Control Empresarial de Capitales S.A. de C.V., a significant shareholder in PBF Energy Inc. (NYSE:PBF), recently acquired approximately $9.17 million worth of the company's Class A common shares. The purchase, reported in a regulatory filing, involved 341,500 shares bought at an average price of $26.8614 per share. According to InvestingPro data, this insider buying comes as the stock trades near its 52-week low of $25.43, with technical indicators suggesting oversold conditions. The shares were acquired in multiple transactions with prices ranging from $26.475 to $27.20. After this transaction, Control Empresarial holds nearly 28.8 million shares of PBF Energy, maintaining its position as a major stakeholder. The stock currently offers a 4.32% dividend yield, and InvestingPro analysis reveals 12 additional key insights about PBF Energy's valuation and growth prospects, available in the comprehensive Pro Research Report covering 1,400+ US equities.
In other recent news, PBF Energy has experienced several significant developments. The company's stock rating was downgraded from Hold to Sell by TD Cowen, which also reduced the price target from $27.00 to $20.00. This was influenced by PBF Energy's performance, producing the lowest refining results per barrel among its peers over the last 18 months. TD Cowen's analysis anticipates further difficulties for PBF Energy due to its substantial exposure to the West Coast market.
Similarly, Mizuho (NYSE:MFG) Securities downgraded PBF Energy's stock from Neutral to Underperform, citing expected weaker refining margins. The firm also revised its price target for PBF Energy, reducing it from $33 to $31. This revision comes in light of PBF Energy's recent financial performance, which showed a revenue decline of 12.8% over the last twelve months and weak gross profit margins of 1.75%.
Despite challenging financial results, PBF Energy announced a 10% increase in its dividend, demonstrating confidence in its financial stability. The company also revealed 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.
Finally, PBF Energy has disclosed its 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.
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