Top 10 Stock Picks of Elliott Management

3. Marathon Petroleum Corporation (NYSE:MPC)

Elliott Management’s Stake Value: $1.48 Billion

Number of Hedge Fund Holders: 50

Marathon Petroleum Corporation (NYSE:MPC) is an integrated energy company specializing in the exploration and development of crude oil and other feedstocks at its refineries on the Gulf Coast. It is one of the stocks that has benefited from oil prices stabilizing above the $75 a barrel level for the better part of the year.

The decline in Marathon Petroleum Corporation (NYSE:MPC)’s stock price can be attributed to several factors. Specifically, the Refining & Marketing segment’s adjusted EBITDA fell to $1.9 billion, down from $3.9 billion in the first quarter of 2023. Additionally, California workplace regulators have imposed a $188,000 fine on Marathon Petroleum’s Martinez refinery for a series of alleged safety violations.

Marathon Petroleum Corporation (NYSE:MPC) did not experience any significant change in hedge fund holding in Q1 2024. A total of 50 hedge funds tracked by the Insider Money database held stakes in the company as of Q1 2024.