|Bid||20.90 x 800|
|Ask||21.68 x 800|
|Day's Range||20.95 - 21.76|
|52 Week Range||19.17 - 23.69|
|Beta (3Y Monthly)||0.40|
|PE Ratio (TTM)||13.24|
|Forward Dividend & Yield||2.03 (9.50%)|
|1y Target Est||N/A|
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of PBF Logistics LP and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
The divestment of a stake in the Longhorn pipeline could fetch Magellan Midstream Partners (MMP) as much as $2 billion and help the firm to reduce debt.
MLPs and Midstream Stocks Rose Last Week(Continued from Prior Part)Rating updatesOn February 11, Stifel cut its rating for Phillips 66 Partners (PSXP) from “buy” to “hold.” However, Stifel raised its target price for the stock from $50 to
Maersk, the largest container ship and supply vessel operator in the world, is continuing its preparations to meet new low sulfur fuel regulations following a deal with New Jersey-based PBF Logistics LP to supply the fuel to Maersk Oil Trading, a subsidiary of AP Moeller-Maersk. Maersk has opted out of fitting scrubbers to most of its fleet, meaning that it needs to secure low sulfur fuel supplies globally for its vessels to comply with the new regulation. As a result, Maersk has embarked on a series of strategic agreements with fuel storage and supply companies that will ensure its fleet is able to operate legally after the January 2020 implementation of IMO 2020.
Moody's Investors Service ("Moody's") changed PBF Holding Company LLC's (PBF) outlook to positive from stable. Moody's also affirmed its Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating and SGL-3 short term liquidity rating. At the same time, Moody's affirmed PBF Logistics LP's (PBFX) B1 CFR, B1-PD Probability of Default Rating and SGL-2 short term liquidity rating.
Several midstream companies are joining forces in hopes that it improves their odds of locking up a new growth project.
Houston-based Phillips 66 Partners LP (NYSE: PSXP) and two other companies have formed a joint venture for a new pipeline system in Louisiana. Phillips 66 Partners — a master limited partnership under Phillips 66 (NYSE: PSX), which is Houston’s largest publicly traded company by revenue — reached an agreement with Houston-based Harvest Midstream Co.