Jpmorgan Chase & Co. is Buying Pbf Energy Inc. (NYSE:PBF) Shares

In a just published Form 13, filed with the US Securities and Exchange Commission (SEC),...
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In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Pbf Energy Inc. (NYSE:PBF) reported that Jpmorgan Chase & Co. has picked up 10,932,054 of common stock as of 2017-03-07.

The acquisition brings the aggregate amount owned by Jpmorgan Chase & Co. to a total of 10,932,054 representing a 10.0% stake in the company.

For those not familiar with the company, PBF Energy Inc. (PBF Energy) is a holding company. The Company is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company operates through two segments: Refining and Logistics. The Refining segment produces a range of products at each of its refineries, including gasoline, ultra-low-sulfur diesel (ULSD), heating oil, jet fuel, lubricants, petrochemicals and asphalt. The Logistics segment includes PBF Logistics LP (PBFX), which engages in the receiving, handling and transferring of crude oil and the receipt, storage and delivery of crude oil, refined products and intermediates. It sells its products throughout the Northeast, Midwest and Gulf Coast of the United States, as well as in other regions of the United States and Canada, and ships products to other international destinations.

A glance at Pbf Energy Inc. (NYSE:PBF)’s key stats reveals a current market capitalization of 2.36 billion based on 109.28 Million shares outstanding and a price at last close of $22.07 per share.

Looking at insider activity, there are a few transactions worth noting.

Specifically, on 2016-09-09, Nimbley picked up 50,000 at a purchase price of $21.84. This brings their total holding to 160,000 as of the date of the filing.

On the sell side, the most recent transaction saw First unload 2,114,359 shares at a sale price of $29.75. This brings their total holding to 0.

It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Pbf Energy Inc. (NYSE:PBF) as things move forward to see if its progress aligns with these transactions.

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