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$HFC I think refiners have room to grow.
Sp was down 6.7%
We were due a correction.
WHY.......???
Jett Rink ,would like to hear your thought's on hfc this quater.
Strong balance sheet facilitates distributions to shareholders. HFC (excluding subsidiary Holly Energy Partners) closed 3Q13 with a cash balance of US$1.96bn and a net debt/capitalization ratio of -43%.
Inline with last quarter's levels of US$1.97bn and -44%, respectively.
HFC continues to pay out a ratable US$0.50/sh special dividend, and combined with the US$0.30/sh regular dividend, the stock offers an attractive 6.9% yield.
Bought some! I love this chart. With oil prices picking up, looking for a turnaround.
HollyFrontier Corp Stock Buy Recommendation Reiterated (HFC)
http://www.thestreet.com/story/11794114/1/hollyfrontier-corp-stock-buy-recommendation-reiterated-hfc.html?puc=yahoo&cm_ven=YAHOO
By TheStreet Wire 12/17/12 - 09:05 AM EST
NEW YORK (TheStreet) -- HollyFrontier (NYSE:HFC) has been reiterated by TheStreet Ratings as a buy with a ratings score of A . The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins.
Highlights from the ratings report include:
HFC's revenue growth has slightly outpaced the industry average of 7.2%. Since the same quarter one year prior, revenues slightly increased by 0.6%. Growth in the company's revenue appears to have helped boost the earnings per share.
HFC's debt-to-equity ratio is very low at 0.23 and is currently below that of the industry average, implying that there has been very successful management of debt levels. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.50, which illustrates the ability to avoid short-term cash problems.
Investors have apparently begun to recognize positive factors similar to those we have mentioned in this report, including earnings growth. This has helped drive up the company's shares by a sharp 84.46% over the past year, a rise that has exceeded that of the S&P 500 Index. Regarding the stock's future course, although almost any stock can fall in a broad market decline, HFC should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
HOLLYFRONTIER CORP has improved earnings per share by 18.5% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, HOLLYFRONTIER CORP increased its bottom line by earning $6.12 versus $0.97 in the prior year. This year, the market expects an improvement in earnings ($8.43 versus $6.12).
The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Oil, Gas & Consumable Fuels industry. The net income increased by 14.8% when compared to the same quarter one year prior, going from $523.09 million to $600.37 million.
HollyFrontier Corporation operates as an independent petroleum refiner and marketer in the United States. It produces light products, such as gasoline, diesel fuel, jet fuel, specialty lubricant products, liquefied petroleum gas, fuel oil, and specialty and modified asphalt. HollyFrontier has a market cap of $9.23 billion and is part of the basic materials sector and energy industry. The company has a P/E ratio of 6.3, below the S&P 500 P/E ratio of 17.7. Shares are up 94.1% year to date as of the close of trading on Thursday.
HollyFrontier price target raised to $55 from $46 at Oppenheimer
http://finance.yahoo.com/news/hollyfrontier-price-target-raised-55-130304913.html
Oppenheimer increased its price target on HollyFrontier, citing what it sees as strong industry fundamentals and the company's commitment to creating shareholder value through dividends and share repurchases. The firm thinks the company's outlook remains strong and it maintains an Outperform rating.
More good news in my opinion.
Refineries & Business Units
Cheyenne Refinery
The Cheyenne Refinery is located in Cheyenne, Wyoming and has a crude oil capacity of 52,000 barrels per day. Crude oil is purchased from local producers and is also imported via the Express Pipeline from Canada. Cheyenne's refined products are marketed primarily in the eastern slope of the Rocky Mountain region, which includes eastern Colorado (including the Denver metropolitan area), eastern Wyoming and western Nebraska (the Eastern Slope).
El Dorado Refinery
The El Dorado Refinery is located in El Dorado, Kansas and is one of the largest refineries in the plains states and the Rocky Mountain region with a crude oil capacity of 135,000 barrels per day. The El Dorado Refinery can select from many different types of crude oil because of its direct access to the Cushing, Oklahoma hub, which is connected by pipelines to the Gulf Coast and to Canada. This access, combined with the El Dorado Refinery's complexity, gives it the flexibility to refine a wide variety of crude oils. El Dorado's refined products are marketed primarily in the eastern slope of the Rocky Mountain region, which includes eastern Colorado (including the Denver metropolitan area), eastern Wyoming and the plains states.
Navajo Refinery
The Navajo Refinery is located in Artesia, New Mexico and has a crude oil capacity of 100,000 barrels per day. The Navajo Refinery can process heavy, sour and light, sweet crude oils and runs a predominant slate of Permian Basin crudes that are gathered in West Texas and Southeast New Mexico. The refinery can also source a variety of crude oils from Cushing, Oklahoma including Canadian crudes. The Navajo refinery serves markets in the southwestern United States and northern Mexico.
Tulsa Refinery
The Tulsa Refinery is located in Tulsa, Oklahoma and has a crude oil capacity of 125,000 barrels per day. The Tulsa Refinery primarily processes sweet crude oils; however, it has the capability to process sour crude oils when economics dictate, and serves the markets in the mid-continent region of the United States.
Woods Cross Refinery
The Woods Cross Refinery is located north of Salt Lake City, Utah and has a crude oil capacity of 31,000 barrels per day. The Woods Cross Refinery is a high conversion refinery that has advantaged access to regional sweet and black wax crudes as well as pipeline access to Canadian crude oils. Woods Cross refined products are marketed primarily in Utah, Idaho, Nevada,Wyoming, and eastern Washington.
Lubricants & Specialty Products
Our lubricants and specialty products are marketed by HollyFrontier Refining & Marketing LLC and include lubricants, basestocks, specialty process oils and waxes. Most of the lubricant and wax production is manufactured at the Tulsa Refinery. The lubricants group distributes through nine terminals in Fremont, California; Allerton, Georgia; Lexington, North Carolina; Houston, Texas; New Orleans, LA; Cleveland, Ohio; York, Pennsylvania and North Haven, Connecticut. The principal products marketed by the lubricants group consist of lubricating oils (base, blended and process oils), waxes, horticultural oils and asphalt modifiers.
Specialty Products
Approximately 10% of the Tulsa Refinery production consists of lubricants and specialty products which are categorized and explained below. Each of these products can be custom blended in tank car-size quantities in order to satisfy customer requirements.
Basestocks
These solvent neutral ("SN") paraffinic products are specifically manufactured as base stocks or blending components in the manufacture of finished lube products. Typically these products are shipped to blender-compounders who prepare the finished product that is sold to end-users. Applications include passenger and commercial vehicle engine oils, specialty products for metalworking or heat transfer applications and other industrial applications.
Process oils
Some of the process oils produced at the Tulsa plant are designed for the rubber and chemical industry and are extracted from the refinery's Lube Extraction Unit (LEU) where enhanced chemical properties and low volatility is desirable. These highly refined oils are custom tailored for use in a wide variety of commercial applications including adhesives, coatings, and defoamers.
Waxes
Soft and semi-finished waxes are used in the manufacturing of more flexible packaging, waterproofing corrugated board, emulsions, extrusion processing, candles, rubber, adhesives, gaskets and fire logs. The waxes are removed from oil by solvent crystallization and filtration and are de-oiled to produce a range of products differentiated by melting points.
Horticultural Oils
These highly refined process oils are used in horticultural sprays that can be applied as either a pesticide or herbicide carrier. The pesticide spray oils are paraffinic oils specifically designed to meet growers' requirements for an extremely effective pesticide with low toxicity. The herbicidal oils are used in conjunction with other herbicides as an adjuvant. As carriers, these oils form a better spray pattern than herbicides used alone and improve penetration, dispersion, and anti-evaporative action for improved post-emergent weed control.
Asphalt Modifiers
The plant produces numerous hydrolene asphalt modifiers to accommodate the complete spectrum of asphalt applications and performance requirements. Hydrolene is available in both aromatic and paraffinic formulations, offering various viscosity and volatility characteristics for specific customer applications. Product applications include improving compatibility with polymer modified asphalts in the paving and roofing industry.
Asphalt & Heavy Products
Our subsidiaries manufacture and market a variety of heavy products including performance-grade (PG) asphalt, fuel oil, vacuum tower bottoms, carbon black oil (slurry), roofing flux and zero pen asphalt (pitch). We market these products to highway contractors, government agencies, construction material suppliers, asphalt maintenance companies and other wholesale customers from the refinery loading racks. We also have asphalt terminals located in Artesia and Albuquerque, New Mexico and Glendale, Arizona, where we market PG asphalts, modified asphalts and commodity and modified emulsion products to a variety of customers and government agencies.
Holly Energy Partners
Holly Energy Partners, L.P. (“HEP”) is a Delaware limited partnership engaged principally in the business of operating a system of petroleum product and crude oil pipelines, storage tanks, distribution terminals and loading rack facilities in west Texas, New Mexico, Utah, Arizona, Washington, Oklahoma, Kansas, Wyoming and Idaho. HEP was formed in Delaware in 2004 and maintains corporate offices in Dallas, Texas. HollyFrontier currently owns a 44% interest in HEP, including the 2% general partner interest.
HEP owns and operates petroleum product and crude oil pipelines and terminal, tankage and loading rack facilities that support HollyFrontier Corporation’s (“HollyFrontier”) refining and marketing operations in west Texas, New Mexico, Utah, Arizona, Washington, Oklahoma, Kansas, Wyoming and Idaho. HEP also owns and operates refined product pipelines and terminals, located primarily in Texas, that service Alon USA, Inc.’s (“Alon”) refinery in Big Spring, Texas. Additionally, HEP owns a 25% joint venture interest in a 95-mile intrastate crude oil pipeline system (the “SLC Pipeline”) that serves refineries in the Salt Lake City area and a 75% interest in UNEV Pipeline LLC, the owner of an HEP operated refined products pipeline running from Utah to Las Vegas, Nevada and related products terminals.
HEP generates revenues by charging tariffs for transporting petroleum products and crude oil through pipelines, by charging fees for terminalling refined products and other hydrocarbons, and by storing and providing other services at storage tanks and terminals. HEP does not take ownership of products that it transports, terminals or stores, and therefore, is not directly exposed to changes in commodity prices.
HEP assets include the following:
Pipelines
•approximately 820 miles of refined product pipelines, including 340 miles of leased pipelines, that transport gasoline, diesel and jet fuel principally from HFC’s Navajo refinery in New Mexico to its customers in the metropolitan and rural areas of Texas, New Mexico, Arizona, Utah and northern Mexico;
•approximately 510 miles of refined product pipelines that transport refined products from Alon’s Big Spring refinery in Texas to its customers in Texas and Oklahoma;
•three 65-mile intermediate pipelines that transport intermediate feedstocks and crude oil from HFC’s Navajo refinery crude oil distillation and vacuum facilities in Lovington, New Mexico to its petroleum refinery facilities in Artesia, New Mexico;approximately 960 miles of crude oil trunk, gathering and connection pipelines located in west Texas, New Mexico and Oklahoma that deliver crude oil to HFC’s Navajo refinery;
•approximately 960 miles of crude oil trunk, gathering and collection pipelines located in west Texas, New Mexico, and Oklahoma that deliver crude oil to HFC's Navajo refinery;
•approximately 10 miles of refined product pipelines that support HFC’s Woods Cross refinery located near Salt Lake City, Utah;
•gasoline and diesel connecting pipelines located at HFC’s Tulsa east refinery facility;
•five intermediate product and gas pipelines between HFC’s Tulsa east and west refinery facilities;
•crude receiving assets located at HFC’s Cheyenne refinery;
•a 25% joint venture interest in the SLC pipeline, a 95-mile intrastate crude oil pipeline system that transports crude oil into the Salt Lake City, Utah area from the Utah terminus of the Frontier Pipeline, as well as crude oil flowing from Wyoming and Utah via Plains All American Pipeline, L. P.’s (“Plains”) Rocky Mountain Pipeline; and
•a 75% interest in UNEV pipeline, LLC, the owner of a 400-mile refined products pipeline system running from Salt Lake City, Utah to Las Vegas, Nevada.
Refined Product Terminals and Refinery Tankage
•four refined product terminals located in El Paso, Texas; Moriarty and Bloomfield, New Mexico; and Tucson, Arizona, with an aggregate capacity of approximately 1,000,000 barrels, that are integrated with our refined product pipeline system that serves HFC’s Navajo refinery;
•three refined product terminals (two of which are 50% owned), located in Burley and Boise, Idaho and Spokane, Washington, with an aggregate capacity of approximately 500,000 barrels, that serve third-party common carrier pipelines;
•one refined product terminal near Mountain Home, Idaho with a capacity of 120,000 barrels, that serves a nearby United States Air Force Base;
•two refined product terminals, located in Wichita Falls and Abilene, Texas, and one tank farm in Orla, Texas with aggregate capacity of 480,000 barrels, that are integrated with our refined product pipelines that serve Alon’s Big Spring refinery;
•a refined product loading rack facility at each of HFC’s refineries, heavy product / asphalt loading rack facilities at HFC’s Navajo refinery Lovington facility, Tulsa refinery east facility and the Cheyenne refinery, liquefied petroleum gas (“LPG”) loading rack facilities at HFC’s Tulsa refinery west facility, Cheyenne refinery and El Dorado refinery, lube oil loading racks at HFC’s Tulsa refinery east facility and crude oil Leased Automatic Custody Transfer (“LACT”) units located at HFC’s Cheyenne refinery;
•a leased jet fuel terminal in Roswell, New Mexico;
•on-site crude oil tankage at HFC’s Navajo, Woods Cross, Tulsa and Cheyenne refineries having an aggregate storage capacity of approximately 1,400,000 barrels; and
•on-site refined and intermediate product tankage at HFC’s Tulsa, Cheyenne and El Dorado refineries having an aggregate storage capacity of approximately 8,300,000 barrels;
HEP has a long-term strategic relationship with HollyFrontier Corporation. The HEP growth plan is to continue to pursue purchases of logistic assets within the HollyFrontier asset base and to work with HollyFrontier on logistic asset acquisitions in conjunction with refinery acquisition strategies. Furthermore, HEP will continue to pursue third-party logistic asset acquisitions which are accretive to HEP unitholders and increase the diversity of HEP revenues
Company History
1947 Holly Corporation was originally incorporated under the name General Appliance Corporation.
1949 Frontier Oil Corporation was originally incorporated under the name Wainoco Oil Corporation, which was primarily an oil and gas exploration company with production in Canada and the U.S.
1952 General Applicance Corporation changed its name to Holly Corporation to broaden its interests into oil production.
1955 Holly Corporation was listed on the American Stock Exchange (AMEX) and focused on the oil and gas exploration industry while income was mainly from real estate sales and interest.
1969 Holly purchased Navajo Refining Company in Artesia, NM from Continental Oil Company.
1972 Holly moved its home office to Dallas, TX from Azusa, CA.
1977 The Navajo Refinery eclipsed real estate as the major source of revenue for the company.
1981 Wainoco listed on the New York Stock Exchange (NYSE: WOL).
1982 Holly was included in the Fortune 500 list of largest U.S. industrial corporations.
1991 Wainoco purchased Frontier Oil Corporation, whose primary asset was a crude oil refinery located in Cheyenne, WY.
1992 Wainoco had three operating units: U.S. Oil and Gas, Canadian Oil and Gas, and Frontier Oil.
1995 Wainoco sold U.S. operations in exploration and production due to lack of scale.
1997 Wainoco sold Canadian assets to pay down corporate debt and concentrated entirely on refining operations.
1998 Wainoco changed its name to Frontier Oil Corporation (NYSE: FTO) to reflect the change in corporate strategy.
1999 Frontier purchased the El Dorado, KS refinery from the Shell-Texaco joint venture, Equilon, quadrupling the company’s refining capacity.
2003 Holly purchased the Woods Cross, UT refinery from ConocoPhillips.
2004 Holly Energy Partners was formed and listed on the New York Stock Exchange (NYSE: HEP). Holly changed its listing from the AMEX to the New York Stock Exchange (NYSE: HOC).
2005 Holly was named as a “Best Managed Company” by Fortune magazine.
2007 Frontier was ranked in the top ten for “Total Return to Shareholders” and “Revenues per Employee” by Fortune magazine.
2009 Holly acquired the Sunoco and Sinclair refineries in Tulsa, OK, doubling the company’s refining capacity and number of employees.
2011 Holly and Frontier completed a merger of equals and changed name to HollyFrontier Corporation (NYSE: HFC).
HFC Corporate profile:
HollyFrontier Corporation (NYSE: HFC) is among the largest independent petroleum refiners in the United States with operations throughout the mid-continent, southwestern and Rocky Mountain regions. Subsidiaries of HollyFrontier Corporation produce and market gasoline, diesel, jet fuel, asphalt, heavy products and specialty lubricant products. The Company is headquartered in Dallas, Texas and operates five complex refineries with 443,000 barrels per day of crude oil processing capacity. Subsidiaries of HollyFrontier Corporation manufacture and market lubricants and specialty products through a subsidiary. Subsidiaries of HollyFrontier Corporation manufacture and market asphalt products and other heavy products at our five refineries and at our asphalt terminals in Arizona and New Mexico. The Company owns a 42% interest in Holly Energy Partners, L.P. (NYSE: HEP).
Refining Operations
Our refining operations are located in Cheyenne, Wyoming; El Dorado, Kansas; Artesia, New Mexico; Tulsa, Oklahoma and Woods Cross, Utah. Each of the refineries has the complexity to convert discounted, heavy and sour crude oils into a high percentage of gasoline, diesel and other high value refined products. The Company markets products primarily throughout the Rocky Mountains, Plains states and Southwestern regions, which are among the most attractive refined product markets in the United States.
Cheyenne Refinery
The Cheyenne Refinery is located in Cheyenne, Wyoming and has a crude oil capacity of 52,000 barrels per day with the complexity to convert a wide variety of crude oils into a high percentage of light products. Crude oil is purchased from local producers, including the nearby Niobrara and Bakken formations, and is also imported via the Express Pipeline from Canada. Cheyenne refined products are primarily marketed in the eastern slope of the Rocky Mountain region, which encompasses eastern Colorado (including the Denver metropolitan area), eastern Wyoming, and western Nebraska.
El Dorado Refinery
The El Dorado Refinery is located in El Dorado, Kansas and is one of the largest refineries in the Plains States and Rocky Mountain region with a crude oil capacity of 135,000 barrels per day. The El Dorado Refinery can select from many different types of crude oil due to its direct pipeline access to the Cushing, Oklahoma hub, which is connected by pipelines to the Gulf Coast, Canada and a majority of the U.S. crude production. This crude oil access, combined with the refinery's complexity, gives it the flexibility to refine a wide variety of crude oils. El Dorado refined products are marketed primarily throughout the Plains States and eastern slope of the Rocky Mountain region, which encompasses eastern Colorado (including the Denver metropolitan area) and eastern Wyoming.
Navajo Refinery
The Navajo Refinery is located in Artesia, New Mexico and has a crude oil capacity of 100,000 barrels per day with the flexibility and complexity to process heavy crude oil, sour crude oil and light sweet crude oil. The refinery is in close proximity to West Texas crude supply and also has direct pipeline access to the wide variety of crude oils in Cushing, Oklahoma, including Canadian crudes. Navajo refined products are marketed primarily in the southwestern United States and northern Mexico.
Tulsa Refinery
The Tulsa Refinery is located in Tulsa, Oklahoma and has a crude oil capacity of 125,000 barrels per day. The Tulsa Refinery primarily processes sweet crude oils, but can also process sour crude oils and sits adjacent to Cushing, Oklahoma, the largest crude oil trading hub in the U.S. Tulsa refined products are marketed primarily throughout the mid-continent region of the United States. The Tulsa Refinery also manufactures lubricants and specialty waxes, including lubricating oils (base, blended and process oils), waxes, horticultural oils and asphalt modifiers.
Woods Cross Refinery
The Woods Cross Refinery is located just north of Salt Lake City, Utah and has a crude oil capacity of 31,000 barrels per day. The Woods Cross Refinery is a high conversion refinery that has advantaged access to regional sweet and black wax crudes as well as pipeline access to Canadian crude oils. Woods Cross refined products are marketed primarily in Utah, Idaho, Nevada,Wyoming, and eastern Washington.
Holly Energy Partners
HollyFrontier owns a 44% interest, including the 2% general partnership interest, in Holly Energy Partners, L.P. (NYSE: HEP), a master limited partnership that owns and operates petroleum logistics assets including pipelines, terminals and tankage throughout the mid-continent. Through subsidiaries, HEP owns or leases approximately 2,500 miles of petroleum product and crude oil gathering pipelines in Texas, New Mexico, Oklahoma and Utah. HEP also owns tankage and refined product terminals in several southwestern, Rocky Mountain, and mid-continent states. Read more or visit the Holly Energy Partners website.
Lubricants & Specialty Products
HollyFrontier Refining & Marketing LLC markets lubricants, basestocks, specialty process oils and waxes. The majority of the lubricant and wax products are manufactured at the Tulsa Refinery and marketed through terminals in California, Georgia, North Carolina, Texas, Ohio, Pennsylvania and Connecticut. The principal products consist of paraffinic oils, aromatic oils, waxes, horticultural oils and asphalt modifiers.
Specialty lubricant products are sold in both commercial and specialty markets. Base oil customers include blender-compounders who prepare the various finished lubricants and grease products that are sold to end users. Agricultural oils are formulated into EPA-registered pesticidal oils and adjuvants with herbicides. Process oil customers include the rubber and chemical industries. Specialty waxes are sold primarily to packaging customers as coating material for paper and cardboard and to non-packaging customers in the construction materials, adhesive and candle-making markets.
Asphalt & Heavy Products
Our subsidiaries manufacture and market a variety of heavy products including performance-grade (PG) asphalt, fuel oil, vacuum tower bottoms, carbon black oil (slurry), roofing flux and zero pen asphalt (pitch). We market these products to highway contractors, government agencies, construction material suppliers, asphalt maintenance companies and other wholesale customers from the refinery loading racks. We also have asphalt terminals located in Artesia and Albuquerque, New Mexico and Glendale, Arizona, where we market PG asphalts, modified asphalts and commodity and modified emulsion products to a variety of customers and government agencies.
Imperial Capital Starts HollyFrontier (HFC) at Outperform
6:46 AM ET, 11/16/2012 - Street Insider
Imperial Capital initiates coverage on HollyFrontier (NYSE: HFC) with a Outperform. PT $50.00.
The firm comments, "Given the proximity of its refineries to today s leading onshore domestic crude plays, HFC leads our universe in returns to shareholders due to strong cash flow generation."
HollyFrontier Stock To Go Ex-dividend Tomorrow (HFC)
By TheStreet Wire 11/12/12 - 09:53 AM EST
NEW YORK (TheStreet) -- The ex-dividend date for HollyFrontier (NYSE:HFC) is tomorrow, November 13, 2012. Owners of shares as of market close today will be eligible for a dividend of 50 cents per share. At a price of $41.14 as of 9:30 a.m. ET, the dividend yield is 2%.
The average volume for HollyFrontier has been 2.7 million shares per day over the past 30 days. HollyFrontier has a market cap of $8.23 billion and is part of the basic materials sector and energy industry. Shares are up 72.8% year to date as of the close of trading on Friday.
HollyFrontier Corporation operates as an independent petroleum refiner and marketer in the United States. It produces light products, such as gasoline, diesel fuel, jet fuel, specialty lubricant products, liquefied petroleum gas, fuel oil, and specialty and modified asphalt. The company has a P/E ratio of 5.6, below the S&P 500 P/E ratio of 17.7.
HollyFrontier Management Discusses Q3 2012 Results - Earnings Call Transcript
http://seekingalpha.com/article/987751-hollyfrontier-management-discusses-q3-2012-results-earnings-call-transcript?source=yahoo
HollyFrontier 3Q profit up on higher margins
Petroleum refiner HollyFrontier reports 15 percent boost in 3Q profit on higher margins
http://finance.yahoo.com/news/hollyfrontier-3q-profit-higher-margins-184104248.html
DALLAS (AP) -- HollyFrontier Corp. said Wednesday that third-quarter profit rose 15 percent on higher refining margins, beating analysts' expectations.
The company said the factors that led to better margins will continue and allow the company to pay regular and special dividends.
Net income was $600.4 million, or $2.94 per share, compared with $523.1 million, or $2.48 per share, a year earlier.
Analysts expected $2.40, according to FactSet.
Revenue for the independent petroleum refiner and seller rose less than 1 percent, to $5.20 billion, slightly below the analysts' forecast of $5.21 billion.
The Dallas company operates refineries in El Dorado, Kan.; Tulsa, Okla.; Artesia, N.M.; Cheyenne, Wyo.; and Woods Cross, Utah. It sells petroleum products in several Western and plains states.
HollyFrontier shares rose 87 cents, or 2.2 percent, to $40.95 in afternoon trading.
HFC: Q3 EPS $2.94 vs $2.48 Beats $2.4 Est
Wednesday, November 07, 2012 07:58ET
QUARTER RESULTS
HollyFrontier Corp. (HFC) reported Q3 results ended September 2012. Q3 Revenues were $5,204.80M; +0.61% vs yr-ago; MISSING revenue consensus by -1.87%. Q3 EPS was $2.94; +18.55% vs yr-ago; BEATING earnings consensus by +22.50%.
Q3 RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISE
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $5,204.80M $5,173.40M +0.61% $5,303.89M -1.87%
---------- ------------ ------------ ---------- ------------ ----------
EPS: $2.94 $2.48 +18.55% $2.40 +22.50%
---------- ------------ ------------ ---------- ------------ ----------
HollyFrontier Corporation Reports Record Quarterly Net Income
Wednesday 7 November 2012
HollyFrontier Corporation (NYSE: HFC) (“HollyFrontier” or the “Company”) today reported third quarter net income attributable to HollyFrontier stockholders of $600.4 million or $2.94 per diluted share for the quarter ended September 30, 2012, compared to $523.1 million or $2.48 per diluted share for the quarter ended September 30, 2011. For the nine months ended September 30, 2012, net income attributable to HollyFrontier stockholders totaled $1,335.6 million or $6.44 per diluted share compared to $800.0 million or $5.63 per diluted share for the nine months ended September 30, 2011.
For the third quarter, net income attributable to our stockholders increased by $77.3 million, or 15% compared to the same period of 2011, principally reflecting higher third quarter refining margins. Refinery gross margins were $30.55 per produced barrel, a 9% increase compared to $28.10 for the third quarter of 2011. Production levels averaged approximately 457,000 barrels per day (“BPD”) and crude oil charges averaged approximately 433,000 BPD for the current quarter. Operating expenses for the quarter were $233.9 million or $5.11 per barrel compared to $227.9 million or $5.07 per barrel for the third quarter of last year.
HollyFrontier’s President & CEO, Mike Jennings, commented, “We had a tremendous quarter with third quarter results reaching new record levels. Exceptionally high inland to coastal crude oil differentials as well as robust heavy crude oil differentials helped drive our refined product margins to all time highs. Looking forward, we believe that the structural crude advantages currently driving our strong operating margins will continue to positively impact our operating income, allowing us to continue to pay both regular and special dividends. We remain focused on increasing total shareholder return while maintaining a strong balance sheet.”
For the third quarter of 2012, net cash provided by operations totaled $742.3 million. During the period, we paid dividends to shareholders of $132.7 million consisting of our $0.15 regular and a $0.50 special dividend. In addition, we declared a second third quarter special dividend of $0.50 that was paid early in the fourth quarter. At September 30, 2012, our combined balance of cash and short-term investments totaled $2.3 billion and our consolidated debt was $1.3 billion. Our debt, exclusive of Holly Energy Partners' debt which is nonrecourse to HollyFrontier, was $471.8 million at September 30, 2012, which reflects the redemption of our $200 million 8.5% senior notes that were called in September 2012. We had no cash borrowings or outstanding principal under our credit facility during the quarter.
Continued at: http://www.knobias.com/story.htm?eid=3.1.9f75fc475ab6b5e1eaae46e92c9573e38f0882a04bdb3d1ff3825859fd58abbd
Holly Frontier's recent closing price was $37.72, within a 52-week trading range of $21.13 - $42.33.
The regular dividend is $0.20 quarterly, for a yield of 2.12% and with a payout ratio of 36%.
However management is a serial special dividend distributor, having fired off $2.50 in special cash distributions to shareholders just in the last 12 months.
This pushes the real dividend annual yield to 7.5%.
The shares as currently traded are new. The company formed as a merger of the old Holly Corporation and Frontier Oil.
Holly Frontier currently trades at a Price to Earnings ratio (PE) of 5.3 with earnings per share of $ 7.09.
The company has a current ratio of 2.37, a profit margin of 7.45% and operating margin of 12.58%.
Not only does this independent refiner use its free cash flow to push out lots of dividends for its shareholders, it also has a hefty $350 million share buyback program.
It is a management truly dedicated to bringing value to shareholders and I absolutely adore that.
HFC: Timeline
Nov 1, 2012
HollyFrontier Corporation Announces Special Dividend And 33 Percent Increase In Regular Dividend
Sep 12, 2012
HollyFrontier Corporation Announces $0.50 Special Cash Dividend
Aug 16, 2012
HollyFrontier Corporation Announces Redemption of 8.5% Senior Notes Due 2016
Aug 13, 2012
HollyFrontier Corporation Announces Special and Regular Cash Dividends
Jul 12, 2012
HollyFrontier Corporation and Holly Energy Partners Announce Completion of Acquisition of Interest in UNEV Pipeline
Jun 28, 2012
HollyFrontier Board of Directors Authorizes $350 Million Share Repurchase Program
Jun 28, 2012
HollyFrontier Corporation and Holly Energy Partners Announce Agreement in Principle for Acquisition of Interest in UNEV Pipeline
May 16, 2012
HollyFrontier Corporation Announces Special Dividend And 50 Percent Increase In Regular Dividend
Feb 21, 2012
HollyFrontier Corporation Announces Special and Regular Cash Dividends
Jan 4, 2012
HollyFrontier Announces Salt Lake City Refinery Expansion & Feedstock Supply Agreement
Jan 3, 2012
HollyFrontier Board of Directors Authorizes $350 Million Share Repurchase Program
Nov 16, 2011
HollyFrontier Corporation Announces Special Cash Dividend of $0.50 Per Share, and Increases the Regular Dividend from $0.0875 Per Share to $0.10 Per Share.
Nov 9, 2011
Holly Energy Partners and HollyFrontier Corporation Announce the Completion of Acquisition of Pipeline and Tankage Assets
Nov 8, 2011
HollyFrontier Corporation Reports Record Third Quarter 2011 Results
Oct 10, 2011
HollyFrontier Corporation and Holly Energy Partners Announce Agreement in Principle for Acquisition of Pipeline and Tankage Assets
Sep 8, 2011
HollyFrontier Corporation Announces Stock Repurchase Program
Aug 29, 2011
HollyFrontier Corporation Announces Results of Offer to Purchase Senior Notes
Aug 25, 2011
HollyFrontier Corporation Announces Increased Regular Quarterly Cash Dividend
Aug 3, 2011
HollyFrontier Corporation Announces a Special Cash Dividend of $1.00 Per Share and Two-for-One Stock Split
Jul 27, 2011
HollyFrontier Corporation Offers to Purchase Senior Notes
Jul 1, 2011
HollyFrontier Corporation Completes Merger
HollyFrontier Corporation (NYSE: HFC) today announced the completion of the merger of Holly Corporation (NYSE: HOC) ("Holly") and Frontier Oil Corporation (NYSE: FTO) ("Frontier"). HollyFrontier Corporation combines two leading independent refiners to create the most profitable (on a per barrel basis) independent refiner in the U.S.
HollyFrontier Corporation, which has a refining capacity in excess of 440,000 barrels-per-day (bpd) across five refineries, serves the niche mid-continent, Rocky Mountain and southwestern refining markets and has access to growing regional domestic and Canadian crude oil supplies.
HFC 3Q earnings 11-07-12 BMO
HollyFrontier Corporation Third Quarter 2012 Earnings Release and Conference Webcast
HollyFrontier Corporation (NYSE: HFC) plans to announce results for its quarter ended September 30, 2012 on November 7, 2012, before the opening of trading on the NYSE. The company has scheduled a webcast conference on November 7, 2012 at 11:00AM Eastern time to discuss financial results.
HollyFrontier is long in my portfolio. I consider it a hidden dividend tiger because of a lot of oddities in its numbers. The historical fundamentals can be confusing because it is a new issue formed at the merger of Holly Corporation and Frontier Oil in July 2011. Most historical numbers only show Holly's numbers, so recent profitability and earnings success show up on screens as a recent spike, instead of steady growth from two combined entities.
The company recently announced a $0.50 a share special dividend. In the press release it stated:
HollyFrontier Corp (HFC) has knocked the cover off the ball in 2012. The stock is up 60% year-to date. The Company has paid 3 special dividends in addition to the quarterly dividends.
The Company approved an additional $350 million stock repurchase plan. The latest earnings per share in Q2 were $0.13 above the consensus estimate.
HollyFrontier is benefiting from sustained heavy crude oil differentials as well as inland to coastal crude oil differentials helped drive product margins to near record levels. The structural crude advantages currently increasing our operating margins will continue to boost our free cash generation as we go forward.
This will allow the return of capital to shareholders to continue. HollyFrontier pays a quarterly dividend of $0.15 for a current dividend yield of 1.51%. However, HollyFrontier has already paid 3 $0.50 special dividends for $1.50 in 2012.
Combined with the special dividends, HollyFrontier has a dividend yield of 5.35%.
~ Tuesday! $HFC ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $HFC ~ Earnings expected on Tuesday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=HFC&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=HFC&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=HFC
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=HFC#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=HFC+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=HFC
Finviz: http://finviz.com/quote.ashx?t=HFC
~ BusyStock: http://busystock.com/i.php?s=HFC&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=HFC >>>>>>
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*If the earnings date is in error please ignore error. I do my best.
Saudi production increases to replace Libyan....
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