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 with the purchase of additional shares. According to a recent SEC filing, Control Empresarial acquired a total of 285,000 Class A common shares over two days, December 11 and 12. The timing is notable as PBF currently trades near its 52-week low of $27.94, with InvestingPro data showing the stock has declined over 30% year-to-date.
The shares were bought at a weighted average price of $30.0401 on December 11 and $29.5803 on December 12. These transactions, totaling approximately $8.46 million, were executed at prices ranging from $29.35 to $30.10 per share. The purchase aligns with broader company initiatives, as InvestingPro analysis reveals management has been aggressively buying back shares, while maintaining a 3.7% dividend yield.
Following these acquisitions, Control Empresarial now holds 28,285,498 shares of PBF Energy, representing about 24.6% of the company's outstanding Class A shares. The purchases further solidify the position of the Slim Family, who are beneficiaries of a trust owning Control Empresarial, as key stakeholders in the petroleum refining company. For deeper insights into PBF Energy's valuation and 10+ additional ProTips, investors can access the comprehensive research report available on InvestingPro.
In other recent news, PBF Energy Inc. reported significant changes in executive compensation, including incentive awards for their named executive officers, according to recent SEC filings. Despite 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, the company demonstrated confidence in its financial stability by announcing a 10% dividend increase. Mizuho (NYSE:MFG) Securities revised its price target for PBF Energy to $33, maintaining a neutral rating due to weaker refining margins.
The company also disclosed new compensatory arrangements for its executive officers as part of its long-term incentive plan, which includes a mix of restricted stock, performance share units (PSUs), and performance units. PBF Energy is targeting $200 million in run rate cash savings by the end of 2025 and anticipates capital expenditures for 2025 to be between $750 million to $800 million. These recent developments reflect the company's strategic efforts to navigate market challenges and position itself for future growth.
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