Senior Vice President of PBF Energy Inc. (NYSE:PBF), Thomas L. O'Connor, has sold a significant portion of his company stock, according to a recent SEC filing. On March 19, 2024, O'Connor completed multiple transactions, resulting in the sale of 40,000 shares at prices ranging from $55.65 to $56.01, totaling over $2.2 million.
The transactions included the exercise of options to purchase 40,000 shares of Class A Common Stock at a price of $30.89 per share, amounting to $1,235,600. Following the exercise of these options, O'Connor immediately sold 10,000 shares at $56.01 each, 20,000 shares at $55.90, and another 10,000 shares at $55.65. The total proceeds from these sales amounted to approximately $2,234,600.
After these transactions, Thomas O'Connor's direct ownership in PBF Energy Inc. stands at 160,338 shares of Class A Common Stock. The options exercised by O'Connor were part of an employee stock option grant provided on October 27, 2015, which are now fully vested.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. These recent sales by a high-ranking officer of PBF Energy Inc. may be of particular interest to current and potential shareholders.
InvestingPro Insights
In light of the recent insider transactions by PBF Energy Inc.'s Senior Vice President, Thomas L. O'Connor, investors may be looking for additional context to assess the company's performance and stock valuation. Here are some InvestingPro Insights that can provide a deeper understanding of the company's current financial health and market position:
InvestingPro Data metrics reveal that PBF Energy Inc. has a market capitalization of $6.84 billion and is trading at a low price-to-earnings (P/E) ratio of 3.31, which is even more conservative when adjusted for the last twelve months as of Q4 2023, standing at 5.02. This suggests that the stock may be undervalued relative to its earnings power. Additionally, the company's gross profit margin for the same period is 7.72%, indicating the percentage of revenue that exceeds the cost of goods sold.
An InvestingPro Tip worth noting is that the management of PBF has been aggressively buying back shares, which could be a sign of confidence in the company's future and a potential catalyst for stock price appreciation. Another key point is that PBF Energy is trading at a low revenue valuation multiple, which, combined with a high shareholder yield, may appeal to value investors seeking companies with potential for capital returns.
For those interested in further analysis, there are 13 additional InvestingPro Tips available at InvestingPro, including insights on the company's profitability, debt levels, and analyst predictions. These tips can help investors make more informed decisions, and by using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights.
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