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Control Empresarial de Capitales S.A. de C.V., a significant shareholder of PBF Energy Inc. (NYSE:PBF), 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 21,000 Class A Common Shares over two days. The timing is notable as InvestingPro data shows the stock has declined over 74% in the past year, with shares currently trading near their 52-week low of $13.62.
On April 7, Control Empresarial purchased 16,000 shares at a weighted average price of $13.8829 per share, with transaction prices ranging from $13.852 to $13.90. The following day, the company acquired an additional 5,000 shares at a weighted average price of $14.0959, with transaction prices ranging from $14.0935 to $14.10. These transactions totaled approximately $292,605. The company currently offers a significant 7.65% dividend yield, according to InvestingPro data.
Following these acquisitions, Control Empresarial now owns 30,742,998 shares of PBF Energy, representing about 26.7% of the company's outstanding Class A Common Shares. The purchases were made directly, as indicated by the filing. For deeper insights into insider trading patterns and 18 additional key metrics, check out the comprehensive PBF Energy research report on InvestingPro.
In other recent news, PBF Energy has been in the spotlight with several key developments. The company announced plans to restart its Martinez, California refinery in stages after a fire incident earlier this year. The refinery, with 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. Insurance is expected to cover most repair costs, with business interruption insurance mitigating financial impacts. Additionally, PBF Energy plans to offer $750 million in senior notes due in 2030 to reduce debt and for general corporate purposes.
Analysts have expressed concerns about PBF Energy's financial outlook. Mizuho (NYSE:MFG) Securities lowered its price target for the company's shares from $28 to $22, maintaining an Underperform rating due to anticipated operational challenges. UBS also revised its price target to $23 from $26, predicting increased operating expenses and a significant first-quarter loss in 2025. Fitch Ratings revised the outlook for PBF Holding Company LLC from stable to negative, citing increased structural gross debt and potential liquidity strains. Despite these challenges, PBF Energy remains committed to operational recovery and strategic financial management.
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