HollyFrontier (HFC) Upgraded by Zacks Investment Research to “Strong-Buy”
Zacks Investment Research upgraded shares of HollyFrontier (NYSE:HFC) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday. The brokerage currently has $51.00 price target 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.”
Other equities analysts also recently issued research reports about the company. TheStreet raised HollyFrontier from a c+ rating to a b rating in a research report on Wednesday, November 1st. ValuEngine raised HollyFrontier from a hold rating to a buy rating in a research report on Thursday, November 2nd. Scotiabank reaffirmed a buy rating and issued a $39.00 target price on shares of HollyFrontier in a research report on Wednesday, November 1st. Royal Bank of Canada reaffirmed a buy rating and issued a $42.00 target price on shares of HollyFrontier in a research report on Wednesday, October 18th. Finally, Argus raised 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. 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’s stock. The stock presently has an average rating of Hold and an average price target of $42.93.
In related news, SVP James M. Stump sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $51.21, for a total value of $1,536,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James H. Lee sold 5,149 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $47.17, for a total value 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 69,649 shares of company stock valued at $3,515,728. 0.51% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new stake in shares of HollyFrontier in the fourth quarter valued at approximately $5,765,000. Focused Wealth Management Inc bought a new stake in shares of HollyFrontier in the fourth quarter valued at approximately $246,000. Invictus RG boosted its stake in shares of HollyFrontier by 225.3% in the fourth quarter. Invictus RG now owns 5,218 shares of the oil and gas company’s stock valued at $267,000 after buying an additional 3,614 shares during the period. ETRADE Capital Management LLC bought a new stake in shares of HollyFrontier in the fourth quarter valued at approximately $602,000. Finally, Amundi Pioneer Asset Management Inc. bought a new stake in HollyFrontier during the fourth quarter worth $56,969,000. Institutional investors and hedge funds own 84.51% of the company’s stock.
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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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