Control Empresarial de Capitales S.A. de C.V., a significant shareholder in PBF Energy Inc. (NYSE:PBF), has reported the purchase of additional shares in the company. According to a recent filing, the firm acquired a total of 604,000 Class A Common Shares over two transactions. InvestingPro data shows PBF Energy currently has a market capitalization of $3.8 billion and maintains a "GOOD" overall financial health score.
On November 27, Control Empresarial purchased 409,000 shares at an average price of $31.5818 per share. The transaction was executed in multiple trades, with prices ranging from $31.345 to $31.8265. Following this acquisition, the company proceeded to buy another 195,000 shares on November 29, at an average price of $31.1207, with trade prices ranging from $30.90 to $31.40. The stock currently trades at $32.70, offering a dividend yield of 3.49%.
These transactions amounted to a total investment of approximately $18.99 million. Post these acquisitions, Control Empresarial's total holdings in PBF Energy stand at 27,563,498 shares. The company, a part of the Slim Family’s investment portfolio, now holds approximately 23.9% of PBF Energy’s outstanding Class A Common Shares.
In other recent news, PBF Energy experienced a challenging third quarter in 2024, reporting an adjusted net loss of $1.50 per share and an adjusted EBITDA loss of $60.1 million. Despite weaker refining margins, the company managed to operate its refineries effectively without significant downtime. Mizuho (NYSE:MFG) Securities, in response to these results, adjusted their price target for PBF Energy to $33 from $36, maintaining a neutral rating on the stock.
These recent developments also saw PBF Energy increasing its dividend by 10%, signaling confidence in its financial stability and a positive outlook for the refining market in 2025. However, the company's guidance for the fourth quarter indicates a decrease in volume compared to industry peers, attributed to the scheduled turnaround at the Chalmette refinery and adjustments in response to current economic conditions.
PBF Energy is also exploring asset monetization opportunities, including excess real estate in Delaware, and 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, the company remains strategically positioned for growth and is optimistic for improved capture rates in the future. These are among the recent developments that investors should note.
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