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HollyFrontier Declares Stock Repurchase Plan Worth $500M

Oil refiner and marketer, HollyFrontier Corporation (HFC) declared that it has got an authorization from its board of directors to repurchase shares worth $500 million. The company added that the buyback program will be carried out in the open market. The repurchases will depend on market conditions as well as regulatory considerations. The company added that the board of directors can discontinue the repurchase plan at any time.

HollyFrontier added that the new share repurchase authorization has replaced the current buyback plans of the company. We believe that this program highlights the company’s commitment to create value for its shareholders.

Last month, HollyFrontier reported weak second-quarter results. The company’s earnings per share of 89 cents failed to beat the Zacks Consensus Estimate of $1. The bottom line also decreased 30% from the year-ago profit of $1.27 per share. Lower refining margin during the quarter hampered the results.

Dallas, TX-based HollyFrontier primarily manufactures refined products like diesel fuel, gasoline, specialty lubricant products, jet fuel, liquid petroleum gas, fuel oil and modified asphalt. The company operates several refineries which are located at Kansas, Oklahoma, New Mexico, Wyoming and Utah.

HollyFrontier currently retains a Zacks Rank #3 (Hold), implying that it will perform in line with the broader U.S. market in the next one to three months.

Meanwhile, one can consider better-ranked players in the energy sector like Cameron International Corporation (CAM), Pioneer Energy Services Corp. (PES) and Delek Logistics Partners LP (DKL). All these stocks sport a Zacks Rank #1 (Strong Buy).

Read the Full Research Report on CAM
Read the Full Research Report on HFC
Read the Full Research Report on DKL
Read the Full Research Report on PES


Zacks Investment Research

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