HFC - A New CEO Tackles Old Problems as HollyFrontier Beats on Q4 Earnings
Oil refiner HollyFrontier (NYSE: HFC) reported a mixed bag of Q4 earnings on Feb. 20. This was par for the course for the refining industry, which generally saw little change in revenues and big earnings declines over the prior year.
Like many of its peers, Holly posted a very small improvement in revenue from the year-ago quarter, but its earnings absolutely crumbled year over year. When compared to what Wall Street was expecting, the company actually beat on revenue and missed on earnings. Ultimately, though, whatever impact this had on Holly's share price was dwarfed by the broader market correction that began just a day later. By the time the dust settled, Holly's stock lost nearly 22% in February.
Here's what investors need to know.