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Control Empresarial de Capitales S.A. de C.V., a significant shareholder in PBF Energy Inc. (NYSE:PBF), has increased its stake in the company by acquiring additional shares. According to a recent SEC filing, the firm purchased a total of 135,000 Class A Common Shares over two days in early April. The timing is notable as PBF shares are trading near their 52-week low of $14.11, having declined about 75% over the past year. InvestingPro analysis indicates the stock may be undervalued at current levels.
The shares were acquired at varying prices, with the transactions occurring at prices ranging from $14.3528 to $18.2288 per share, resulting in a total expenditure of approximately $2.27 million. This acquisition boosts Control Empresarial's total holdings to 30,721,998 shares, representing about 26.6% of the outstanding Class A Common Shares of PBF Energy. The company currently offers a significant 7.33% dividend yield, though it faces challenges with its debt burden.
Control Empresarial, a Mexican company, is affiliated with the Slim Family, who are known for their substantial investments across various sectors. This move signals continued confidence in PBF Energy's performance and future prospects in the petroleum refining industry. For deeper insights into PBF Energy's valuation and 20+ additional ProTips, visit InvestingPro.
In other recent news, PBF Energy has announced plans to restart its Martinez, California refinery in stages after a fire earlier this year. The refinery, which has a capacity of 157,000 barrels per day, will begin partial operations in the second quarter of 2025, with full operations expected by the fourth quarter. The cost of repairs is largely covered by insurance, minimizing financial impact. In financial developments, PBF Energy plans to offer $750 million in senior notes due in 2030, with proceeds intended to reduce debt and for general corporate purposes. Fitch Ratings has revised PBF Holding's outlook to negative, citing increased debt and potential liquidity strains, although it maintains a 'BB' rating. Analysts from Mizuho (NYSE:MFG) and UBS have both downgraded their price targets for PBF Energy to $22 and $23, respectively, due to anticipated operational challenges and increased expenses related to the Martinez facility. UBS also forecasts significant losses for PBF Energy in the first quarter of 2025, with an expected adjusted EBITDA loss of $304 million. These updates reflect the ongoing challenges and strategic financial maneuvers PBF Energy is navigating.
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