HollyFrontier (HFC) Upgraded at Zacks Investment Research
HollyFrontier (NYSE:HFC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $51.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.38% 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.”
HFC has been the topic of several other research reports. Piper Jaffray Companies restated a “hold” rating and issued a $38.00 target price on shares of HollyFrontier in a research report on Friday, November 17th. Macquarie restated an “underperform” rating on shares of HollyFrontier in a research report on Monday, October 23rd. Barclays raised their target price on HollyFrontier from $47.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, November 14th. Argus upgraded HollyFrontier from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Monday, November 20th. Finally, Goldman Sachs Group upgraded HollyFrontier from a “sell” rating to a “neutral” rating and set a $26.00 target price on the stock in a research report on Thursday, November 2nd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $42.93.
In other HollyFrontier news, Director James H. Lee sold 5,149 shares of the firm’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $47.17, for a total transaction of $242,878.33. Following the completion of the sale, the director now owns 52,240 shares of the company’s stock, valued at $2,464,160.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael Jennings sold 4,500 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $44.50, for a total value of $200,250.00. Following the sale, the director now directly owns 49,717 shares of the company’s stock, valued at approximately $2,212,406.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,649 shares of company stock valued at $3,515,728. Insiders own 0.51% of the company’s stock.
A number of hedge funds have recently bought and sold shares of HFC. Toronto Dominion Bank increased its stake in HollyFrontier by 6.3% during the second quarter. Toronto Dominion Bank now owns 3,994 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 235 shares during the last quarter. Sandy Spring Bank acquired a new stake in HollyFrontier during the fourth quarter worth $114,000. NuWave Investment Management LLC acquired a new stake in HollyFrontier during the fourth quarter worth $133,000. FNY Managed Accounts LLC acquired a new stake in HollyFrontier during the third quarter worth $163,000. Finally, Garrison Financial Corp acquired a new stake in shares of HollyFrontier in the fourth quarter valued at $203,000. 84.51% of the stock is owned by institutional investors.
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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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