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One energy player that insiders are snapping up a decent amount of stock in here is
PBF Energy (
PBF), an independent petroleum refiners and suppliers of unbranded transportation fuels, heating oils, petrochemical feedstocks, lubricants and other petroleum products in the U.S. Insiders are buying this stock into notable weakness, since shares are off by 22% so far in 2013.
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PBF Energy has a market cap of $896 million and an enterprise value of $1.63 billion. This stock trades at a cheap valuation, with a forward price-to-earnings of 7.35. Its estimated growth rate for this year is -67.7%, and for next year it's pegged at 88.4%. This is not a cash-rich company, since the total cash position on its balance sheet is $69.23 million and its total debt is $815.96 million. This stock currently sports a dividend yield of 5.4%.
A director just
bought 10,000 shares, or about $226,000 worth of stock, at $22.50 per share.
From a technical perspective, PBF is currently trending above both its 50-day moving average, which is bullish. This stock has been trending sideways inside of a consolidation pattern for the last three months, with shares moving between $20.15 on the downside and $24.92 on the upside. Shares of PBF are now starting to bounce off its 50-day moving average of $22.44 a share and it's quickly moving within range of triggering a near-term breakout trade above the upper-end of its recent sideways trading chart pattern.
If you're bullish on PBF, then look for long-biased trades as long as this stock is trending above its 50-day at $22.44 or above more support at $21.89 to $20.59, and then once it breaks out above some near-term overhead resistance levels at $23.49 to $24.92 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 1.11 million shares. If that breakout hits, then PBF will set up to re-test or possibly take out its next major overhead resistance levels at $26 to $28 a share.