Zacks Investment Research Upgrades HollyFrontier (HFC) to “Strong-Buy”
HollyFrontier (NYSE:HFC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $54.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 14.29% from the stock’s previous close.
According to Zacks, “HollyFrontier is one of the largest independent oil refiners in the U.S. with the capability to process a wide mix of crude. While its access to some of the fastest growing domestic markets bode well for the downstream operator, the Petro-Canada Lubricants acquisition has helped HollyFrontier expand into a high-margin, less competitive business. A strong financial position and attractive yields are other positives in the HFC story. Finally, we expect improving refining outlook to buoy the company’s bottom line in the fourth quarter of 2017. Consequently, we think HollyFrontier offers substantial upside potential from the current price levels and view it as a preferred energy play to own now.”
Several other brokerages have also commented on HFC. Scotiabank reaffirmed a “buy” rating and issued a $33.00 price objective on shares of HollyFrontier in a research report on Friday, September 8th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $38.00 price objective on shares of HollyFrontier in a research report on Friday, September 8th. Howard Weil increased their price objective on shares of HollyFrontier from $33.00 to $39.00 and gave the company a “focus list” rating in a research report on Thursday, September 28th. J P Morgan Chase & Co lowered shares of HollyFrontier from a “neutral” rating to an “underweight” rating and increased their price objective for the company from $33.00 to $34.00 in a research report on Friday, October 6th. Finally, Tudor Pickering raised shares of HollyFrontier from a “hold” rating to a “buy” rating in a research report on Monday, October 9th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. HollyFrontier has a consensus rating of “Hold” and a consensus price target of $40.67.
HollyFrontier (NYSE:HFC) last released its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.25. HollyFrontier had a net margin of 2.55% and a return on equity of 5.18%. The business had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same period last year, the business earned $0.42 EPS. The company’s revenue was up 30.6% compared to the same quarter last year. sell-side analysts predict that HollyFrontier will post 2.38 earnings per share for the current fiscal year.
In other HollyFrontier news, Director Michael Jennings sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $44.50, for a total transaction of $200,250.00. Following the completion of the transaction, the director now directly owns 49,717 shares of the company’s stock, valued at approximately $2,212,406.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.51% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of HFC. Principal Financial Group Inc. raised its position in HollyFrontier by 129.6% during the 2nd quarter. Principal Financial Group Inc. now owns 4,204,355 shares of the oil and gas company’s stock worth $115,495,000 after buying an additional 2,373,560 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of HollyFrontier by 148.2% during the 3rd quarter. American Century Companies Inc. now owns 1,603,606 shares of the oil and gas company’s stock valued at $57,682,000 after purchasing an additional 957,494 shares in the last quarter. Kempen Capital Management N.V. purchased a new position in shares of HollyFrontier during the 2nd quarter valued at approximately $24,366,000. Cornerstone Capital Management Holdings LLC. increased its holdings in shares of HollyFrontier by 741.1% during the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 1,004,130 shares of the oil and gas company’s stock valued at $27,582,000 after purchasing an additional 884,754 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of HollyFrontier by 1,974.5% during the 2nd quarter. Janus Henderson Group PLC now owns 638,955 shares of the oil and gas company’s stock valued at $17,552,000 after purchasing an additional 608,155 shares in the last quarter. 83.31% of the stock is owned by institutional investors.
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HollyFrontier Company Profile
HollyFrontier Corporation is an independent petroleum refiner. The Company produces various light products, such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt. It segments include Refining and Holly Energy Partners, L.P. (HEP). The Refining segment includes the operations of the Company’s El Dorado, Kansas (the El Dorado Refinery); refinery facilities located in Tulsa, Oklahoma (collectively, the Tulsa Refineries); a refinery in Artesia, New Mexico that is operated in conjunction with crude oil distillation and vacuum distillation and other facilities situated 65 miles away in Lovington, New Mexico (collectively, the Navajo Refinery); refinery located in Cheyenne, Wyoming (the Cheyenne Refinery); a refinery in Woods Cross, Utah (the Woods Cross Refinery), and HollyFrontier Asphalt Company (HFC Asphalt).
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