Control Empresarial de Capitales S.A. de C.V., a significant stakeholder, has recently increased its holdings in PBF Energy Inc. (NYSE:PBF) through two separate transactions. The purchases come as PBF's stock has declined 8.48% over the past week, trading near its 52-week low of $27.68. On December 13, the company acquired 100,000 shares at a weighted average price of $29.132 per share. The shares were purchased in multiple transactions at prices ranging from $29.0599 to $29.20. Subsequently, on December 16, Control Empresarial purchased an additional 88,000 shares at a weighted average price of $27.7723 per share, with transaction prices ranging from $27.68 to $27.90.
These acquisitions amount to a total investment of approximately $5.36 million, reflecting Control Empresarial's continued confidence in PBF Energy. Following these transactions, Control Empresarial holds a total of 28,473,498 Class A common shares, representing about 24.7% of the company's outstanding shares.
In other recent news, PBF Energy has experienced significant developments. Mizuho (NYSE:MFG) Securities recently downgraded PBF Energy from Neutral to Underperform, citing expectations of weaker refining margins. The company also reported a challenging third quarter in 2024 with a notable adjusted net loss of $1.50 per share and an adjusted EBITDA loss of $60.1 million. Despite these losses, PBF Energy expressed financial stability by announcing a 10% increase in its dividend.
In addition to these financial updates, PBF Energy has also announced changes in executive compensation, including long-term incentive awards for their named executive officers. These awards include restricted shares of Class A common stock, performance share units, and performance units with payouts contingent on the company's total shareholder return rankings relative to its peers from January 1, 2025, through December 31, 2027.
Lastly, PBF Energy is targeting $200 million in run rate cash savings by the end of 2025 and anticipates capital expenditures for 2025 to be between $750 million to $800 million. These recent developments highlight the ongoing strategic and financial adjustments within PBF Energy.
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