Zacks Investment Research upgraded shares of HollyFrontier (NYSE:HFC) from a hold rating to a strong-buy rating in a research report released on Tuesday morning. The brokerage currently has $51.00 price objective on the oil and gas company’s stock.
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 also recently issued reports on HFC. Cowen reissued a hold rating and set a $30.00 price objective on shares of HollyFrontier in a research note on Tuesday, October 17th. Bank of America downgraded shares of HollyFrontier from a neutral rating to an underperform rating in a research note on Friday, December 8th. Royal Bank of Canada reaffirmed a buy rating and set a $58.00 price target on shares of HollyFrontier in a research note on Tuesday, January 30th. ValuEngine raised shares of HollyFrontier from a hold rating to a buy rating in a research note on Thursday, November 2nd. Finally, Howard Weil downgraded shares of HollyFrontier from a focus list rating to an outperform rating in a research note on Friday, December 22nd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $42.67.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 14th. Stockholders of record on Wednesday, February 28th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Tuesday, February 27th. HollyFrontier’s payout ratio is currently 69.47%.
In other news, SVP James M. Stump sold 30,000 shares of the stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $51.21, for a total value of $1,536,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James H. Lee sold 5,149 shares of the 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 directly owns 52,240 shares of the company’s stock, valued at approximately $2,464,160.80. The disclosure for this sale can be found here. Insiders sold 69,649 shares of company stock valued at $3,515,728 in the last three months. Company insiders own 0.51% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in HFC. Toronto Dominion Bank increased its position in shares of HollyFrontier by 6.3% in 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 in the last quarter. Sandy Spring Bank acquired a new stake in shares of HollyFrontier in the fourth quarter worth $114,000. NuWave Investment Management LLC acquired a new stake in shares of HollyFrontier in the fourth quarter worth $133,000. FNY Managed Accounts LLC acquired a new stake in shares of HollyFrontier in the third quarter worth $163,000. Finally, Garrison Financial Corp acquired a new stake in shares of HollyFrontier in the fourth quarter worth $203,000. 84.51% of the stock is owned by institutional investors.
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for HollyFrontier Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HollyFrontier and related companies with MarketBeat.com's FREE daily email newsletter.