HollyFrontier Corp. Stock Rating Lowered by Imperial Capital (HFC)
HollyFrontier Corp. (NYSE:HFC) was downgraded by Imperial Capital from an “outperform” rating to an “in-line” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. They currently have a $41.00 price target on the stock, down from their previous price target of $49.00. Imperial Capital’s price target would suggest a potential downside of 1.84% from the stock’s previous close.
The analysts wrote, “We are downgrading our rating on HFC to In-Line from Outperform and lowering our one-year price target to $41 from $49. Our price target is about 2 below the recent share price. In light of the 2H13 contraction in refining margins and crude price differentials, we are lowering our 2013 and 2014 EPS estimates for HFC. Also, we expected continued pressure on the WTI-Brent crude price spread over the balance of the year and into 2014 as TransCanada commences operation of the southern portion of it 700,000b/d Keystone XL pipeline from Cushing, Oklahoma to Nederland, Texas later this month. With cash and short-term investments of $2.0bn, we expect that HFC will continue to return cash to shareholders through dividends (regular and special) and share repurchases.”
Shares of HollyFrontier Corp. (NYSE:HFC) traded down 0.74% during mid-day trading on Monday, hitting $41.46. The stock had a trading volume of 1,298,717 shares. HollyFrontier Corp. has a one year low of $36.22 and a one year high of $59.20. The stock’s 50-day moving average is $43.28 and its 200-day moving average is $45.83. The company has a market cap of $8.264 billion and a P/E ratio of 5.36.
HollyFrontier Corp. (NYSE:HFC) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $1.27 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.41 by $0.14. The company had revenue of $4.46 billion for the quarter, compared to the consensus estimate of $4.55 billion. During the same quarter last year, the company posted $2.39 earnings per share. HollyFrontier Corp.’s revenue was up 10.2% compared to the same quarter last year.
A number of other firms have also recently commented on HFC. Analysts at Oppenheimer downgraded shares of HollyFrontier Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Friday. Separately, analysts at Macquarie cut their price target on shares of HollyFrontier Corp. from $48.00 to $44.00 in a research note to investors on Thursday. They now have a “neutral” rating on the stock. Finally, analysts at Argus reiterated a “buy” rating on shares of HollyFrontier Corp. in a research note to investors on Wednesday, October 2nd. They now have a $56.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $54.00.
HollyFrontier Corporation (NYSE:HFC), formerly Holly Corporation, is a petroleum refiner, which produces light products, such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.