Control empresarial buys $4.1 million of PBF Energy shares

Control Empresarial de Capitales S.A. de C.V., a significant shareholder in PBF Energy Inc. (NYSE:PBF), has expanded its stake in the company. According to a recent SEC filing, the firm purchased 137,000 shares of PBF Energy, totaling approximately $4.1 million. The shares were acquired at a weighted average price of $29.9273, with transaction prices ranging from $29.875 to $30.01. This purchase comes as PBF Energy trades near its 52-week low of $27.94, with the stock currently at $30.42.

Following this transaction, Control Empresarial now holds 28,000,498 shares of PBF Energy, representing approximately 24.3% of the company's outstanding Class A Common Shares. The purchase highlights the continued interest and investment by Control Empresarial in the energy sector. According to InvestingPro, PBF Energy has shown strong shareholder-friendly policies, with management actively buying back shares and maintaining a 3.6% dividend yield. For deeper insights into PBF Energy's valuation and growth prospects, including 8 additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.

In other recent news, PBF Energy has reported significant developments. The company faced 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 this, PBF Energy announced a 10% increase in its dividend, indicating confidence in its financial stability. Mizuho (NYSE:MFG) Securities, however, revised its price target for PBF Energy to $33, down from $36, maintaining a neutral rating due to weaker refining margins.

PBF Energy has also reported changes in executive compensation, including long-term incentive awards for their named executive officers. The incentive awards, set to be granted on December 16, 2024, fall under the company’s Amended and Restated 2017 Equity Incentive Plan. They 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.

These are recent developments for PBF Energy. The company is expecting 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. Despite a $29 million loss from its equity investment in St. Bernard Renewables, PBF Energy remains strategically positioned for growth.

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