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Control Empresarial de Capitales S.A. de C.V., a significant shareholder in PBF Energy Inc. (NYSE:PBF), has recently increased its stake in the company through a series of stock purchases. According to a recent SEC filing, the company acquired a total of 17,000 Class A Common Shares over two transactions on April 9 and April 10. The timing is notable as PBF’s stock has declined over 74% in the past year, with InvestingPro analysis indicating the stock is currently undervalued.
The shares were acquired at prices ranging from $13.9751 to $14.5 per share, totaling approximately $238,626. Following these transactions, Control Empresarial now holds 30,759,998 shares of PBF Energy, representing about 26.7% of the company’s outstanding Class A Common Shares, as noted in the company’s latest Form 10-K. The company currently offers a significant 7.4% dividend yield and trades at just 0.31 times book value.
These transactions highlight Control Empresarial’s continued interest in PBF Energy, as the company strengthens its position as a major shareholder. For deeper insights into PBF Energy’s valuation and 17 additional key investment tips, visit InvestingPro, where you’ll find comprehensive analysis and the detailed Pro Research Report.
In other recent news, PBF Energy has announced plans to restart operations at its Martinez, California refinery in stages following a fire earlier this year. The refinery, which has a capacity of 157,000 barrels per day, will see some units, including the crude unit, resuming operations early in the second quarter of 2025, with full operations expected by the fourth quarter. This restart is anticipated to be largely covered by insurance, mitigating financial impacts. Additionally, PBF Energy has announced a $750 million senior notes offering due in 2030, with proceeds aimed at reducing debt and general corporate purposes.
Analyst firms have adjusted their outlooks on PBF Energy. Mizuho (NYSE:MFG) Securities reduced its price target to $22 from $28, maintaining an Underperform rating due to anticipated operational challenges and a weaker market outlook. UBS also lowered its price target to $23 from $26, citing increased operating expenses and a projected first-quarter loss. Fitch Ratings revised the outlook for PBF Holding Company LLC, a subsidiary of PBF Energy, from stable to negative, though it maintained a ’BB’ rating. This reflects concerns about increased debt and potential liquidity strains.
These developments occur amidst broader market caution, with PBF Energy acknowledging inherent risks and uncertainties in its forward-looking statements. The company continues to focus on reducing leverage over shareholder returns, as indicated by management.
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