Surprisingly, graphite is the most stable of all the allotropes in regular conditions that carbon comprises. Diamonds run a close second, but graphite is more stable, allowing more refinement and because it is a poor conduit for heat, it allows for more uses in items such as heaters, batteries, and many other electrical products.
It is usually found in a hexagon shape, and occur this way naturally. When it is discovered in this natural state, it is one of the best forms of carbon to work with. The covalent bonds of graphite are only comprised of three bonds, so the ease of working with it make it more stable.
If you were to put the graphite through extreme heat and pressure, it would eventually convert to a diamond state. This process is used by some diamond manufacturers to replenish and maintain stores for drill bits, and the many other uses that diamonds fall into.