5 Best Gas Stocks To Buy Now

4. Marathon Petroleum Corporation (NYSE:MPC)

Number of Hedge Fund Holders: 50

Marathon Petroleum Corporation (NYSE:MPC) operates as an integrated downstream energy company primarily in the United States. In addition to providing reformulated gasolines and blend-grade gasolines, the company gathers, processes, and transports natural gas and natural gas liquids. It is one of the premier energy stocks to invest in. 

On November 1, Marathon Petroleum Corporation (NYSE:MPC) declared a $0.75 per share quarterly dividend, a 29.3% increase from its prior dividend of $0.58. The dividend is payable on December 12, to shareholders of record on November 16. 

Wells Fargo analyst Roger Read on November 3 raised the price target on Marathon Petroleum Corporation (NYSE:MPC) to $131 from $116 and reiterated an Overweight rating on the shares. While Q4 results may be weaker due to greater planned turnaround activity, the analyst still sees significant upside potential. 

According to Insider Monkey’s data, 50 hedge funds were long Marathon Petroleum Corporation (NYSE:MPC) at the end of the third quarter of 2022, and Paul Singer’s Elliott Management held the biggest stake in the company, comprising 11 million shares worth over $1 billion. 

Here is what Clark Street Value has to say about Marathon Petroleum Corporation (NYSE:MPC) in its Q4 2021 investor letter:

“During the worst of covid, I bought some LEAPs on Marathon Petroleum (MPC) as a proxy for Par Pacific (PARR) since long dated options weren’t available on the later.  Those MPC calls expire next month and I’ll take profits, with PARR I’ve reduced my position throughout the year and might sell the rest early next year, I’ve owned it for 6-7 years and it has gone nowhere, they haven’t touched the NOLs, just a difficult business that I probably don’t understand as well as I should.”