No, (and apparently we're talking about a QPH-031?) the dish and LNB is aimed at a single satellite.
Two L outputs are to hook to two receivers.
OR, the two outputs can go to a multiswitch which then can feed multiple receivers (4, 6, 8, etc).
The two C outputs are used if the satellite you are aiming at broadcasts circular polarized signals.
An example would be reception of NASA, an unscrambled channel on the 119° Dish Network satellite.
The QPH-031 is sort of a Swiss Army Knife of LNBs.
Good for lots of things (but not C-band).