Venezuela Raid Does Not Guarantee Success for Elliott Management's Citgo Acquisition Attempt
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 07 2026
0mins
Source: Barron's
Elliott Management's Gain: The ousting of Venezuelan President Nicolás Maduro is viewed as a potential financial benefit for Elliott Management, a hedge fund firm.
Citgo Petroleum Acquisition: Elliott Management recently secured a court auction for Citgo Petroleum, a refinery owned by Venezuela, which is expected to enhance its operations.
Impact on Oil Flow: The removal of sanctions on Venezuela's oil could lead to increased production, benefiting refineries like Citgo that are equipped to process heavy crude.
Market Implications: The situation suggests a shift in the oil market dynamics, with potential implications for both investors and the broader energy sector.
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Analyst Views on PBF
Wall Street analysts forecast PBF stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for PBF is 32.22 USD with a low forecast of 23.00 USD and a high forecast of 42.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
9 Analyst Rating
2 Buy
5 Hold
2 Sell
Hold
Current: 34.490
Low
23.00
Averages
32.22
High
42.00
Current: 34.490
Low
23.00
Averages
32.22
High
42.00
About PBF
PBF Energy Inc. is an independent refiner in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. The Company operates as a refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products. It operates through two segments: Refining and Logistics. The Refining segment includes the operations of its oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP, an indirect wholly owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities, and similar logistics assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Control Empresarial Sells 49,000 Shares of PBF Energy
- Transaction Scale Analysis: Control Empresarial de Capitales S.A. de C.V. executed open-market sales of 49,000 shares of PBF Energy on January 21 and 22, 2026, totaling approximately $1.63 million, indicating that this sale aligns with its historical selling patterns, suggesting a typical transaction.
- Ownership Proportion Change: This sale represented 0.16% of the insider's direct holdings, leaving over 30.3 million shares post-transaction, demonstrating significant remaining capacity and a strong position within the company.
- Company Financial Status: PBF Energy faced a challenging year in 2025 with a net loss of $526.3 million, compounded by the explosion at its Martinez refinery, which has not operated at full capacity, with full operations now pushed to March 2026, impacting overall performance.
- Investor Considerations: Given the high operating costs and the overall downturn in the refining market, investors may opt to wait for the upcoming Q4 2025 fiscal report to assess the company's future performance and potential risks before making purchasing decisions.
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Control Empresarial Sells 49,000 Insider Shares Worth Over $1 Million
- Insider Trading Overview: Control Empresarial de Capitales S.A. de C.V. sold 49,000 shares over two days on January 21 and 22, 2026, worth over $1 million, reducing its direct holdings by 0.16% to 30,358,498 shares.
- Transaction Details: The average sale price was $33.63 per share, while the market close on January 22, 2026, was $33.00, indicating a lack of investor confidence that may affect future purchasing decisions.
- Operational Challenges: PBF Energy faced a tough year in 2025, particularly due to an explosion at its Martinez, California refinery, which has not operated at full capacity and is expected to resume operations by March 2026, impacting overall production capabilities.
- Poor Financial Outlook: PBF Energy plans to spend around $600 million on maintenance and turnarounds across its refineries, and with the overall refinery market struggling, it is on track to report a net loss for the second consecutive year, prompting investors to be cautious ahead of the upcoming Q4 2025 fiscal report.
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Performance Shipping Inc. Secures $31,000/Day Charter with PBF Holding for Three Years
- Charter Agreement: Performance Shipping has entered into a three-year charter agreement with PBF Holding through a wholly-owned subsidiary, at a rate of $31,000 per day, expected to commence in mid-February, generating approximately $33 million in revenue, significantly enhancing the company's cash flow visibility.
- Revenue Growth: This charter will increase the company's fleetwide backlog to a record level of approximately $349 million, indicating success in stabilizing revenue and executing long-term strategies.
- Strategic Partnership: The collaboration with PBF Holding not only secures three years of stable income but also demonstrates the company's ability to forge new relationships with energy firms, further solidifying its market position.
- Future Outlook: The CEO emphasized a continued focus on medium to long-term charter strategies, highlighting the importance of staggered contract maturities to achieve steady revenues and renewal opportunities, which is expected to support future growth prospects.
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Hara Capital Acquires 173K Shares of Noble Corporation Worth $4.9 Million
- New Position Disclosure: Hara Capital LLC disclosed a new position in Noble Corporation by acquiring 173,597 shares valued at $4.9 million in Q4, marking it as the firm's sixth-largest equity investment and reflecting confidence in the company.
- Asset Allocation Shift: This acquisition positions Noble to account for 2.7% of Hara Capital's reportable 13F assets, highlighting its significance within the firm's total U.S. equity assets of $179.74 million.
- Market Performance Analysis: Despite Noble's stock price declining by 2.9% over the past year while the S&P 500 gained 18.8%, its 6.1% dividend yield continues to attract investor interest, indicating stable cash flow capabilities.
- Contract Growth Potential: Noble reported third-quarter revenue of $798 million, down 0.4% year-over-year; however, management noted new contracts signed, with a backlog reaching $7 billion, indicating strong future growth potential.
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Hara Capital Acquires 173,597 Shares of Noble Corporation Worth $4.9 Million
- Share Acquisition: Hara Capital acquired 173,597 shares of Noble Corporation during Q4, valued at $4.9 million, making it the firm's sixth-largest equity investment, indicating confidence in the company.
- Asset Proportion: This acquisition represents 2.7% of Hara Capital's reportable assets under management, highlighting Noble's significance within the investment portfolio.
- Performance Metrics: Despite a 2.9% decline in Noble's stock price over the past year, the company reported third-quarter revenue of $798 million, with management noting a backlog increase to $7 billion due to new contracts, suggesting future growth potential.
- Market Comparison: In contrast to the S&P 500's 18.8% gain during the same period, Noble's total shareholder return was only 3.2%, indicating underperformance that may affect investor confidence.
See More
Trump's Promises Fail to Attract Major Oil Companies to Venezuela
- Investment Intentions Decline: Treasury Secretary Scott Bessent noted that despite Trump's claims of nearly $100 billion in oil investments, major oil companies are showing a significant lack of interest in Venezuela, indicating a strategic shift in corporate boards that could impact future investment decisions.
- High Interest from Independents: Bessent mentioned that independent oil companies and wildcatters are eager to invest in Venezuela, although their smaller scale may not significantly influence overall oil supply, potentially leading to market imbalances.
- Upcoming Industry Meeting: Bessent's comments come ahead of a potential meeting between leaders of three major U.S. oil companies and Trump, highlighting the tension within the industry that could affect policy direction and investment confidence.
- Positive Market Reaction: Despite the decline in interest from major oil companies, stocks of related firms like Valero Energy and PBF Energy surged 17.20% and 17.64% respectively over the past week due to market sentiment shifts following U.S. military actions, indicating a pursuit of short-term opportunities.
See More
Control Empresarial Sells 49,000 Shares of PBF Energy
- Transaction Scale Analysis: Control Empresarial de Capitales S.A. de C.V. executed open-market sales of 49,000 shares of PBF Energy on January 21 and 22, 2026, totaling approximately $1.63 million, indicating that this sale aligns with its historical selling patterns, suggesting a typical transaction.
- Ownership Proportion Change: This sale represented 0.16% of the insider's direct holdings, leaving over 30.3 million shares post-transaction, demonstrating significant remaining capacity and a strong position within the company.
- Company Financial Status: PBF Energy faced a challenging year in 2025 with a net loss of $526.3 million, compounded by the explosion at its Martinez refinery, which has not operated at full capacity, with full operations now pushed to March 2026, impacting overall performance.
- Investor Considerations: Given the high operating costs and the overall downturn in the refining market, investors may opt to wait for the upcoming Q4 2025 fiscal report to assess the company's future performance and potential risks before making purchasing decisions.
See More
Control Empresarial Sells 49,000 Insider Shares Worth Over $1 Million
- Insider Trading Overview: Control Empresarial de Capitales S.A. de C.V. sold 49,000 shares over two days on January 21 and 22, 2026, worth over $1 million, reducing its direct holdings by 0.16% to 30,358,498 shares.
- Transaction Details: The average sale price was $33.63 per share, while the market close on January 22, 2026, was $33.00, indicating a lack of investor confidence that may affect future purchasing decisions.
- Operational Challenges: PBF Energy faced a tough year in 2025, particularly due to an explosion at its Martinez, California refinery, which has not operated at full capacity and is expected to resume operations by March 2026, impacting overall production capabilities.
- Poor Financial Outlook: PBF Energy plans to spend around $600 million on maintenance and turnarounds across its refineries, and with the overall refinery market struggling, it is on track to report a net loss for the second consecutive year, prompting investors to be cautious ahead of the upcoming Q4 2025 fiscal report.
See More
Performance Shipping Inc. Secures $31,000/Day Charter with PBF Holding for Three Years
- Charter Agreement: Performance Shipping has entered into a three-year charter agreement with PBF Holding through a wholly-owned subsidiary, at a rate of $31,000 per day, expected to commence in mid-February, generating approximately $33 million in revenue, significantly enhancing the company's cash flow visibility.
- Revenue Growth: This charter will increase the company's fleetwide backlog to a record level of approximately $349 million, indicating success in stabilizing revenue and executing long-term strategies.
- Strategic Partnership: The collaboration with PBF Holding not only secures three years of stable income but also demonstrates the company's ability to forge new relationships with energy firms, further solidifying its market position.
- Future Outlook: The CEO emphasized a continued focus on medium to long-term charter strategies, highlighting the importance of staggered contract maturities to achieve steady revenues and renewal opportunities, which is expected to support future growth prospects.
See More
Hara Capital Acquires 173K Shares of Noble Corporation Worth $4.9 Million
- New Position Disclosure: Hara Capital LLC disclosed a new position in Noble Corporation by acquiring 173,597 shares valued at $4.9 million in Q4, marking it as the firm's sixth-largest equity investment and reflecting confidence in the company.
- Asset Allocation Shift: This acquisition positions Noble to account for 2.7% of Hara Capital's reportable 13F assets, highlighting its significance within the firm's total U.S. equity assets of $179.74 million.
- Market Performance Analysis: Despite Noble's stock price declining by 2.9% over the past year while the S&P 500 gained 18.8%, its 6.1% dividend yield continues to attract investor interest, indicating stable cash flow capabilities.
- Contract Growth Potential: Noble reported third-quarter revenue of $798 million, down 0.4% year-over-year; however, management noted new contracts signed, with a backlog reaching $7 billion, indicating strong future growth potential.
See More
Hara Capital Acquires 173,597 Shares of Noble Corporation Worth $4.9 Million
- Share Acquisition: Hara Capital acquired 173,597 shares of Noble Corporation during Q4, valued at $4.9 million, making it the firm's sixth-largest equity investment, indicating confidence in the company.
- Asset Proportion: This acquisition represents 2.7% of Hara Capital's reportable assets under management, highlighting Noble's significance within the investment portfolio.
- Performance Metrics: Despite a 2.9% decline in Noble's stock price over the past year, the company reported third-quarter revenue of $798 million, with management noting a backlog increase to $7 billion due to new contracts, suggesting future growth potential.
- Market Comparison: In contrast to the S&P 500's 18.8% gain during the same period, Noble's total shareholder return was only 3.2%, indicating underperformance that may affect investor confidence.
See More
Trump's Promises Fail to Attract Major Oil Companies to Venezuela
- Investment Intentions Decline: Treasury Secretary Scott Bessent noted that despite Trump's claims of nearly $100 billion in oil investments, major oil companies are showing a significant lack of interest in Venezuela, indicating a strategic shift in corporate boards that could impact future investment decisions.
- High Interest from Independents: Bessent mentioned that independent oil companies and wildcatters are eager to invest in Venezuela, although their smaller scale may not significantly influence overall oil supply, potentially leading to market imbalances.
- Upcoming Industry Meeting: Bessent's comments come ahead of a potential meeting between leaders of three major U.S. oil companies and Trump, highlighting the tension within the industry that could affect policy direction and investment confidence.
- Positive Market Reaction: Despite the decline in interest from major oil companies, stocks of related firms like Valero Energy and PBF Energy surged 17.20% and 17.64% respectively over the past week due to market sentiment shifts following U.S. military actions, indicating a pursuit of short-term opportunities.
See More
