF Energy

$36.11

0.92 (2.61%)

  • 14

    Feb

  • 14

    Feb

PBFX PBF Logistics
$22.46

0.17 (0.76%)

10/10/18
FBCO
10/10/18
INITIATION
Target $24
FBCO
Neutral
PBF Logistics initiated with a Neutral at Credit Suisse
Credit Suisse analyst Spiro Dounis initiated PBF Logistics with a Neutral rating and a price target of $24.
11/06/18
WELS
11/06/18
DOWNGRADE
Target $24
WELS
Market Perform
PBF Logistics downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Praneeth Satish downgraded PBF Logistics to Market Perform and lowered his price target for the shares to $24 from $25. Year-to-date, PBF is up 4.0%, outpacing both the Alerian and the S&P 500, Satish tells investors in a research note. The analyst, however, believes ongoing equity financing needs and a full valuation multiple will limit upside in the shares.
PBF PBF Energy
$36.11

0.92 (2.61%)

01/09/19
MSCO
01/09/19
UPGRADE
MSCO
Overweight
PBF Energy upgraded to Overweight from Equal Weight at Morgan Stanley
01/10/19
PIPR
01/10/19
INITIATION
Target $43
PIPR
Overweight
PBF Energy assumed with an Overweight at Piper Jaffray
Piper Jaffray analyst Blake Fernandez assumed coverage of PBF Energy with an Overweight rating and $43 price target.
01/25/19
GSCO
01/25/19
DOWNGRADE
Target $34
GSCO
Sell
PBF Energy downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Neil Mehta downgraded PBF Energy to Sell and lowered his price target for the shares to $34 from $35. The analyst views the company's free cash flow as weak relative to peers and he sees risk consensus estimates.
02/08/19
TUDR
02/08/19
DOWNGRADE
TUDR
Hold
PBF Energy downgraded to Hold from Buy at Tudor Pickering

TODAY'S FREE FLY STORIES

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MMI

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EXR

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EVTC

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CBLK

Carbon Black

$16.50

0.16 (0.98%)

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Carbon Black sees FY19 EPS (64c)-(61c), consensus (70c) »

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LOPE

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Grand Canyon sees Q1 EPS $1.49, consensus $1.40 »

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MANT

ManTech

$58.49

0.58 (1.00%)

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ROG

Rogers Corporation

$136.53

1.23 (0.91%)

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XPER

Xperi

$23.18

0.36 (1.58%)

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CBLK

Carbon Black

$16.50

0.16 (0.98%)

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Carbon Black sees Q1 EPS (23c)-(22c), consensus (21c) »

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ROG

Rogers Corporation

$136.53

1.23 (0.91%)

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Rogers Corporation sees Q1 adjusted EPS $1.25-$1.40, consensus $1.42 »

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XPER

Xperi

$23.18

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AMSWA

American Software

$11.61

0.09 (0.78%)

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ROG

Rogers Corporation

$136.52

1.22 (0.90%)

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CBLK

Carbon Black

$16.54

0.2 (1.22%)

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Carbon Black reports Q4 EPS (20c), consensus (24c) »

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LOPE

Grand Canyon

$97.03

0.08 (0.08%)

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Grand Canyon reports Q4 EPS $1.56, consensus $1.42 »

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MANT

ManTech

$58.49

0.58 (1.00%)

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GDDY

GoDaddy

$72.30

-0.39 (-0.54%)

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Breaking Hot Stocks news story on GoDaddy »

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GDOT

Green Dot

$74.60

-0.14 (-0.19%)

16:09
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Earnings
Green Dot sees FY19 adjusted EPS $3.59-$3.67, consensus $3.62 »

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SITC

Site Centers

$12.98

-0.41 (-3.06%)

16:09
02/20/19
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16:09
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Earnings
Site Centers sees FY19 FFO $1.13-$1.18, consensus $1.16 »

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  • 20

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A

Agilent

$78.56

1.08 (1.39%)

16:09
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Earnings
Agilent sees Q2 EPS 70c-72c, consensus 72c »

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GDDY

GoDaddy

$72.29

-0.4 (-0.55%)

16:09
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Breaking Earnings news story on GoDaddy »

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VIPS

Vipshop

$7.31

0.36 (5.18%)

16:09
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Earnings
Vipshop sees Q1 revenue growth 0%-5%, consensus $3.2B »

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  • 21

    Feb

GDOT

Green Dot

$74.68

-0.06 (-0.08%)

16:09
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Earnings
Green Dot reports Q4 adjusted EPS 56c, consensus 50c »

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MANT

ManTech

$58.49

0.58 (1.00%)

16:08
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Earnings
ManTech reports Q4 EPS 50c, consensus 52c »

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  • 20

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