PBF Energy (NYSE:PBF) stock has recently witnessed huge insider buying. It is worth mentioning that PBF stock’s price has declined by 22% in the past three months, and one of PBF’s more-than-10% owners, Carso De-C Inmobiliaria, is using this opportunity to buy the stock. PBF Energy is a petroleum refining and supply company that provides various petroleum products in North America.
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As per the latest SEC filing, Carso De-C Inmobiliaria, an investment firm, bought 565,500 shares of the company on June 18 and June 20, for a total value of $24.69 million. Interestingly, the insider has already bought the company’s shares worth $100.3 million so far in June.
Bullish Insider Trading Signal
Overall, corporate insiders have bought PBF Energy stock worth $94.1 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.
Investor Sentiment for PBF Stock Is Currently Positive
Similar to the insider’s bullish stance toward PBF stock, the sentiment among TipRanks investors is currently Very Positive.
Based on the 741,889 portfolios tracked by TipRanks, 3.8% of portfolios have increased their holding of PBF stock in the last seven days. Furthermore, in the last 30 days, 2.3% of those holding the stock increased their positions.
In addition, the average portfolio weighting allocated towards PBF Energy among those who do have a position is 3.8%. This suggests that investors in the company are fairly confident about its future.
Is PBF Energy a Good Buy?
Overall, PBF has a Moderate Buy consensus rating on TipRanks based on two Buy and five Hold recommendations. The analysts’ average price target on PBF Energy stock of $54.29 implies a 24.06% upside potential.
