Paul Singer’s Latest Portfolio: Top 5 Stock Picks

2. Marathon Petroleum Corp (NYSE:MPC)

Elliott Management’s Stake Value: $909,654,000

Percentage of Elliott Management’s 13F Portfolio: 10.48%

Number of Hedge Fund Holders: 50

Marathon Petroleum Corp (NYSE:MPC) hit a peak in popularity among funds tracked by Insider Monkey at the end of 2018 when 79 funds reported holding a stake in the company. Since then, although the stock of Marathon Petroleum Corp (NYSE:MPC) has made new lifetime highs, its popularity among smart money investors hasn’t seen a considerable increase, with only 50 hedge funds disclosing a stake in the company at the end of June. Elliott Management, which initiated its stake in Marathon Petroleum Corp (NYSE:MPC) during the second quarter of 2019, immediately proceeded to send a letter to the company’s management. In its letter, Elliott Management demanded that Marathon Petroleum Corp’s  (NYSE:MPC) management split the company into three individual firms, which according to the fund, would unlock $22 billion in value for shareholders.

On August 16, Marathon Petroleum Corp (NYSE:MPC) announced that the US Federal Energy Regulatory Commission had approved its request for more time to convert its Kenai liquefied natural gas export plant in Alaska to an import terminal. On the same day, analysts at Barclays upped their price target on the stock to $112 from $94 while maintaining an ‘Overweight’ rating on it.