5 Best Oil Refinery Stocks To Buy

1. Marathon Petroleum Corporation (NYSE:MPC)

Number of Hedge Fund Holders: 50

Marathon Petroleum Corporation (NYSE:MPC) was founded in 1887 and is headquartered in Findlay, Ohio. It operates as an integrated downstream energy company in the United States, operating in two segments – Refining & Marketing, and Midstream.  The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States. It is one of the top oil refinery stocks to buy now. 

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 was paid to shareholders on December 12. 

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

According to Insider Monkey’s data, 50 hedge funds were bullish on Marathon Petroleum Corporation (NYSE:MPC) at the end of Q3 2022, and Paul Singer’s Elliott Management is the leading position holder in the company, with 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.”

You can also take a look at 10 Stocks Most Affected By Inflation and 10 Biggest Dividend Cuts of 2022.