Control Empresarial de Capitales S.A. de C.V., a significant shareholder of PBF Energy Inc. (NYSE:PBF), has recently increased its stake in the company. According to a filing with the Securities and Exchange Commission, Control Empresarial purchased 100,000 shares of PBF Energy's Class A Common Stock on January 22, 2025. The shares were acquired at an average price of $29.60 per share, with transaction prices ranging from $29.51 to $29.70. This acquisition represents a total investment of approximately $2.96 million. InvestingPro data shows management has been actively buying back shares, with the company maintaining a moderate debt level and a "GOOD" overall financial health score.
Following this transaction, Control Empresarial holds a total of 29,084,998 shares in PBF Energy, maintaining its position as a key stakeholder with roughly 25.3% ownership of the company's outstanding Class A Common Shares. The Slim Family, who are beneficiaries of a Mexican trust that owns all issued voting equity securities of Control Empresarial, may also be deemed to indirectly own these shares. With PBF Energy's next earnings report due on February 13, 2025, InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report for deeper analysis of the company's fundamentals.
In other recent news, PBF Energy has been the subject of several analyst revisions and forecasts. Citi analysts have lowered their price target for the company from $37 to $32, citing challenges in the refining sector and an anticipated decrease in share repurchases. 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.
In terms of financial performance, PBF Energy 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, the company announced a 10% increase in its dividend, indicating confidence in its financial stability.
In addition to these developments, PBF Energy 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. The company also 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.
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