PBF Energy Inc. (NYSE:PBF) Attracts $650,000 Stock Position from International Assets Investment Management LLC

2 min read | November 06, 2024 02:49 AM PST | By Team Kalkine Media

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PBF Energy Inc. (NYSE:PBF) Attracts $650,000 Stock Position from International Assets Investment Management LLC — Image source: Shutterstock

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Highlights:

International Assets Investment Management LLC increased its position in PBF Energy by over 500% in Q3 2024.

Insider Control Empresarial De Capital acquired 150,000 shares of PBF Energy, signaling confidence in the company’s prospects.

PBF Energy recently declared a quarterly dividend increase, further strengthening its shareholder returns.

PBF Energy Inc. (NYSE:PBF) has seen notable movements in its institutional ownership, particularly with International Assets Investment Management LLC, which grew its position by 539.7% in the third quarter of 2024. The firm now holds 20,118 shares of the oil and gas company, which were valued at approximately $650,000 at the close of the quarter. This significant increase in holdings is part of a broader trend of institutional investors adjusting their positions in PBF Energy. For example, Janus Henderson Group PLC and SG Americas Securities LLC also boosted their stakes during the first quarter, reflecting growing interest in the company. Currently, institutional investors own nearly 96% of the company’s stock.

In a related development, insider Control Empresarial De Capital acquired 150,000 shares of PBF Energy in a transaction completed on November 1, 2024. This move, valued at $4.3 million, increased the insider’s stake in the company to over 26 million shares. The purchase of such a large quantity of shares is often seen as a positive signal regarding the company’s future performance and is likely to instill confidence among other stakeholders.

PBF Energy also announced an increase in its quarterly dividend, further enhancing its appeal to shareholders. The company declared a dividend of $0.275 per share, payable on November 27, 2024, to stockholders of record on November 13, 2024. This represents an increase from the previous dividend of $0.25 per share. The rise in the dividend reflects the company’s commitment to providing value to its shareholders while navigating the challenges in the oil and gas sector.

These developments come amid a mixed performance for PBF Energy, with the company reporting a decline in quarterly earnings and revenue in its most recent earnings report. However, the company’s efforts to strengthen institutional backing and shareholder returns demonstrate a focus on long-term stability and growth.

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