The Catsimatidis group continues to accumulate shares at a price near $4.07, well below the 52-week range implied by the 10-K market cap of ~$63.9M. The lack of new demands suggests a patient, value-oriented approach rather than an immediate push for a sale or board change. Monitor the next quarterly filing for any escalation in activist activity or strategic review.
Price Chart
Executive Summary
The Catsimatidis group (Red Apple Group, United Acquisition, United Refining, John A. Catsimatidis Jr., and John A. Catsimatidis) filed Amendment No. 1 to their Schedule 13D, reporting an open-market purchase of 449,500 shares at $4.07 per share on October 15, 2026. This increases their total beneficial ownership to 2,635,385 shares, or approximately 7.8% of the outstanding common stock, up from a prior stake that was below 7.8%. The filing does not disclose any new demands or changes in purpose, indicating continued accumulation without escalation.
Key Financial Metrics
Key Facts
- The Catsimatidis group purchased 449,500 shares on October 15, 2026 at a weighted average price of $4.07 per share.
- Total beneficial ownership increased to 2,635,385 shares, representing approximately 7.8% of outstanding shares.
- The aggregate purchase price for all 2,635,385 shares is approximately $13,216,097.15, including brokerage commissions.
- No new demands, strategic review requests, or changes in purpose were disclosed in this amendment.
- The stake was calculated based on 33,615,293 shares outstanding as of July 31, 2026.
Financial Impact
The group spent approximately $1,829,465 on the 449,500-share purchase at $4.07/share, increasing its stake from a prior level (not disclosed) to 7.8%.
Risk Factors
- The group's purpose remains unchanged from the original 13D, which may not include demands for a sale or operational changes.
- The company's market cap is small (~$63.9M as of June 30, 2025, making it a small-cap with limited liquidity.
- The purchase was made by United Refining, an operating company in the petroleum refining business, which may not have deep activist experience.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001104659-26-116935 |
| Document: 0001104659-26-116935-index-headers.html | 0001104659-26-116935 |
| Document: 0001104659-26-116935-index.html | 0001104659-26-116935 |
| Document: 0001104659-26-116935.txt | 0001104659-26-116935 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | SC 13D/A | $4.30 $4.31 | ▲ +0.23% | ▼ −0.29% | $4.60 (+6.98%) |
Sep 2, 2026 7w ago | 8-K | $4.60 $4.85 | ▲ +5.43% | ▲ +4.39% | $4.60 (−0.00%) |
Aug 15, 2026 10w ago | Institutional Cluster | $4.95 $4.99 | ▲ +0.81% | ▲ +1.48% | $4.60 (−7.07%) |
May 12, 2026 23w ago | 8-K | $4.46 $4.55 | ▲ +2.02% | ▲ +1.44% | $4.60 (+3.14%) |
Mar 27, 2026 30w ago | DEFA14A | $5.37 $5.50 | ▲ +2.42% | ▼ −0.47% | $4.60 (−14.34%) |
Feb 27, 2026 34w ago | 8-K | $4.81 $5.33 | ▲ +10.81% | ▲ +10.76% | $4.60 (−4.37%) |
US Market Status
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