Exploring PBF Energy Inc. (PBF) Investor Profile: Who’s Buying and Why?

You're looking at PBF Energy Inc. (PBF) and trying to reconcile its recent stock strength with the underlying shifts in its investor base, which is a classic analyst challenge right now. The institutional landscape is defintely in motion, with major players like BlackRock, Inc. and The Vanguard Group, Inc. still anchoring the stock, holding a combined total of over 20 million shares as of the third quarter of 2025, but their recent activity tells a more complex story.

For example, BlackRock, Inc. trimmed its position by over 15% in the third quarter of 2025, offloading more than 2 million shares, while other institutions like Invesco Ltd. increased their stake by nearly 60%; that's a significant divergence in conviction. This institutional churn is happening as the company reports a trailing twelve-month revenue of $29.54 billion ending September 30, 2025, yet analysts project a 2025 non-GAAP earnings per share (EPS) of just $2.43 and maintain a consensus rating of Strong Sell, with an average price target of only $26.80 per share, suggesting a steep downside from current levels. How do you square a $4.56 billion market cap with such a bearish outlook and still see major funds making big moves? Let's map out who's buying, who's selling, and the precise financial rationale driving their decisions.

Who Invests in PBF Energy Inc. (PBF) and Why?

You want to know who is buying PBF Energy Inc. (PBF) shares and what their game plan is. The direct takeaway is that PBF Energy Inc. is overwhelmingly an institutional play, with nearly all of the float held by large funds betting on a successful operational turnaround and a steady dividend payout, even as core refining margins remain tight.

We're talking about a company where the investment profile is heavily skewed. As of late 2025, institutional investors and hedge funds own an astonishing 96.29% of the stock. That leaves a small slice for retail investors and company insiders. This isn't a stock driven by individual sentiment; it's a battleground for professional money managers. You can dive deeper into the company's background and structure here: PBF Energy Inc. (PBF): History, Ownership, Mission, How It Works & Makes Money.

Key Investor Types: The Institutional Giants

The institutional ownership of PBF Energy Inc. is dominated by the passive giants and a few active managers. The largest institutional holders are exactly who you'd expect: BlackRock, Inc., The Vanguard Group, Inc., and State Street Corp. These firms hold shares mostly through index funds, meaning their investment is a function of PBF Energy Inc.'s inclusion in key benchmarks like the S&P Mid-Cap ETF. It's a mechanical buy, but their sheer size makes them defintely matter.

The biggest single holder, however, is the private entity Control Empresarial de Capitales SA de CV, which holds a massive 26.64% of the shares. This is a strategic, long-term stake, not a trading position. The remaining ownership is split:

• Institutional/Hedge Funds: Approximately 96.29% of the stock.
• Retail/Individual Investors: Around 27-29% of the total shares.
• Insiders: A small fraction, approximately 2.15%.

Hedge funds, like Millennium Management Llc, represent the more active, short-term institutional money, often looking to capitalize on volatility in refining margins or the recovery timeline.

Investment Motivations: The Turnaround and the Check

Investors are drawn to PBF Energy Inc. for a few clear, but often conflicting, reasons. The current story is one of operational recovery and a decent cash return.

The Turnaround Play: This is the big one. The company has faced significant headwinds, notably the Martinez refinery fire, which impacted capacity and profitability. For Q3 2025, PBF Energy Inc. reported net income attributable to the company of $170.1 million (or $1.45 per share). However, this gain was significantly boosted by non-cash special items, including insurance recoveries. The core refining business remains challenging, with an adjusted net loss of $60.3 million in Q3 2025. Investors are buying the expectation that the full restart of the Martinez refinery by year-end 2025, plus targeted operational savings of over $230 million run-rate by year-end 2025, will restore profitability.

The Income Stream: PBF Energy Inc. has maintained a consistent quarterly dividend of $0.275 per share through 2025. This translates to an annualized dividend of $1.10 per share and a yield of approximately 2.8% to 2.98% in late 2025. For income-focused funds and retirees, that's a solid check, especially in a volatile sector.

Investment Strategies: Contrarian Bets and Short-Term Swings

The split between the company's stock price performance and analyst sentiment tells you everything about the strategies at play. Despite the stock hitting a new 52-week high in November 2025, the market consensus from analysts remains a 'Strong Sell' with an average price target of only $28.92.

Here's the quick math on the strategies:

• Value & Turnaround Investing: Active managers, like Invesco Ltd., which increased its stake by 147.4% in Q3 2025, are betting the market is under-pricing the recovery. They see the current price as a discount to the company's intrinsic value once the operational issues are fully resolved.
• Momentum Trading: The stock's rally to a new 52-week high suggests short-term traders are riding the momentum, ignoring the underlying negative analyst ratings and focusing on the positive news flow like the Q3 earnings beat on revenue ($7.65 billion vs. $7.47 billion consensus).
• Short Selling: A significant portion of the float, about 20.23%, is held as short interest. These investors are making a bearish bet, believing the operational challenges, high debt ($2.390 billion in long-term debt as of June 30, 2025), and negative core margins will eventually drive the stock price back down toward the analyst target.

The high short interest means any good news can trigger a short squeeze, which is a key dynamic for short-term traders. It's a high-risk, high-reward situation. So, the action you should take is to look at the refining crack spread forecasts for 2026; that will tell you if the value investors or the short sellers will win this tug-of-war.

Institutional Ownership and Major Shareholders of PBF Energy Inc. (PBF)

You're looking for a clear picture of who owns PBF Energy Inc. (PBF) and what their recent moves mean for the stock. The direct takeaway is that PBF is overwhelmingly owned by institutions, with their total stake sitting at a staggering 85.23% as of late 2025. This concentration means a few major players drive the stock's liquidity and long-term strategic direction.

The largest shareholder is not a typical index fund, but Control Empresarial de Capitales SA de CV, which holds a significant 26.64% of the common stock. This is a crucial distinction, as a large strategic holder often signals a more active interest in the company's long-term operations and Mission Statement, Vision, & Core Values of PBF Energy Inc. (PBF). The remaining top holders are the usual suspects in the institutional world, but their collective power is immense.

Top Institutional Investors and Their Stakes

The top institutional investors in PBF Energy Inc. are dominated by passive index funds and large asset managers. These firms hold shares primarily to track market benchmarks, but their sheer size gives them considerable voting power. As of the most recent filings in 2025, the largest institutional holders (excluding the strategic holder) are:

Here's the quick math: the top five institutional holders alone control over 35% of the company's shares, not including the strategic holder. This concentration means any major shift in their investment thesis, even a small reallocation, can defintely move the stock price.

Recent Shifts in Institutional Ownership

The recent trend shows a slight cooling from institutions, but with a nuanced story underneath. Total shares owned by institutions decreased in the last three months by 6.90% to 109,696K shares as of November 2025. This net decrease suggests some profit-taking or a rotation out of the refining sector by certain funds.

However, not all investors are selling. While some large index funds saw outflows, active managers showed varied conviction. For example, BlackRock, Inc. reduced its stake by 2,065,622 shares in the quarter ending September 30, 2025. Conversely, Invesco Ltd. was a notable buyer, increasing its holding by 1,651,516 shares in the same period. This tells you there's a divergence of opinion on PBF's near-term outlook.

• Total institutional shares decreased by 6.90% recently.
• Goldman Sachs Group Inc. significantly decreased its holding, reporting a decrease of 88.06% in the last quarter to 2,736K shares.
• T. Rowe Price Investment Management Inc. increased its holdings by 2.36% to 6,316K shares.

The put/call ratio is currently at 1.82, which indicates a generally bearish outlook among options traders, often a reflection of institutional sentiment on near-term risk. Still, the average portfolio weight of all funds dedicated to PBF actually increased by 14.72% in the last quarter, suggesting that while some funds are selling, those who remain are making PBF a larger part of their portfolio.

Impact on Stock Price and Corporate Strategy

The high institutional ownership-over 85%-plays a significant role in PBF Energy Inc.'s stock price stability and corporate strategy. When a stock is this institutionally-dominated, the price is less volatile to retail investor sentiment but highly sensitive to large-block trades and analyst ratings. For instance, a major index fund rebalancing or a change in a key analyst's recommendation can cause an immediate, sharp price movement.

In terms of strategy, these large holders exert influence through proxy voting and engagement with management. Passive funds like Vanguard Group Inc. and BlackRock, Inc. focus heavily on Environmental, Social, and Governance (ESG) issues and board independence. Active managers, especially the large strategic holder, can push for capital allocation changes, such as increased dividends-PBF declared a quarterly dividend of $0.275 per share in Q3 2025-or debt reduction, which PBF's management has prioritized.

What this estimate hides is the difference between passive and active institutional money. Passive funds are locked in, providing a stable floor for the stock price. Active funds, like the ones showing recent selling activity, are the swing vote that dictates the stock's short-term trajectory based on refining margins and operational efficiency.

Next Step: Finance should monitor the next round of 13F filings (institutional holdings reports) to see if the net selling trend accelerates or reverses, particularly for active value funds.

Key Investors and Their Impact on PBF Energy Inc. (PBF)

You need to know who is buying PBF Energy Inc. (PBF) and why, because their moves often signal where the company is headed, especially in a volatile refining sector. The direct takeaway is that while institutional ownership is exceptionally high, a single, non-traditional investor holds the most sway, and recent insider selling suggests caution is warranted despite the stock's recent run-up.

Institutional investors own an overwhelming majority of the company, with ownership ranging from 83.80% to as high as 96.29% of the stock. This is a huge concentration, but the influence isn't monolithic. The largest shareholders are often passive funds that track major indices, diluting their direct impact on day-to-day decisions, but still providing a massive demand floor for the stock.

The Notable Players: Index Giants and a Singular Owner

The investor profile for PBF Energy Inc. is a mix of the world's largest asset managers and one significant strategic holder. The largest institutional investors are the index-tracking behemoths, which is typical for a mid-cap energy stock.

• BlackRock, Inc.: A top institutional holder, but they have recently been a net seller, reducing their stake by over 2 million shares as of the third quarter of 2025.
• Vanguard Group Inc.: Also a major passive holder, with over 8.78 million shares as of Q3 2025, providing a consistent anchor of demand.
• T. Rowe Price Investment Management, Inc.: A more active manager that recently increased its holding by 2.36% to 6.316 million shares, demonstrating a conviction buy.

The most notable investor is Control Empresarial De Capitales S.a. De C.v., which is the largest single shareholder. This entity holds a significant 26.61% stake, equating to approximately 30.82 million shares, valued at around $1.23 billion in 2025. That kind of concentration gives them a defintely powerful, non-passive voice in corporate governance and strategic direction.

Investor Influence: The Power of a Quarter Stake

The influence of Control Empresarial De Capitales S.a. De C.v. is paramount. Holding over a quarter of the company means they can effectively block major corporate actions that require a supermajority vote, such as mergers or significant charter amendments. Their stake is a constant factor in any strategic decision PBF Energy Inc. makes, from capital allocation to executive compensation. You can't ignore a shareholder with that much leverage.

For the broader institutional base, the influence is more nuanced. While the high ownership percentage suggests stability, the institutional put/call ratio (a measure of actively managed fund sentiment) registers at 1.82, which is a distinctly bearish outlook. This means that while passive funds are mandated to hold the stock, active money managers are using options to bet against the price, which is a clear headwind for the stock.

Recent Moves and Actionable Signals for 2025

Recent activity in 2025 shows a mixed bag of conviction and caution. Here's the quick math on recent insider sales, which you should view as a potential risk signal:

The high-volume insider selling in November 2025, particularly the sale of over $1 million in stock by an SVP, is a data point you cannot ignore. Even if some sales are routine option exercises, executives selling into strength near the stock's 52-week high of $41.47 suggests they see limited near-term upside. Conversely, the aggressive buying by a smaller, active fund like VR Advisory Services Ltd. earlier in the year shows some see deep value or a major cyclical upswing. The significant reduction by Goldman Sachs Group, however, points to a major institutional de-risking from the stock. You need to weigh the conviction of a few buyers against the caution of the insiders and large sellers.

For a deeper dive into the company's ability to sustain its operations and manage its debt, which directly impacts investor confidence, check out Breaking Down PBF Energy Inc. (PBF) Financial Health: Key Insights for Investors. Your next step should be to model the impact of the company's projected $29.657 billion in annual revenue for 2025 and its goal to achieve over $230 million in annual savings by the end of 2025 through its Reliability-Based Initiative (RBI) against the backdrop of this mixed investor sentiment.

Market Impact and Investor Sentiment

You're looking at PBF Energy Inc. (PBF) and seeing a stock that's surged, but the smart money is sending mixed signals. Honestly, institutional investor sentiment is currently best described as cautiously bearish, despite a recent run-up in the share price.

The core of this tension lies in the options market: the put/call ratio for PBF Energy Inc. sits at 1.82, which is a clear indicator of a bearish outlook, meaning investors are buying nearly two puts (a bet the price will fall) for every one call (a bet the price will rise). Still, not everyone is pulling back. Over the last quarter, the number of funds reporting positions increased by 12 owners, a 1.74% rise, and the average portfolio weight dedicated to PBF Energy Inc. actually grew by 14.72%. It's a classic tug-of-war between macro risk and recent performance.

Here's the quick math on the institutional shift:

• Total institutional shares decreased by 6.90% to 109.696 million shares in the last three months.
• BlackRock, Inc., a top holder, reduced its position by over 2.066 million shares to 11.360 million shares as of the Q3 2025 filing.
• Vanguard Group Inc. also trimmed its stake, shedding 381,455 shares to hold 8.783 million.
• But T. Rowe Price Investment Management, Inc. bucked the trend, increasing its holding to 6.316 million shares.

One investor's trash is defintely another's treasure in this market.

Recent Market Reactions and Ownership Moves

The stock market's response to PBF Energy Inc.'s operational performance has been overwhelmingly positive in the near term, which is why the institutional selling is so interesting. PBF Energy Inc.'s share price has surged by an impressive 66% over the last 90 days, fueled by stronger-than-expected Q3 margins.

When PBF Energy Inc. reported its Q3 2025 results, beating both EPS and revenue estimates, the stock climbed by approximately 6.3% to a price of $39.79. The company reported a net income of $170.1 million, or $1.45 per share, a significant turnaround from the previous year's loss. This momentum is a clear signal that the market is rewarding execution and margin resilience in a tight refining environment. Plus, the company is on track to deliver over $230 million of annualized Refinery Business Improvement (RBI) savings by year-end 2025.

What this estimate hides, though, is the insider activity. Insiders, including executives, sold roughly 507,045 shares totaling around $18.2 million in the last 90 days. That's a substantial amount of selling, and it's a classic counter-signal that sophisticated investors watch closely. The people closest to the business are taking chips off the table, even as the stock rallies.

Analyst Perspectives on Key Investors' Impact

The analyst community is largely skeptical of the recent price rally, creating a disconnect with the stock's performance. The consensus rating from Wall Street is a Strong Sell, with nine analysts issuing a Sell rating compared to just one Buy rating.

The average one-year price target is between $28.92 and $30.08 per share, suggesting a potential downside of over 20% from the current trading price of around $38.97. Analysts are projecting a full-year 2025 revenue of $29.657 billion and a non-GAAP EPS of $2.43. The bearish view is rooted in the cyclical nature of refining margins and persistent regulatory risks, especially at core refineries.

However, the recent price target hikes are notable. UBS and Piper Sandler, for instance, both recently raised their targets to a high of $42.00. This indicates that while the long-term structural concerns remain, the near-term strength in refining margins and the company's operational improvements-like receiving a $250 million insurance installment for the Martinez Refinery-are forcing a temporary, upward revision in valuation models.

The major institutional holders, like BlackRock, Inc. and Vanguard Group Inc., are primarily passive index funds, so their selling is often a mechanical reaction to a change in the index weighting, not an active bet against the company. But when active managers like Goldman Sachs Group Inc. significantly decrease their position-which they did dramatically in the last quarter-that's a much stronger signal of a fundamental concern about the stock's valuation or its long-term outlook. If you want to dive deeper into the fundamentals driving these numbers, check out Breaking Down PBF Energy Inc. (PBF) Financial Health: Key Insights for Investors.

Next Step: You should model PBF Energy Inc.'s projected free cash flow using a $30.00 price target as your downside scenario, given the analyst consensus, and compare it against the upside potential of a $42.00 target by Friday.