One of PBF Energy’s (PBF) more-than-10% owners, Control Empresarial de Capitales S.A. de C.V., recently disclosed a huge purchase of the company’s shares, totaling $40.8 million. Investors should note that Control Empresarial de Capitales S.A. de C.V. is an investment firm.
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PBF Energy is a petroleum refining and supply company that provides various petroleum products in North America.
The Insider Remains Bullish on PBF Stock
According to the SEC filing, the firm bought 1,257,800 shares of the company on September 5 and September 6. Before this, the insider had purchased another 1.2 million shares on September 3 and September 4 for about $40.2 million.
Following the latest transaction, the total number of PBF Energy shares owned by the insider amounted to 21,087,398.
As per the data collected by TipRanks, Control Empresarial de Capitales has witnessed a 57% success rate on its trades in the past three months. Further, the insider has generated an average return of 5.8% per transaction.
Positive Insider Trading Signal
Overall, corporate insiders have bought PBF Energy stock worth $242.2 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in the stock is currently Positive.
Investors may benefit from keeping an eye on transactions made by key insiders, as these transactions typically reflect their confidence in the company’s prospects. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is PBF Stock a Good Buy?
Recently, analyst Matthew Blair from Tudor Pickering downgraded the rating on PBF Energy to Sell from Hold and lowered the price target to $26 (implying 18.7% downside potential) from $38. (To watch Blair’s track record, click here.)
Turning to Wall Street, PBF has a Hold consensus rating based on two Buys, seven Holds, and one Sell assigned in the last three months. At $44.38, the average PBF Energy price target implies 38.82% upside potential. Shares of the company have declined about 26% year-to-date.
