Control Empresarial de Capitales SA de CV, a significant shareholder in PBF Energy Inc. (NYSE: ), acquired an additional 300,000 shares of Class A common stock. The shares were purchased at prices ranging from $30.61 to $30.9896 per share, for a total of approximately $9.25 million. The purchase comes as PBF Energy, currently valued at $3.57 billion, is trading near a 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 approximately 24.2% of PBF Energy’s remaining class A shares. The purchase was completed on December 4, 2024, according to a recent SEC filing. InvestingPro analysis reveals that this insider purchase aligns with management’s aggressive share buyback strategy, with additional insights available through 10+ exclusive ProTips and comprehensive financial metrics.
In other recent news, PBF Energy experienced a challenging third quarter of 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 refinery market in 2025.
Mizuho (NYSE: ) Securities adjusted its stance on PBF Energy, cutting its price target on the company’s stock to $33 from $36, while maintaining a neutral rating. Mizuho’s revised target is based on a net asset value approach, reflecting a cautious outlook on the refinery’s near-to-medium-term prospects.
Along with these developments, PBF Energy is exploring opportunities to monetize assets, including excess properties in Delaware, and is targeting cash savings of $200 million by the end of 2025. The company anticipates 2025 capital expenditures to be between $750 million to $800 million. Despite losing $29 million on his investment in St. Bernard Renewables, PBF Energy remains strategically positioned for growth and is optimistic about improved uptake rates going forward.
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