Around $54M Bet On This Energy Stock? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed lower on Wednesday, 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 Control Empresarial de Capitales S.A. de C.V. acquired a total of 1,256,000 shares an average price of $42.77. To acquire these shares, it cost around $53.71 million.
• What’s Happening: Piper Sandler analyst Ryan Todd, last week, downgraded PBF Energy from Overweight to Neutral and lowers the price target from $65 to $50.
• 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.

Worthington Steel

• The Trade: Worthington Steel, Inc. WS Director Charles M Chiappone acquired a total of 1,850 shares at an average price of $28.08. To acquire these shares, it cost around $51,954.
• What’s Happening: Worthington Steel, during December, posted a narrower quarterly loss.
• What Worthington Steel Does: Worthington Steel Inc is one of North America's premier value-added steel processors with the ability to provide a diversified range of products and services that span a variety of end markets.

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NB Bancorp

• The Trade: NB Bancorp, Inc. NBBK Director Paul Ayoub bought a total of 10,070 shares at an average price of $13.89. To acquire these shares, it cost around $139,873.
• What’s Happening: The company’s stock gained around 3% year-to-date.
• What NB Bancorp Does: NB Bancorp Inc operates as the holding company of Needham Bank.

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