5 Most Profitable Oil Stocks in the World

4. Marathon Petroleum Corporation (NYSE:MPC)

Number of Hedge Fund Holders: 48

Latest TTM Net Income: $11.47 billion

Headquartered in Findlay, Ohio, Marathon Petroleum Corporation (NYSE:MPC) is a U.S.-based company primarily involved in petroleum refining, marketing, and transportation. Formerly a wholly-owned subsidiary of Marathon Oil until a corporate spin-off in 2011, the company holds a prominent position as one of the world’s largest pipeline companies, managing a network of nearly 14,000 miles.

On October 25, Marathon Petroleum Corporation (NYSE:MPC) announced a dividend of $0.825 per share on common stock, reflecting approximately a 10% increase compared to its previous dividend of $0.75 per share. The dividend was set for distribution on December 11, 2023, to shareholders on record as of November 16, 2023. Additionally, MPC recently approved an additional $5 billion share repurchase authorization, supplementing its existing authorization, which had approximately $4.3 billion remaining as of September 30.

In the third quarter of 2023, the company was included in 48 hedge fund portfolios, marking an increase from 42 in the previous quarter. Paul Singer’s Elliott Management emerged as the largest stakeholder of Marathon Petroleum Corporation (NYSE:MPC) in Q3, holding over 11 million shares valued at approximately $1.67 billion.