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Control empresarial buys $9.25 million in PBF Energy shares

Published 06/12/2024, 02:00 pm
PBF
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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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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