Control Empresarial de Capitales S.A. de C.V., a significant shareholder in PBF Energy Inc. (NYSE:PBF), has acquired an additional 300,000 Class A Common Shares. The shares were purchased at prices ranging from $30.61 to $30.9896 per share, totaling approximately $9.25 million. The purchase comes as PBF Energy, currently valued at $3.57 billion, trades near its 52-week low of $27.94, while offering a 3.57% dividend yield. This acquisition increases Control Empresarial's holdings to 27,863,498 shares, representing about 24.2% of PBF Energy's outstanding Class A shares. The purchase was executed on December 4, 2024, according to a recent SEC filing. InvestingPro analysis reveals this insider buying aligns with management's aggressive share repurchase strategy, with additional insights available through 10+ exclusive ProTips and comprehensive financial metrics.
In other recent news, PBF Energy experienced a challenging third quarter in 2024, with earnings falling short of expectations due to weaker refining margins. The company reported an adjusted net loss of $1.50 per share and an adjusted EBITDA loss of $60.1 million. Despite these difficulties, PBF Energy announced a 10% increase in its dividend to $0.275 per share, signaling confidence in its financial stability and a positive outlook for the refining market in 2025.
Mizuho (NYSE:MFG) Securities has adjusted its stance on PBF Energy, reducing the company's stock price target from $36 to $33, while maintaining a neutral rating. Mizuho's revised target is based on a net asset value approach, reflecting a cautious perspective on the refining industry's near to medium-term prospects.
In addition to these developments, PBF Energy has been exploring asset monetization opportunities, including excess real estate in Delaware, and is targeting $200 million in run rate cash savings by the end of 2025. The company anticipates capital expenditures for 2025 to be between $750 million to $800 million. Despite a $29 million loss from its equity investment in St. Bernard Renewables, PBF Energy remains strategically positioned for growth and is optimistic for improved capture rates in the future.
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