Hi Pat: What is your opinion and recommendation on HollyFrontier Corp.? Are potential goodwill writedowns a problem for this growing company? Many thanks.
HollyFrontier, $38.03, symbol HFC on New York (Shares outstanding: 203.6 million; Market cap: $7.7 billion; www.hollyfrontier.com), is one of the largest independent petroleum refiners in the U.S. The company was formed when Holly Corporation bought Frontier Oil for $2.9 billion in July 2011.
HollyFrontier produces and markets gasoline, diesel, jet fuel, asphalt and specialty lubricants. It operates five refineries that can process 443,000 barrels of crude oil per day. These facilities are located in Wyoming, Kansas, New Mexico, Oklahoma and Utah. HollyFrontier also owns 42% of Holly Energy Partners.
In the three months ended June 30, 2012, HollyFrontier’s revenue rose 62.0%, to $4.8 billion from $3.9 billion, a year earlier. Earnings per share rose 33.3%, to $2.40 from $1.80.
HollyFrontier’s profit margins have moved up sharply lately because of a high “crack spread” that comes from falling crude oil prices and rising gasoline prices. (That means its refineries are paying less for the crude they process into higher-priced fuels.) It has also saved…
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