My understanding is that there is dilution because the shares sold were owned by Blackstone and one other investing company and were sold by them. The question you need to ask is that if this stock is a good long term investment if Blackstone wants to get out at $28 per share. I think that most people buy this stock are buying Mr. Tom O's majic touch. It worked in the past and hope it works again with PBF.
I dont follow this company. A friend from college who works at a bank asked me to quickly analyze it, I saw new shares with no proceeds to the company. -9.00/share eps last year. Operating problems at refineries for past 2 years. So please dont get me wrong, I am just trying to understand what the hell is going on here. how are they paying a 4% dividend with negative earnings?