Over $30M Bet On This Energy Stock? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed mixed 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. PBF 10% owner Empresarial de Capitales S.A. de C.V. acquired a total of 700,000 shares at an average price of $44.04. To acquire these shares, it cost around $30.83 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.

Citi Trends

• The Trade: Citi Trends, Inc. CTRN 10% owner Pleasant Lake Partners LLC acquired a total of 97,000 shares at an average price of $21.29. To acquire these shares, it cost around $2.07 million.
• What's Happening: On June 5, Craig-Hallum analyst Jeremy Hamblin maintained Citi Trends  with a Hold and lowered the price target from $27 to $25.
• What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.

ProKidney

• The Trade: ProKidney Corp. PROK 10% owner Control Empresarial de Capitales S.A. de C.V. bought a total of 8,264,462 shares at an average price of $2.42. To acquire these shares, it cost around $20 million.
• What's Happening: On June 11, ProKidney announced the pricing of its upsized $130 million public offering of class A ordinary shares and concurrent registered direct offering
• What ProKidney Does: ProKidney Corp is a clinical-stage biotechnology company with a transformative proprietary cell therapy platform capable of treating multiple chronic kidney diseases using a patient’s own cells isolated from the patient intended for treatment.

Read More: Wall Street’s Most Accurate Analysts Weigh In On 3 Energy Stocks With Over 6% Dividend Yields