Exploring Clean Energy Fuels Corp. (CLNE) Investor Profile: Who’s Buying and Why?

You're looking at Clean Energy Fuels Corp. (CLNE) and asking the right question: who is actually buying into this renewable natural gas (RNG) story, and what are their expectations for a company that just reported a Q3 2025 revenue of $106.1 million but a net loss of $23.8 million? It's a classic green-energy growth-versus-profitability tension. The investor profile is defintely not just retail; institutional investors hold a substantial 48% of the company, with giants like TotalEnergies SE holding the largest stake at 19.42%, and BlackRock, Inc. and The Vanguard Group, Inc. owning 7.21% and 5.04%, respectively. These major players are betting on the long-term shift, specifically the company's ability to scale its RNG volumes-which hit 61.3 million gallons sold in Q3 2025-to justify the full-year 2025 Adjusted EBITDA guidance of $60 million to $65 million, even with a projected GAAP net loss of up to $217 million. So, are the institutions buying the vision of decarbonizing heavy-duty transportation, or are they simply playing the volatility after a 9.5% stock jump in October 2025? Let's break down the money trail.

Who Invests in Clean Energy Fuels Corp. (CLNE) and Why?

If you're looking at Clean Energy Fuels Corp. (CLNE), you're looking at a company in a tricky, but potentially high-growth, transition. The investor base reflects this mix of long-term conviction and short-term volatility. The direct takeaway is that institutional investors hold nearly half the company, betting on the long-term shift to Renewable Natural Gas (RNG), but a significant retail presence and negative insider sentiment create a complex trading environment.

Honestly, the ownership structure is a tug-of-war. The big money-institutions-owns about 48% of the stock, while the general public, including retail investors, holds around 31%. The remaining chunk, a notable 19%, is held by a public company, which in this case is TotalEnergies SE, a strategic partner with a deep interest in the company's future. That's a powerful endorsement you can't ignore.

The Institutional Anchor: Long-Term RNG Conviction

The institutional investors-the mutual funds, pension funds, and large asset managers-are the company's bedrock. They hold over 126 million shares. Their motivation is simple: they see Clean Energy Fuels Corp. as a pure-play bet on the decarbonization of heavy-duty transportation via Renewable Natural Gas (RNG), which is methane captured from organic waste. This isn't a dividend play; it's a growth story tied to environmental policy and the commercial fleet's need for a low-carbon fuel that works right now.

The largest holders are the giants who are essentially buying the market, but also those with a specific mandate for environmental, social, and governance (ESG) investing. Here's the quick math on the top institutional holders as of the end of Q3 2025:

You can see even among the top holders, there's some slight repositioning, but the overall conviction remains high. BlackRock, Inc., for example, holds a massive stake, reflecting its role as a major index fund manager and its focus on the energy transition. The strategic stake by TotalEnergies SE, at 19%, is a clear signal of entwined business interests, which provides a layer of stability and partnership for future infrastructure projects, like the new hydrogen fueling station for Gold Coast Transit District announced in November 2025.

Retail and Insider Activity: The Volatility Drivers

The 31% retail ownership means individual investors have a significant collective impact on the stock's daily price swings. They are often drawn to the high-risk, high-reward nature of clean energy stocks, especially given the company's mission. If you want to understand the core principles driving this long-term view, you can review the Mission Statement, Vision, & Core Values of Clean Energy Fuels Corp. (CLNE).

But here's the reality check: insider sentiment is currently negative. Key executives have been selling shares in the open market. This isn't a sign of a company in crisis, but it does suggest that those closest to the business don't see the stock price moving dramatically higher in the immediate near-term, or they're just taking some profits. It's a classic divergence: institutions buy the long-term story, but insiders sell the current valuation.

Investment Strategies: Growth, Value, and the RNG Play

Most investors are playing this as a growth-at-a-reasonable-price (GARP) or pure growth story, focusing on the core business shift to RNG. The company is projecting RNG sales volume of around 246 million gallons for the 2025 fiscal year, up from 237 million gallons in 2024. This growth in cleaner fuel volume is the main driver.

Still, the financial picture for 2025 is complex, which is why some investors are treating it as a value play, waiting for the non-cash charges to cycle out. The company is forecasting a GAAP net loss for 2025 of between $(225) million and $(220) million. That looks defintely bad on paper, but it includes huge one-time, non-cash charges, like a $64.3 million goodwill impairment and up to $55 million in accelerated depreciation from old LNG assets.

The metric to watch for operational health is Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). Management expects 2025 Adjusted EBITDA to be between $50 million and $55 million. This operational cash flow is what funds the growth. Short-term traders, on the other hand, are capitalizing on the stock's high volatility, using technical signals and news about new contracts to make quick moves, especially since the stock has seen a 26% gain in a single month recently.

• Growth Investors: Focus on RNG volume and new infrastructure deals.
• Value Investors: Focus on Adjusted EBITDA and the removal of one-time charges.
• Short-Term Traders: Exploit high daily volatility and news-driven spikes.

What this estimate hides is the potential impact of new clean fuel production credits, which could swing the net income picture dramatically if finalized. The current $232.2 million in cash and short-term investments as of September 30, 2025, gives them the financial flexibility to fund growth, even with the near-term GAAP losses. The action item for you is to track the company's RNG volume growth and the status of federal clean fuel policy; everything else is noise.

Institutional Ownership and Major Shareholders of Clean Energy Fuels Corp. (CLNE)

If you're looking at Clean Energy Fuels Corp. (CLNE), the first thing to understand is that the stock is heavily influenced by big money. Institutional investors-think BlackRock, Vanguard, and the like-collectively hold a significant chunk of the company, with their ownership sitting at roughly 47.85% of the float as of the latest filings. This means their trading decisions can move the stock price fast, so you need to know who they are and what they're doing.

The top nine shareholders alone control about 51% of the company, which gives them a powerful voice in strategic decisions. It's not just passive index funds either; the shareholder list includes a mix of massive asset managers and active funds, all with a vested interest in the future of renewable natural gas (RNG).

Top Institutional Investors and Their Stakes in CLNE

While over 350 institutions have reported holdings, the top players are the ones driving the narrative. It's important to note that the single largest shareholder is TotalEnergies SE, a public company with a 19% stake, which is more of a strategic partnership stake than a typical financial investment. For the traditional institutional money managers, here are the largest reported positions as of the third quarter of 2025 (September 30, 2025), representing a total of 126,890,316 shares held by all institutions.

Here's the quick math on the top three: BlackRock, Grantham, Mayo, Van Otterloo & Co. LLC, and Vanguard Group Inc. alone hold over 38 million shares. That's a serious commitment to the company's long-term vision in the clean energy space. You can get a deeper dive into the company's financial picture by reading Breaking Down Clean Energy Fuels Corp. (CLNE) Financial Health: Key Insights for Investors.

Recent Shifts: Who's Buying and Who's Selling?

Looking at the Q3 2025 data shows a mixed bag of activity, which is common in a stock that's navigating a challenging market. Some major players were adding shares, while others were trimming their positions. Vanguard Group Inc., for example, increased its stake by 341,333 shares, suggesting a continued belief in the company's mandate funds (like index funds) or a more active bullish view. On the flip side, BlackRock, Inc. made a small trim, selling 82,411 shares, a minor adjustment that probably reflects portfolio rebalancing rather than a major shift in thesis.

The most notable recent accumulation came from JPMorgan Chase & Co., which significantly increased its holding by 2,373,771 shares in the quarter. Conversely, Global Alpha Capital Management Ltd. substantially reduced its position by 1,730,289 shares. This tells me that while the overall institutional conviction remains high, there is a divergence of opinion on the near-term risk-reward profile, especially given the Q3 2025 net loss of $23.8 million despite revenue of $106.1 million.

The Impact of Institutional Ownership on CLNE's Strategy

Large institutional ownership is a double-edged sword for a company like Clean Energy Fuels Corp. On the positive side, it provides a stable base of capital and signals credibility to the broader market. When you see names like BlackRock and Vanguard on the shareholder list, it means professional analysts have done their due diligence and like the story. But, still, their influence is massive.

• Strategy Influence: With institutions holding nearly half the shares, the board of directors defintely has to pay close attention to their preferences, especially on capital allocation and strategic direction, such as the focus on expanding RNG production.
• Stock Volatility: The stock price is highly sensitive to their collective trading actions. If a few large funds decide to liquidate a position simultaneously, you could see a sharp drop, even if the underlying business hasn't changed.
• Strategic Alignment: The largest single shareholder, TotalEnergies SE, with its 19% stake, suggests a strategic alignment on the future of alternative fuels, which provides a powerful, long-term industry partner for Clean Energy Fuels Corp. This strategic backing is a huge asset.

The institutional money is essentially betting on the company's ability to capitalize on the shift to low-carbon solutions, evidenced by strategic moves like investing in Pioneer Clean Fleet Solutions and developing new RNG production facilities. Your action here is to monitor the next round of 13F filings closely to see if the net accumulation trend continues into Q4 2025.

Key Investors and Their Impact on Clean Energy Fuels Corp. (CLNE)

You want to know who is betting big on Clean Energy Fuels Corp. (CLNE) and why, especially as the renewable natural gas (RNG) market matures. The direct takeaway is that Clean Energy Fuels Corp. is heavily influenced by a few major institutional and strategic players, with TotalEnergies SE holding the most sway as the largest shareholder.

Institutional investors collectively own between 48% and 51% of the stock, which means their trading decisions can definitely move the share price, and the board has to pay close attention to their preferences. The company is not a niche hedge fund play; it's a core holding for major index and asset managers like BlackRock, Inc. and Vanguard Group Inc.

The Anchor Investor: TotalEnergies SE's Strategic Stake

The single most important investor in Clean Energy Fuels Corp. is the French energy giant, TotalEnergies SE. This is not a typical fund investment; it's a strategic stake, which means they have entwined business interests beyond just stock appreciation.

As of early 2025, TotalEnergies SE held the largest position, owning approximately 19.42% of the shares outstanding. This kind of ownership from a major public company signals a long-term commitment to the renewable natural gas (RNG) space and Clean Energy Fuels Corp.'s role in it. It suggests a strong partnership, not just a passive investment. This strategic alignment is a key reason why investors view Clean Energy Fuels Corp. as a credible player in the decarbonization of heavy-duty transport, even with the volatility that comes with a high-growth sector.

The Institutional Heavyweights and Their Recent Moves

Beyond TotalEnergies SE, the investor profile is dominated by the world's largest asset managers, who primarily hold the stock through index funds (passive investing) and actively managed strategies. These firms provide liquidity and stability, but their sheer size makes their movements influential.

Here's a quick look at the top institutional holders and their positions as of the third quarter of 2025 (9/30/2025), showing the scale of their bet on Clean Energy Fuels Corp.'s future:

You can see a mixed bag in recent moves. While BlackRock, Inc. and Dimensional Fund Advisors LP trimmed their positions slightly, Vanguard Group Inc. and Grantham, Mayo, Van Otterloo & Co. LLC were net buyers, increasing their stakes. This suggests a divergence in strategy: some are taking profits or rebalancing, while others are adding to their positions, perhaps expecting a rebound in the stock price after a tough year. JPMorgan Chase & Co. also made a notable move, adding a significant volume of shares in the third quarter of 2025.

Why They Are Buying: The RNG Growth Story

The core reason these sophisticated investors are buying is the growth trajectory of Renewable Natural Gas (RNG), which is derived from organic waste like dairy manure and landfills. This fuel has a negative carbon intensity score, making it a powerful tool for decarbonization. They are betting on a few key catalysts:

• Regulatory Tailwinds: Continued support from policies like the California Low Carbon Fuel Standard (LCFS) and the anticipated finalization of the federal 45Z Clean Fuel Production Credit, which is an important value driver for dairy RNG.
• Anchor Customer Volume: The ongoing partnership with Amazon, which is fueling its RNG-powered trucks at Clean Energy Fuels Corp. sites. Increased fueling volumes, while creating a short-term contra-revenue charge due to stock warrants, signals long-term demand growth.
• Infrastructure Dominance: Clean Energy Fuels Corp. operates the largest RNG fueling network in North America, with over 600 stations. They own the distribution, so they are the gatekeeper for fleets transitioning to RNG.

Here's the quick math: In the second quarter of 2025 alone, Clean Energy Fuels Corp. sold 61.4 million gallons of RNG, a 7.5% increase over the prior year's quarter. That volume growth, plus the potential for higher LCFS and 45Z credit values, is the upside story. What this estimate hides, still, is the significant GAAP net loss, which was $(20.2) million in Q2 2025, driven largely by non-cash charges like depreciation.

Management's Own Signal

It's also worth noting that the company itself is signaling confidence. Clean Energy Fuels Corp. resumed repurchases of its common stock in the first half of 2025, buying back 4,913,818 shares for a purchase price of $7.9 million. When management uses cash to buy back stock, it suggests they believe the shares are undervalued. This action, combined with the strategic backing from TotalEnergies SE, gives a defintely strong signal to the market. For a deeper dive into the company's long-term vision, you can check out their Mission Statement, Vision, & Core Values of Clean Energy Fuels Corp. (CLNE).

Next Step: Review the latest 13F filings from the largest net buyers like JPMorgan Chase & Co. and Grantham, Mayo, Van Otterloo & Co. LLC to gauge their conviction level and see if they added more shares in the fourth quarter of 2025.

Market Impact and Investor Sentiment

You're looking at Clean Energy Fuels Corp. (CLNE) and trying to figure out if the big money is still on board. The short answer is yes, institutional sentiment is cautiously positive, but they are defintely watching the bottom line closely. The majority of Wall Street analysts currently rate CLNE a Moderate Buy to Strong Buy, but the stock's near-term volatility shows investors are reacting sharply to profitability challenges, even when the company beats revenue expectations.

Institutional investors-the large funds, pensions, and endowments-hold a dominant stake of roughly 48% to 51% of the company's shares. This is a double-edged sword: it lends credibility, but it also means the stock price is highly sensitive to their collective trading decisions. They recently welcomed a 9.5% increase in the stock price following a period where they had seen a 6.2% loss over the prior year, signaling that they are hungry for positive momentum.

Who Controls the Clean Energy Fuels Corp. (CLNE) Share Register?

The investor profile for Clean Energy Fuels Corp. is heavily influenced by a few major players. The top nine shareholders collectively own about 51% of the business, so their moves matter a great deal.

Here's the quick math on the largest institutional and corporate owners, based on the latest 2025 filings:

• TotalEnergies SE: The largest shareholder, holding a significant 19% of the company.
• BlackRock, Inc.: A major institutional presence, owning between 7.2% and 7.8% of the common stock.
• Vanguard Group Inc.: Holds a substantial stake of 5.200% as of November 2025.

The presence of TotalEnergies SE, a massive public company, with a 19% stake suggests a strong strategic alignment. This isn't just a financial investment; it implies entwined business interests that could offer stability and future partnership opportunities. For more on the company's foundation, you can check out Clean Energy Fuels Corp. (CLNE): History, Ownership, Mission, How It Works & Makes Money.

Market Reactions to Earnings and Ownership

The stock market's reaction to Clean Energy Fuels Corp.'s 2025 performance has been volatile and highly focused on profitability, not just growth. For instance, in November 2025, the stock price plunged by 18.69% over a single week. This sharp drop occurred despite the company reporting a revenue beat in its Q3 2025 earnings, with revenue reaching $106.1 million.

Why the sell-off? The net loss for Q3 2025 widened to $23.8 million, compared to a $18.2 million loss in the same quarter last year. This was largely due to the expiration of revenue from the Alternative Fuel Tax Credit (AFTC) and higher charges related to the Amazon warrant agreement. That's a clear signal: investors are prioritizing a path to positive net income over simple top-line growth. On the flip side, a major partnership announcement in March 2025 drove the share price up by 8.6%, showing that strategic wins can still generate significant near-term gains.

Analyst Forecasts and Investor Risk Mapping

Analysts are generally bullish on the long-term vision but realistic about the near-term financials. The consensus price target from Wall Street analysts is $3.59, which suggests a significant upside of over 63% from the current price.

But still, the core risk is clear: Clean Energy Fuels Corp. is forecast to remain unprofitable over the next three years. The average analyst forecast for 2025 earnings is a loss of approximately -$20,570,434. The company reported a Q1 2025 net loss of $(135.0) million on a GAAP basis, which included a hefty $115.0 million in non-cash charges (goodwill write-down and accelerated depreciation).

The growth story is in renewable natural gas (RNG) volumes, which rose to 61.3 million gallons sold in Q3 2025, a 3% increase year-over-year. Analysts see revenue growth at about 6.5% per year. The key is converting that volume growth into profit. The table below summarizes the core financial forecasts that are driving investor decisions right now:

What this estimate hides is the impact of policy changes, like the AFTC expiration, which hit the Q3 2025 adjusted EBITDA, dropping it to $17.3 million from $21.3 million a year prior. The market is telling you: the long-term vision is compelling, but the next few quarters require tighter operational execution to manage the transition away from tax credit support.