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HollyFrontier Corp. (HFC)

- NYSE
  • Fri, Jan. 2, 5:11 PM
    • HollyFrontier (NYSE:HFC) -1.6% AH after saying it expects a lower of cost or market inventory adjustment to result in a FY 2014 pretax charge of $350M-$400M because of falling crude oil prices.
    • HFC also says maintenance at its El Dorado refinery in Kansas took 10 days longer than planned and required significant repairs, which caused a shift towards a lighter and sweeter crude slate post-turnaround and limited its overall crude charge in the quarter to 359K bbl/day.
    | Fri, Jan. 2, 5:11 PM | 9 Comments
  • Dec. 15, 2014, 12:33 PM
    • BofA Merrill analyst Doug Leggate stays cautious on the refining sector for 2015, although he sees a bullish opportunity in Phillips 66 (PSX +0.5%), which he upgrades to Buy from Neutral with a $90 price target.
    • The expected recognition of value risks being materially overhyped compared to what is currently being recognized by MLPs, the analyst says, adding that absence of guidance on the cost impact on the remaining business, limited guidance on tax and lack of precision on disclosure prompts skepticism that the market is not getting ahead of itself.
    • Leggate downgrades HollyFrontier (HFC -1.5%) to Neutral from Buy, and PBF Energy (PBF -1.9%) and Delek US (DK -1.9%) to Underperform from Neutral; he also lowers stock price targets for the three, as well as for Valero (VLO +0.4%), Northern Tier (NTI -2.5%) and Marathon Petroleum (MPC -1.1%).
    | Dec. 15, 2014, 12:33 PM | 25 Comments
  • Dec. 3, 2014, 3:15 PM
    • U.S. oil refiners are processing record amounts of crude for this time of year, FT reports, taking advantage of falling oil prices and a flood of supply from shale drillers.
    • Refiners’ appetite has kept the price of high-quality light U.S. crude closely in line with international prices, defying warnings that a glut would force deep discounts: “The bottom line remains that we haven’t seen an oversupply of light crude,” Marathon Petroleum (MPC +1.5%) says.
    • Whether U.S. refineries succeed in absorbing the rising oil tide is up for speculation, but the refiners' own investment plans suggest they have the capacity to handle rising volumes; Valero (VLO +1.4%), for example, plans to add crude units in Houston and Corpus Christi designed to process oil from the nearby Eagle Ford shale.
    • Refiners are by far the dominant customers for crude, so the amount purchased by U.S. refiners will be an important guide for world oil markets.
    • Also: TSO +0.1%, ALJ +0.5%, PSX +1.6%, WNR +1.2%, HFC +0.4%, CVI +0.8%, PBF +1.8%.
    | Dec. 3, 2014, 3:15 PM | 12 Comments
  • Nov. 21, 2014, 6:45 PM
    | Nov. 21, 2014, 6:45 PM | 46 Comments
  • Nov. 21, 2014, 10:28 AM
    | Nov. 21, 2014, 10:28 AM | 37 Comments
  • Nov. 12, 2014, 5:26 PM
    • HollyFrontier (NYSE:HFC) declares $0.32/share quarterly dividend, in line with prior.
    • Forward yield 2.92%.
    • Payable Dec. 30; for shareholders of record Dec. 4; ex-div Dec. 2.
    • Additionally, board also declared special dividend of $0.50/share payable on Dec. 17.
    | Nov. 12, 2014, 5:26 PM | 1 Comment
  • Nov. 5, 2014, 7:15 AM
    • HollyFrontier (NYSE:HFC): Q3 EPS of $0.88 misses by $0.06.
    • Revenue of $5.32B (-0.2% Y/Y) beats by $870M.
    • Press Release
    | Nov. 5, 2014, 7:15 AM | Comment!
  • Nov. 4, 2014, 5:30 PM
  • Oct. 27, 2014, 9:44 AM
    • Venezuela is canceling plans to sell its Citgo U.S. refining unit, the country’s finance minister says, apparently the victim of falling oil prices, declining refining margins, and unscheduled downtime among Citgo's refineries.
    • Venezuelan officials indicated earlier this year that they were looking to sell Citgo for as much as $10B, and HollyFrontier (NYSE:HFC), Valero Energy (NYSE:VLO), Western Refining (NYSE:WNR), Tesoro (NYSE:TSO) and PBF Energy (NYSE:PBF) were speculated as potential bidders for Citgo's three U.S. refineries.
    • Analysts at the risk consultancy Eurasia Group recently warned that a sale of Citgo would leave fewer assets for investors to target if Venezuela defaults.
    | Oct. 27, 2014, 9:44 AM | Comment!
  • Oct. 14, 2014, 6:57 PM
    • Refiners implore Pres. Obama to remain firm on plans to scale back renewable fuel quotas for 2014, warning that if the administration gives in to Corn Belt demands for higher mandates, it could cause gasoline prices to spike.
    • The EPA last year proposed cutting the amount of renewable fuel required for 2014 to 15.2B gallons, ~3B gallons below the amount prescribed in federal statutes, including up to 13B gallons from traditional corn-based ethanol and 2.2B gallons of advanced biofuels.
    • But administration officials have hinted they could boost the final targets, justified in part because gasoline consumption has also risen since the proposal was first unveiled last year.
    • Among signers of a letter to Obama were Valero (NYSE:VLO) CEO Joseph Gorder and Tesoro (NYSE:TSO) CEO Gregory Goff.
    | Oct. 14, 2014, 6:57 PM | 7 Comments
  • Oct. 9, 2014, 2:57 PM
    • J.P. Morgan has a favorable outlook on the refining sector heading into Q3 earnings, as the group has sold off since September on a combination of factors, including fears about the crude export ban being lifted and narrowing crude differentials, despite good product cracks.
    • Two of the biggest drops among refiners have been suffered by Valero Energy (VLO -2.7%) and HollyFrontier (HFC -2.6%), each ~13% since the group's peak; of the two, JPM likes VLO going into the quarter, particularly in the event of any favorable updates around capital allocation.
    • The firm thinks Tesoro (TSO -3.2%) is set up for another solid quarter but that investors must be expecting it, given that shares are down only ~3%.
    | Oct. 9, 2014, 2:57 PM | 1 Comment
  • Oct. 7, 2014, 3:23 PM
    • Amid today's sea of red in stocks, oil refinery names are enjoying gains thanks to a bullish note from Citi analyst Faisel Khan, who upgraded the sector along with some individual refiner stocks, including Phillips 66 (PSX +0.7%) and HollyFrontier (HFC +1%).
    • Khan says PSX is positioning itself to become the "premier hydrocarbon logistics provider on the Gulf Coast,” and he sees the refiner's midstream assets generating $2.3B in EBITDA by 2018; Khan upgrades shares to Buy from Neutral.
    • HFC also is upgraded to Buy from Neutral by Khan, who thinks HFC’s balance sheet should allow it to pursue various acquisitions and that it has the mechanisms in place to generate $700M-$800M in discretionary cash flow over the next two years.
    • Khan also upgraded CVR Refining (CVRR +0.8%) and Alon USA Partners (ALDW +5%) to Buy, raised his price target for Marathon Petroleum (MPC +0.6%) and reiterated his positive outlook for Valero Energy (VLO +1%).
    | Oct. 7, 2014, 3:23 PM | 15 Comments
  • Oct. 2, 2014, 2:48 PM
    • RBC Capital Markets’ energy analyst Brad Heffer names Marathon Petroleum (MPC -1.3%) as his top pick, and starts coverage of Tesoro (TSO -0.5%) and Valero (VLO -0.4%) at Outperform, but the stocks are lower as oil prices tumble again.
    • Heffer says MPC’s refinery portfolio is well positioned, with leverage to both cheap inland crude in the Midwest and Gulf coast export markets, and the recent Hess acquisition presents a big opportunity to increase retail value going forward; MPC is still early in the drop-down cycle, and it will continue to provide shareholders with solid cash returns going forward.
    • TSO is a strong operator in a tough California market, RBC says, who expects synergies from the BP acquisition to continue to improve margins, while VLO is the refiner best positioned to take advantage of Gulf Coast crude spreads, which the firm sees widening substantially in H2 2015 and into 2016.
    • Phillips 66 (PSX -1.7%) and HollyFrontier (HFC -0.7%) are rated Sector Perform.
    | Oct. 2, 2014, 2:48 PM | 4 Comments
  • Sep. 10, 2014, 3:28 PM
    • Energy stocks, especially refiners, are taking a beating following the latest EIA inventory report that said gasoline stockpiles rose by 2.4M barrels last week, helping send U.S. crude oil futures to 16-month lows (-1.2% to $91.61/bbl) and Brent crude to 17-month lows (-1.1% to $98.02).
    • The report is bearish given the large increases in refined product inventories; "even though the crude drawdown was close to expectations, it seemed to disappoint," Again Capital's John Kilduff says.
    • The EIA report followed the agency’s updated demand growth report issued yesterday and this morning’s release of OPEC’s report on the oil market; both see lower demand growth this year and next.
    • Oil majors are mostly lower: XOM -0.6%, CVX -1.4%, COP -0.3%, but BP (+2.9%) and RDS.A (+1%) are higher.
    • Refiners are hit hard: VLO -3.6%, PSX -1.5%, MPC -1.9%, HFC -2.5%, TSO -2.9%, WNR -4.1%, CVI -1.6%, ALJ -1.8%, PBF -3.5%, DK -1.8%, CLMT -1.8%.
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    | Sep. 10, 2014, 3:28 PM | 32 Comments
  • Sep. 9, 2014, 6:52 PM
    • Venezuela's PDVSA reportedly is seeking preliminary offers for its U.S. unit Citgo Petroleum by the end of September, a deal that could fetch up to $10B.
    • Lazard is running the sale process for Citgo on behalf of PDVSA and is said to have sent offering materials to potential buyers; Deutsche Bank is separately exploring a sale of PDVSA's 50% stake in the Chalmette refinery in Louisiana it owns alongside Exxon.
    • HollyFrontier (NYSE:HFC), Valero Energy (NYSE:VLO), Western Refining (NYSE:WNR), Tesoro (NYSE:TSO) and PBF Energy (NYSE:PBF) are speculated as logical bidders for Citgo's U.S. refineries in Lemont, Ill.; Lake Charles, La.; and Corpus Christi, Tex.
    | Sep. 9, 2014, 6:52 PM | 7 Comments
  • Aug. 6, 2014, 12:56 PM
    | Aug. 6, 2014, 12:56 PM | 1 Comment
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Company Description
HollyFrontier Corp is an independent petroleum refiner. It produces high-value light products such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt. It operates in two segments; Refining and HEP.