In this piece, we will take a look at the five best oil refinery stocks to buy. If you want to take a deeper look at the oil refining industry and some top companies, then check out 11 Best Oil Refinery Stocks To Buy.
5. HF Sinclair Corporation (NYSE:DINO)
Number of Hedge Fund Investors in Q2 2023: 22
HF Sinclair Corporation (NYSE:DINO) has oil operations in several American states, and its product markets are also within America. The firm’s third quarter results saw its refinery net income drop by roughly 30% annually, with the firm attributing the drop to lower margins and fewer shipments.
During June 2023, 22 out of the 910 hedge funds part of Insider Monkey’s research had bought the firm’s shares. HF Sinclair Corporation (NYSE:DINO)’s largest hedge fund investor is Ken Griffin’s Citadel Investment Group courtesy of a $138 million stake.
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4. PBF Energy Inc. (NYSE:PBF)
Number of Hedge Fund Investors in Q2 2023: 32
PBF Energy Inc. (NYSE:PBF) produces refined oil products such as gasoline and jet fuel. Like other oil refining companies, its net income also dropped annually during the third quarter of 2023.
During the previous quarter, 32 out of the 910 hedge funds profiled by Insider Monkey had invested in PBF Energy Inc. (NYSE:PBF). Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital is the biggest shareholder out of these due to its $124 million investment.
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3. Phillips 66 (NYSE:PSX)
Number of Hedge Fund Investors in Q2 2023: 36
Phillips 66 (NYSE:PSX) is a diversified oil company with refining, marketing, and other operations. The firm is currently seeking to generate cash by selling its business assets, and according to its CEO, it aims to sell up to $3 billion of assets.
By the end of this year’s second quarter, 36 out of the 910 hedge funds part of Insider Monkey’s research had bought and owned a stake in the company. Phillips 66 (NYSE:PSX)’s largest hedge fund investor is Paul Singer’s Elliott Management as it owns 775,000 shares that are worth $73.9 million.
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Follow Phillips 66 (NYSE:PSX)
2. Marathon Petroleum Corporation (NYSE:MPC)
Number of Hedge Fund Investors in Q2 2023: 42
Marathon Petroleum Corporation (NYSE:MPC) is an American feed stock and oil refining company. It met the broader refinery trend in Q3 2023 when its earnings showed that an adjusted net income per share of $8.14 beat analyst estimates of $7.75.
For their June quarter of 2023 shareholdings, 42 among the 910 hedge funds profiled by Insider Monkey were Marathon Petroleum Corporation (NYSE:MPC)’s investors. Paul. Singer’s Elliott Management is the biggest stakeholder among these due to its $1.2 billion investment.
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Follow Marathon Petroleum Corp (NYSE:MPC)
1. Valero Energy Corporation (NYSE:VLO)
Number of Hedge Fund Investors in Q2 2023: 49
Valero Energy Corporation (NYSE:VLO) produces diesel, jet fuel, and other petroleum products. Revenue from its refining segment fell to $3.4 billion in Q3 2023 from $3.8 billion during the year ago quarter. Valero Energy Corporation (NYSE:VLO)’s shares are rated Buy on average, and analysts have priced in a $24 share price upside based on the average share price.
49 hedge funds out of the 910 part of Insider Monkey’s Q2 2023 research had held a stake in the company. Valero Energy Corporation (NYSE:VLO)’s largest investor in our database is Israel Englander’s Millennium Management as it owns $324 million worth of shares.
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Follow Valero Energy Corp (NYSE:VLO)
Disclosure: None. You can also take a look at 12 Best Metal Stocks To Invest In and 12 Best Travel Stocks To Buy Right Now.
