Keep an eye on rebounding shares of PBF Energy (PBF).
After bouncing from triple bottom support, it’s now up to $46.05.
From here, if it can break above prior resistance around $48, it could test $51 shortly after. Helping, Mexican billionaire Carlos Slim’s family’s firm, Control Empresarial de Capitales just paid $75 million for 1.8 million more shares of PBF. With that, the firm now owns a total stake of 11.7% in PBF. All as Slim and his family load up on stocks that had lackluster performances in 2023, as noted by Barron’s.
In addition, analysts at Mizuho upgraded PBF to a buy rating, with a $52 price target. The stock was also added to Wells Fargo’s Q1 2024 Tactical Ideas List, with an overweight rating, and a price target of $63 a share. PBF also yields about 2.17% at the moment.