5 Best Performing Energy Stocks in 2022

2. Marathon Petroleum Corporation (NYSE:MPC)

Number of Hedge Fund Holders: 50

YTD Share Price Gain as of December 27: 78.16%

Marathon Petroleum Corporation (NYSE:MPC) is an integrated downstream energy company in the United States. It operates in two segments, Refining & Marketing, and Midstream. The company beat expectations for Q3 adjusted earnings and revenue, as demand for fuel and refined products rose while supplies were constrained. Marathon Petroleum Corporation (NYSE:MPC) raised its quarterly dividend by 29% to $0.75 per share from $0.58 per share. Q3 net income also climbed more than six-fold to $4.48 billion. It is one of the best performing energy stocks in 2022. 

On December 19, Piper Sandler analyst Ryan Todd maintained a Neutral rating on Marathon Petroleum Corporation (NYSE:MPC) and lowered the firm’s price target on the shares to $143 from $153. “Even after two years of outperformance,” the analyst remains constructive on the energy complex into 2023.

According to Insider Monkey’s third quarter database, 50 hedge funds held stakes worth $2.77 billion in Marathon Petroleum Corporation (NYSE:MPC), and Paul Singer’s Elliott Management held the largest position, comprising 11 million shares worth $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.”