Control Empresarial de Capitales S.A. de C.V. has made a significant investment in PBF Energy Inc. (NYSE:PBF), purchasing shares valued at a total of approximately $12.6 million. The transactions, which took place on June 3rd and 4th, saw the acquisition of PBF Energy shares at prices ranging from $44.9633 to $45.2659.
The company, known for its strategic holdings and investments, acquired 84,000 shares at an average price of $44.9633 on the first day and followed up with an additional purchase of 195,000 shares at an average price of $45.2659 the next day. These transactions are noteworthy as they represent a significant addition to Control Empresarial de Capitales' investment portfolio, with the company now owning a total of 14,624,198 shares of PBF Energy.
PBF Energy Inc., a petroleum refining company, has seen interest from various investors, and this latest move by Control Empresarial de Capitales underscores the confidence in the company's performance and potential.
Investors and market watchers may find the details of these transactions particularly interesting, as they provide insight into the investment strategies of significant shareholders. Control Empresarial de Capitales' acquisition aligns with its status as a ten percent owner of PBF Energy, as indicated in the SEC filing.
It is important to note that the Slim Family, who are beneficiaries of a Mexican trust that owns all of the issued and outstanding voting equity securities of Control Empresarial, may also be deemed to indirectly beneficially own the Class A Common Shares held by Control Empresarial. This connection adds another layer of interest to the transactions, highlighting the influence and reach of the Slim Family in the business world.
The reported transactions are part of the continuous disclosure requirements for insiders and major shareholders, providing transparency and up-to-date information to the market. With these latest purchases, both Control Empresarial de Capitales and the Slim Family further solidify their positions as significant stakeholders in PBF Energy Inc.
In other recent news, PBF Energy Inc. has been the subject of several analyst reviews and has reported its financial results for the first quarter of 2024. Piper Sandler adjusted its stance on PBF Energy, reducing the stock's price target to $54 from $61, while maintaining a Neutral rating. The firm noted regional trends, particularly in West Coast margins, as a significant factor in its analysis. TD Cowen also revised its outlook on PBF Energy, reducing the stock's price target from $54.00 to $45.00, while keeping a Hold rating. The firm cited an unexpected decline in refining margins in April as a reason for the adjustment.
PBF Energy disclosed its Q1 2024 financial outcomes, reporting an adjusted net income of $0.85 per share and adjusted EBITDA of $301.5 million. The company also returned $155 million to shareholders through dividends and share repurchases, while maintaining a net cash position of over $1.4 billion. Despite operational challenges, including turnarounds at two of its refineries and a soft market, PBF Energy remains optimistic about the future. The company is not pursuing any large growth projects and is focusing on delivering strong returns to shareholders. These recent developments provide investors with a snapshot of PBF Energy's financial performance and analyst evaluations.
InvestingPro Insights
In light of Control Empresarial de Capitales S.A. de C.V.'s substantial investment in PBF Energy Inc. (NYSE:PBF), recent data from InvestingPro provides additional context for investors considering the company's stock. As of the latest metrics, PBF Energy boasts a market capitalization of $5.47 billion, reflecting its standing in the sector. The company's P/E ratio, a key indicator of its valuation, stands attractively at 2.98, suggesting that PBF Energy's shares may be undervalued compared to earnings.
Reflecting on the company's financial health, PBF Energy's liquid assets surpass short-term obligations, which is reassuring for investors concerned about near-term liquidity. Additionally, PBF Energy is operating with a moderate level of debt, which balances financial flexibility with risk. In terms of profitability, analysts predict PBF Energy will be profitable this year, and it has been profitable over the last twelve months, indicating a solid track record amidst a challenging economic environment.
However, not all indicators are positive. PBF Energy has been grappling with weak gross profit margins, which stood at 6.9% over the last twelve months as of Q1 2024. Moreover, six analysts have revised their earnings estimates downwards for the upcoming period, suggesting potential headwinds for the company's financial performance.
Investors seeking a deeper dive into PBF Energy's prospects can find additional insights with InvestingPro. There are currently 9 additional InvestingPro Tips available, which provide a comprehensive analysis of the company's financial and operational metrics. For those interested in accessing these tips, InvestingPro offers a special promotion: use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The recent investments by Control Empresarial de Capitales S.A. de C.V. and the associated interest from the Slim Family are significant, but it's crucial for investors to consider the full picture. With the insights provided by InvestingPro, stakeholders can make more informed decisions regarding PBF Energy's stock.
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