PBF Logistics LP

NYSE:PBFX Lagerbericht

Marktkapitalisierung: US$1.2b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

PBF Logistics Management

Management Kriterienprüfungen 3/4

Wichtige Informationen

Tom Nimbley

Geschäftsführender

US$290.0k

Gesamtvergütung

Prozentsatz des Geschäftsführergehaltsn/a
Amtszeit als Geschäftsführer9.8yrs
Eigentum des Geschäftsführers0.3%
Durchschnittliche Amtszeit des Managements7.2yrs
Durchschnittliche Amtszeit der Vorstandsmitglieder8.5yrs

Jüngste Management Updates

Recent updates

Seeking Alpha • Oct 27

PBF Logistics GAAP EPS of $0.55 misses by $0.06, revenue of $89.57M misses by $0.99M

PBF Logistics press release (NYSE:PBFX): Q3 GAAP EPS of $0.55 misses by $0.06. Revenue of $89.57M (+0.8% Y/Y) misses by $0.99M. Adjusted EBITDA of $54.6M and distributable cash flow of $43.9M.
Seeking Alpha • Jul 28

PBF Logistics GAAP EPS of $0.62 beats by $0.09, revenue of $93.37M beats by $8.23M

PBF Logistics press release (NYSE:PBFX): Q2 GAAP EPS of $0.62 beats by $0.09. Revenue of $93.37M (+3.9% Y/Y) beats by $8.23M. PBF Energy Announces Agreement to Acquire Remaining Public Stake in PBF Logistics LP.
Seeking Alpha • Jul 21

PBF Logistics: Investors Win Either Way, Takeover Or Not

There has been speculation recently that PBF Logistics may get acquired by their parent company, PBF Energy. This seems to be a trend lately with master limited partnerships but regardless of whether investors get an easy payday, they still have a positive outlook. They continue to generate ample free cash flow to support higher distributions, which management has said they may consider once repaying their credit facility. This only has $75m left drawn, which should be repaid by the end of 2022 and thus could see higher distributions during 2023. Since their outlook is only strengthening and they already sport a high distribution yield of 7%+, I believe that maintaining my strong buy rating is appropriate. Introduction When last discussing PBF Logistics (PBFX), they were seeing underlying improvements, which I was hoping would lead to higher distributions, as my previous article discussed. Since ten months have elapsed, the recent speculation of a potential takeover by their parent company, PBF Energy (PBF) makes it timely to provide a refreshed analysis to assess the alternative outlook for investors should this easy payday not eventuate. Thankfully, it appears that investors win either way because takeover or not, they still have the potential to provide higher distributions coming in 2023 that would boost their already high yield of 7.31%. Executive Summary & Ratings Since many readers are likely short on time, the table below provides a very brief executive summary and ratings for the primary criteria that were assessed. This Google Document provides a list of all my equivalent ratings, as well as more information regarding my rating system. The following section provides a detailed analysis for those readers who are wishing to dig deeper into their situation. Author *Instead of simply assessing distribution coverage through distributable cash flow, I prefer to utilize free cash flow since it provides the toughest criteria and also best captures the true impact upon their financial position. Detailed Analysis Author It was positive to see their cash flow performance continued performing strongly during the second half of 2021 following my previous analysis, with their operating cash flow ending the year at $187.8m and thus essentially the same as their previous result of $186.6m during 2020. Subsequently, the first quarter of 2022 saw a solid start with a result of $67.3m sitting an impressive 22.80% higher year-on-year versus their previous result of $54.8m during the first quarter of 2021. Admittedly, this was skewed by their temporary working capital movements that most notably resulted in a large draw during the first quarter of 2022. If removed along the smaller working capital draw during the first quarter of 2021, their underlying operating cash flow was $47.1m and thus essentially flat year-on-year versus their previous equivalent result of $48.7m. Even after removing the boost from this working capital draw, they would still have produced $45.7m of free cash flow during the first quarter of 2022, which more than doubled their distribution payments of $18.8m. Given this very strong coverage, it naturally saw an analyst asking about the outlook for higher distributions, which thankfully remain possible, as per the commentary from management included below. "And today, we're continuing to pay debt. And once we get to that point where all the revolver debt will be repaid, we can evaluate other opportunities. But good operations and focusing on paying down debt is where our focus is today." -PBF Logistics Q1 2022 Conference Call. Whilst management was not necessarily committed to higher distributions, realistically, their ample excess free cash flow and subsequently discussed healthy financial position make these quite probable once their credit facility is repaid, especially as they previously paid considerably higher distributions before the Covid-19 pandemic. Thankfully, investors should not have a particularly long wait, as their credit facility only had $75m drawn when the first quarter of 2022 ended. When circling back to their free cash flow excluding working capital movements of circa $45m, this leaves circa $26m per quarter of excess free cash flow after distribution payments and thus, it should only take until the end of 2022 to reach this goal, thereby meaning that barring a takeover, 2023 potentially sees higher distributions. I expect investors will get clarity on the potential takeover next week when they release their results for the second quarter of 2022 and in the meantime, the lack of publicly available information makes it difficult to ascertain its probability of proceeding or the price unitholders can expect. Anecdotally speaking, there seems to have been quite a few master limited partnerships acquired by their parent companies during the last year, such as Shell Midstream Partners (SHLX), Sisecam Resources (SIRE) and Phillips 66 Partners just to name a few, which in my eyes, lends credence to the idea they will be acquired. Author Their capital structure continued improving thanks to their continued steady and strong free cash flow, which now sees their net debt down to $544.6m and thus significantly lower than the $767.1m where it resided at the end of 2019 before embarking upon this deleveraging mission. Even if looking less far in the past, their net debt is still materially lower than the $588.6m and $684.6m where it ended 2021 and 2020 respectively. When looking ahead, their net debt should decrease by another $75m by the end of 2022 as they clean up the last remains of their credit facility before hopefully lifting their distributions. Author Quite unsurprisingly, their steadily decreasing net debt saw their leverage follow in tandem with their net debt-to-EBITDA now down to 2.43, which shows consistent improvements versus their previous results of 2.52 and 2.83 at the end of 2021 and 2020 respectively. Meanwhile, their net debt-to-operating cash flow also followed this same path with its latest result of 2.89 marking improvements versus its previous results of 3.13 and 3.67 at the end of 2021 and 2020 respectively. Whilst these both have fallen towards the lower half of the moderate territory of between 2.01 and 3.50, when looking ahead, they should end 2022 at approximately 2.09 and 2.49 respectively once they trim away another $75m of net debt, assuming their financial performance tracks the first quarter.
Seeking Alpha • Jun 27

PBF Energy: Record Refinery Margins To Come

PBF is a large independent US oil refiner. Its share price ROR has lagged its peer group for poor profitability. It lost money in Q1'22 despite higher refinery margins. But market fundamentals are supportive and crack spread futures are at record highs. The Company should post profits in the quarters ahead.
Seeking Alpha • May 16

PBF Logistics: Why I Can't Stop Buying

PBFX continues to produce solid distributable cash flow numbers. The current yield is sustainable and should return to growth. Inflation has continued to push me towards more energy.
Seeking Alpha • Apr 02

PBF Logistics: 8.4% Yield With Stable Outlook

PBF Logistics generated substantial cash that covers their dividend in 2021, and the future outlook is stable given the high price of petroleum. Since 2019, management has been improving the balance sheet and reducing long term debt (decreased from $802 M in 2019 to $622 M in 2021). With a strengthening balance sheet and strong cash generation, I expect PBF Logistics will see increasing revenue going forward.
Seeking Alpha • Jan 14

PBF Logistics: Grab A Near 10% Yield For 2022 That's 50% Undervalued

Whilst many suffered throughout the Covid-19 pandemic, PBF Logistics proved themselves financially resilient. They saw their operating cash flow increase by around 25% during 2020 and then hold strong throughout 2021. They continue seeing very strong distribution coverage at over 200% that makes room for distribution growth in the coming years, especially with their healthy financial position. Even if their distributions only grow to half their potential in the next five years, it sees their estimated intrinsic value as extremely impressive near 100% higher. Since their units are also still undervalued even without any future distribution growth, I believe that upgrading to a very bullish rating is now appropriate.
Seeking Alpha • Oct 05

PBF Logistics: 9% Dividend With Upside Potential

PBFX is paying a quarterly dividend of $0.30 per share, giving a staggering 9.22% yield. Their operations generate strong cash flow, and I believe they will continue to perform in the foreseeable future. They have been successfully deleveraging, and the balance sheet has steadily improved over the past couple of years. I expect the dividend will likely increase in the near future to match its pre-pandemic level, resulting in a boost in stock price.
Seeking Alpha • Sep 20

PBF Logistics: Underlying Improvements Should Lead To Higher Distributions Returning Soon

Despite many of their midstream peers increasing their distributions during 2021, PBF Logistics has kept theirs unchanged. Whilst some investors may think that this stems from poor cash flow performance, they actually continue to generate ample excess free cash flow. The lack of distribution growth stems from their capital allocation strategy that continues to focus on deleveraging, which I view as narrowly focused and likely to change in the future. This is primarily because their financial position is already at its strongest point in years and does not require any further deleveraging, especially given their already strong liquidity. I expect a new capital allocation strategy to follow that should lead to higher distributions returning soon, and given their existing high near 10% yield, I still believe that a bullish rating is appropriate.
Seeking Alpha • Aug 05

PBF Energy Is In A Debt Trap

PBF Energy is trading at 30% of pre-pandemic price even as, per management, demand for refined petroleum products has recovered. Why? Its current Debt to EBIT ratio is substantially high. At this rate, repayment of the debt by maturity date is doubtful. Concentrating cash flow on repaying debt diverts cash flow away from the capital expenditure for growth. No growth capex leads to poor returns for investors in the future.

Geschäftsführer

Tom Nimbley (71 yo)

9.8yrs
Amtszeit
US$290,000
Vergütung

Mr. Thomas J. Nimbley, also known as Tom, serves as the Chief Executive Officer at Paulsboro Refining Company LLC. Mr. Nimbley has been the Executive Chairman of PBF Logistics GP LLC, a General Partner at...

Führungsteam

NamePositionAmtszeitVergütungEigentümerschaft
Thomas Nimbley
Chairman & CEO of PBF Logistics GP LLC9.8yrsUS$290.00k0.31%
$ 3.8m
Matthew Lucey
Executive VP & Director of PBF Logistics GP LLC7.8yrsUS$217.50k0.14%
$ 1.8m
C. Young
Senior VP8.6yrsUS$181.25k0.083%
$ 1.0m
Trecia Canty
Senior VP8.1yrsUS$181.25k0.068%
$ 843.3k
John Barone
Chief Accounting Officer of PBF Logistics GP LLCno datakeine Daten0.041%
$ 510.9k
Colin Murray
Head of Investor Relationsno datakeine Datenkeine Daten
Tai Ho
Vice President of Human Resourcesless than a yearkeine Daten0.022%
$ 276.4k
James Fedena
Senior VP of Logisticsless than a yearkeine Daten0.15%
$ 1.8m
Thomas O'Connor
Senior VP of Commodity Risk & Strategyless than a yearkeine Daten0.077%
$ 963.6k
Herman Seedorf
Senior Vice Presidentno datakeine Datenkeine Daten
Steven Steach
Senior VP & Head of Refiningless than a yearkeine Daten0.026%
$ 319.5k
Jeffrey Dill
Assistant Secretary of PBF Logistics GP LLC & President of Western Region - PBF Logistics GP LLC7.2yrsUS$247.50k0%
$ 0
7.2yrs
Durchschnittliche Betriebszugehörigkeit
61yo
Durchschnittliches Alter

Erfahrenes Management: Das Managementteam von PBFX ist erfahren und erfahren (durchschnittliche Amtszeit von 7.2 Jahren).

Vorstandsmitglieder

NamePositionAmtszeitVergütungEigentümerschaft
Thomas Nimbley
Chairman & CEO of PBF Logistics GP LLC9.8yrsUS$290.00k0.31%
$ 3.8m
Matthew Lucey
Executive VP & Director of PBF Logistics GP LLC9.8yrsUS$217.50k0.14%
$ 1.8m
C. Young
Senior VP6.1yrsUS$181.25k0.083%
$ 1.0m
Michael Gayda
Director of PBF Logistics GP LLC9.8yrsUS$113.00k0.095%
$ 1.2m
Bruce Jones
Independent Director of PBF Logistics GP LLC8.5yrsUS$119.00k0.055%
$ 691.3k
David Roush
Independent Director of PBF Logistics GP LLC8.5yrsUS$127.80k0.039%
$ 491.7k
Paul Donahue
Independent Directorless than a yearkeine Datenkeine Daten
Lawrence Ziemba
Independent Director of PBF Logistics GP LLC2.9yrsUS$110.41k0.0075%
$ 94.0k
8.5yrs
Durchschnittliche Betriebszugehörigkeit
66.5yo
Durchschnittliches Alter

Erfahrener Vorstand: PBFXDie Vorstandsmitglieder gelten als erfahren (8.5 Jahre durchschnittliche Amtszeit).

Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2022/12/01 21:24
Aktienkurs zum Tagesende2022/11/30 00:00
Gewinne2022/09/30
Jährliche Einnahmen2021/12/31

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

Analysemodell und Schneeflocke

Einzelheiten zu dem Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite. Außerdem bieten wir Leitfäden zur Verwendung unserer Berichte und Tutorials auf YouTube an.

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Analysten-Quellen

PBF Logistics LP wird von 8 Analysten beobachtet. 1 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
Yim ChengBarclays
Brian ZarahnBarclays
Timm SchneiderCitigroup Inc