Control Empresarial de Capitales S.A. de C.V., a significant shareholder of PBF Energy Inc. (NYSE:PBF), has increased its stake in the company. According to a recent filing, the firm purchased 70,000 Class A common shares on December 26, 2024. The shares were acquired at an average price of $25.56, resulting in a total transaction value of approximately $1.79 million. The purchase comes as PBF Energy, currently valued at $2.98 billion, trades near its 52-week low of $24.21, having declined about 44% over the past six months.
Following this purchase, Control Empresarial now holds 28,884,998 shares in PBF Energy. The acquisition reflects the firm's continued interest in the petroleum refining company, in which it already has a substantial ownership stake. The transaction details were signed off by Marco Antonio Slim Domit, acting as attorney-in-fact. According to InvestingPro analysis, PBF Energy appears slightly undervalued at current levels, with technical indicators suggesting oversold conditions. Subscribers can access 12 additional exclusive ProTips and a comprehensive Pro Research Report for deeper insights into PBF's valuation and prospects.
In other recent news, PBF Energy has been the subject of major analyst downgrades. TD Cowen downgraded the company's stock from Hold to Sell, citing challenges from the rise in renewable diesel imports on the West Coast and the company's high-cost refining system. Similarly, Mizuho (NYSE:MFG) Securities downgraded PBF Energy's stock from Neutral to Underperform, expecting weaker refining margins due to global capacity increases in 2025 and a lag in demand growth.
In terms of financial results, PBF Energy reported a challenging third quarter in 2024 with an adjusted net loss of $1.50 per share and an adjusted EBITDA loss of $60.1 million. Despite these losses, the company announced a 10% increase in its dividend, indicating confidence in its financial stability.
Recent developments also include changes in executive compensation. PBF Energy announced long-term incentive awards for their named executive officers, which 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.
Lastly, PBF Energy revealed 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. These are the recent developments for PBF Energy according to various analyst notes and company announcements.
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