Jim Cramer Was Bullish on 10 Stocks Due to Share Buyback Activity

8. Marathon Petroleum Corporation (NYSE:MPC)

Number of Hedge Fund Holders: 53

Marathon Petroleum Corporation (NYSE:MPC) is one of the stocks Jim Cramer was bullish on due to share buyback activity. During the episode, Cramer highlighted that the company generates a lot of cash, as he said:

“Eighth, hey, here’s one that nobody thinks about that I think they should. It’s called Marathon Petroleum. Marathon Pete. It operates the nation’s largest oil refining system as well as its largest midstream and retail businesses. Marathon Pete has reduced its share count by an astounding 43.6%, generates a lot of cash, since the end of 2015. At a time when I’m still pretty bearish on most of the energy sector, and I’m doubling down soon on that, I like Marathon. The refiners don’t need higher energy prices to do well. Sometimes, they benefit from lower energy prices, which is one reason the stock’s up 25% year to date. Plus, anytime there’s a pullback, you can bet, you… [can] be pretty confident the company’s in there buying them with you.”

Marathon Petroleum Corporation (NYSE:MPC) focuses on refining crude oil into fuels and other products and selling them. Moreover, the company runs fuel transportation and storage operations and produces renewable diesel. During the lightning round of June 26 episode, a caller inquired about the stock and Cramer responded:

“Yes, and it’s a good one. I think you want to own that stock. I like it very, very much. I just think that it’s one of the few… in that group that I actually want to own.”