Over $28M Bet On This Energy Stock? Check Out These 3 Stocks Insiders Are Buying

Author: Avi Kapoor | June 20, 2024 10:32am

Although U.S. stocks closed higher on Tuesday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company’s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga’s insider transactions platform.

PBF Energy

The Trade: PBF Energy Inc. (NYSE:PBF) 10% owner Control Empresarial de Capitales S.A. de C.V. acquired a total of 638,000 shares at an average price of $44.10. To acquire these shares, it cost around $28.13 million.
What's Happening: PBF Energy is expected to release its earnings results for the second quarter on Thursday, August 1.
What PBF Energy Does: PBF Energy Inc is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States.

Fresh Del Monte Produce

The Trade: Fresh Del Monte Produce Inc. (NYSE:FDP) SVP, CHRO Marissa R Tenazas acquired a total of 2,000 shares at an average price of $21.85. To acquire these shares, it cost around $43,694.
What's Happening: On May 2, Fresh Del Monte Produce posted downbeat quarterly earnings.
What Fresh Del Monte Produce Does: Fresh Del Monte Produce Inc is an integrated producer, marketer & distributor of fresh-cut fruit & vegetables.

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AMREP

The Trade: AMREP Corporation (NYSE:AXR) 10% owner James H Dahl bought a total of 10,000 shares at an average price of $18.88. To acquire these shares, it cost around $188,792.
What's Happening: On March 8, AMREP reported earnings of 2 cents per share for its 2024 fiscal third quarter, versus year-ago earnings of $3.12 per share.
What AMREP Does: Amrep Corp through its subsidiaries is engaged in the Real estate business.

CSP

The Trade: CSP Inc. (NASDAQ:CSPI) Director Joseph R Nerges bought a total of 5,264 shares at an average price of $13.97. The insider spent around $73,548 to buy those shares.
What's Happening: On May 8, CSP reported an increase in EPS for the second quarter.
What CSP Does: CSP Inc along with its subsidiaries develops and markets IT integration solutions, security products, managed IT services, cloud services, purpose-built network adapters, and high-performance cluster computer systems.

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Posted In: AXR CSPI FDP PBF