Control Empresarial de Capitales S.A. de C.V., a major shareholder of PBF Energy Inc. (NYSE:PBF), has purchased 100,000 shares of the company's Class A common stock. The shares were acquired at an average price of $28.62, resulting in a total transaction value of approximately $2.86 million. The stock currently trades at $30.48, showing a 15.75% gain over the past week. According to InvestingPro analysis, the company maintains a "GOOD" overall financial health score.
The acquisition increases Control Empresarial's holdings in PBF Energy to 28,984,998 shares. This transaction reflects the ongoing investment activities of Control Empresarial, which is linked to the Slim Family, a prominent group of investors in Mexico. The purchase was executed on January 14, 2025, as disclosed in the recent SEC filing.
Control Empresarial's purchase of PBF Energy shares underscores its significant stake in the company, representing approximately 25.2% of the total outstanding Class A common shares.
In other recent news, PBF Energy has experienced several significant developments. Citi analysts have revised their price target for the company, reducing it from $37.00 to $32.00 due to anticipated challenges in the refining sector. Similarly, Mizuho (NYSE:MFG) Securities downgraded PBF Energy's stock from Neutral to Underperform, lowering the price target from $33 to $31 due to expected weaker refining margins. TD Cowen also downgraded PBF Energy from a Hold to a Sell status, reducing the price target from $27.00 to $20.00, citing challenges from West Coast renewable diesel imports and weak light/heavy differentials.
The company reported an adjusted net loss of $1.50 per share and an adjusted EBITDA loss of $60.1 million for the third quarter of 2024. Despite these losses, PBF Energy announced a 10% increase in its dividend, demonstrating confidence in its financial stability. The company also disclosed new compensatory arrangements for its executive officers as part of its long-term incentive plan, which includes a mix of restricted stock, performance share units, and performance units.
Furthermore, PBF Energy revealed plans for capital expenditures for 2025 to be between $750 million to $800 million and is targeting $200 million in run rate cash savings by the end of 2025. These recent developments highlight the ongoing changes within PBF Energy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.