Valero Energy Corporation (NYSE: VLO) is one of the largest independent petroleum refiners in the United States, with operations across refining, ethanol, and renewable diesel. Shares recently traded near $168/share, giving Valero a market value of roughly $51.3B.
After a strong multi year period supported by elevated refining margins, Valero’s stock has pulled back from recent highs. That makes ownership trends and insider filings useful indicators of how large investors are positioning around cash flow durability and exposure to the refining cycle.
Looking at who owns Valero and how insiders have traded helps provide context on how institutions and company leadership appear to be weighing valuation, capital returns, and earnings normalization at current levels.
Who Are Valero’s Top Shareholders?
Valero’s shareholder base is led by major passive institutions that tend to hold through energy cycles, providing stability during periods of margin volatility. Active managers have adjusted positions in both directions, reflecting differing views on near term refining economics.
- The Vanguard Group: 37,931,769 shares (12.44%), ~$6.38B value. Cut 265,190 shares (-0.69%).
- State Street Investment Management: 18,013,216 shares (5.91%), ~$3.03B value. Cut 709,874 shares (-3.79%).
- BlackRock Institutional Trust Company: 17,923,062 shares (5.88%), ~$3.02B value. Added 29,379 shares (+0.16%).
- Charles Schwab Investment Management: 11,887,063 shares (3.90%), ~$2.00B value. Added 162,356 shares (+1.38%).
- T. Rowe Price Associates: 11,549,694 shares (3.79%), ~$1.94B value. Added 383,086 shares (+3.43%).
- Geode Capital Management: 8,157,792 shares (2.67%), ~$1.37B value. Added 16,281 shares (+0.20%).
- Norges Bank Investment Management: 6,155,260 shares (2.02%), ~$1.04B value. Added 694,780 shares (+12.72%).
- Fidelity Management & Research: 5,329,318 shares (1.75%), ~$897M value. Added 1,077,996 shares (+25.36%).
- Columbia Threadneedle Investments: 5,096,655 shares (1.67%), ~$858M value. Cut 528,527 shares (-9.40%).
- Putnam Investment Management: 4,977,728 shares (1.63%), ~$838M value. Added 213,887 shares (+4.49%).
Taken together, passive ownership remains firmly in place while active managers appear split, and for investors this suggests Valero continues to be viewed as a durable cash generating refiner even as opinions differ on how margins evolve from here.
Hedge Fund Highlights
Several hedge funds increased exposure to Valero, founded by William R. Greehey, though position sizing points to selective conviction rather than aggressive concentration.
Balyasny Asset Management LP made one of the more notable relative moves, boosting its Valero stake by more than 1,200% to roughly $53M value. While still a small portion of the firm’s overall portfolio, it appears the position reflects a favorable risk reward setup rather than a broad directional bet.
Renaissance Technologies, founded by Jim Simons, increased its position by about 264% to roughly $8M value, which may reflect improving quantitative signals tied to valuation or margin trends.
Two Sigma Advisors, led by John Overdeck, raised its stake by approximately 142%, bringing its holding to about $186M value, suggesting growing interest while still managing overall exposure.
Millennium Management, founded by Israel Englander, lifted its position by roughly 17% to more than $103M value, pointing to continued engagement without signaling high conviction.
Overall, hedge fund activity points to selective accumulation rather than broad enthusiasm, and for investors this aligns with Valero’s cyclical earnings profile and sensitivity to refining margins.
Track the top shareholders of over 50,000 global stocks (It’s free) >>>
Valero’s Recent Insider Trades
Insider filings show a cluster of relatively small transactions across executives and directors, with activity skewed toward selling and administrative entries.
- Jason W. Fraser (Officer): Sold 9,933 shares at ~$174 on 11/20/25 and recorded 4,877 shares at $0.
- Eric A. Fisher (Officer): Sold 1,750 shares at $0 on 11/5/25.
- Robert L. Raymond (Director): Acquired 924 shares on 9/17/25.
- Rayford Wilkins Jr. (Director): Sold 2,491 shares near ~$134 on 5/14/25 and recorded 2,041 shares at $0.
- H. Paulett Eberhart (Director): Sold 2,797 shares near ~$134 on 5/14/25 and recorded 2,041 shares at $0.
- Randall J. Weisenburger (Director): Sold 2,041 shares on 5/14/25 and recorded 2,041 shares at $0.
- Eric D. Mullins (Director): Sold 2,041 shares on 5/14/25 and recorded 2,041 shares at $0.
- Deborah P. Majoras (Director): Sold 2,797 shares near ~$134 on 5/14/25.
These transactions appear small relative to Valero’s total shares outstanding, and several $0 entries may relate to grants or reporting mechanics, though motivations are not confirmed. For investors, insider activity looks cautious but limited in scale and does not materially change the broader ownership picture.
See recent insider trade data for over 50,000 global stocks (It’s free) >>>
What the Ownership & Insider Trade Data Tell Us
Valero’s ownership remains anchored by large institutional holders, reinforcing its standing as a major cash generating refiner with a long track record of capital returns. Active managers and hedge funds appear selective, reflecting different views on margin normalization rather than a clear shift in confidence.
Insider activity appears measured and modest, with transactions that look more like exposure management than a strong directional signal. For investors, the combined ownership picture suggests Valero continues to be treated as a durable operator, with future returns closely tied to refining margins and broader energy market conditions.
Value Any Stock in Under 60 Seconds (It’s Free)
With TIKR’s new Valuation Model tool, you can estimate a stock’s potential share price in under a minute.
All it takes is three simple inputs:
- Revenue Growth
- Operating Margins
- Exit P/E Multiple
From there, TIKR calculates the potential share price and total returns under Bull, Base, and Bear scenarios so you can quickly see whether a stock looks undervalued or overvalued.
If you’re not sure what to enter, TIKR automatically fills in each input using analysts’ consensus estimates, giving you a quick, reliable starting point.
See a stock’s true value in under 60 seconds (Free with TIKR) >>>
