Top 5 Value Stocks to Buy for 2024 (Picked by Joel Greenblatt)

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1. Marathon Petroleum Corporation (NYSE:MPC)

Number of Hedge Fund Holders: 48
Price to Earnings Ratio: 5.76

Marathon Petroleum Corporation (NYSE:MPC) is one of the top value stocks to buy for 2024 picked by Joel Greenblatt for investors looking to diversify their portfolios into the energy sector. Marathon Petroleum Corporation (NYSE:MPC) is a company that processes oil and other raw materials into fuels and chemicals at its refineries in different parts of the US.

Marathon Petroleum Corporation (NYSE:MPC) has benefited from high energy prices in 2023, which has helped support the 33% year-to-date gain. Nevertheless, the stock trades at a discounted valuation with a P/E of 6.70 compared to 24 for the S&P 500. It also comes with a 2.16% yield. Gotham Assets Management held stakes worth $12.11 million in Marathon Petroleum Corporation (NYSE:MPC) as of the end of Q3 2023.

In the third quarter of this year, Marathon Petroleum Corporation (NYSE:MPC) attracted investments from 48 of the 910 hedge funds analyzed in Insider Monkey’s survey. The prominent investor in Marathon Petroleum Corporation (NYSE:MPC) was Paul Singer’s Elliott Management, holding 11 million shares valued at $1.6 billion.

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