Hurricane Benefits HollyFrontier, but for How Long Is Uncertain; Shares Remain Undervalued
Best idea HollyFrontier's shares jumped on Aug. 29. As a pure-play midcontinent refiner out of the path of Hurricane Harvey, it stands to benefit from the strengthening of product margins (WTI 3-2-1 to $23/barrel from $18/bbl last week) and the widening of the WTI/Brent spread ($5/bbl from $3/bbl a few weeks ago) due to refinery outages on the Gulf Coast. Still, it remains to be seen how sustainable these price improvements are. Ultimately, how much capacity will be offline, and for how long, wi...HollyFrontier is a petroleum refiner that produces products such as gasoline, diesel fuel, jet fuel, other lubricant products, and specialty and modified asphalt. The company's segments are: Refining, which involves the purchase and refining of crude oil and wholesale and marketing of refined products; Lubricants and Specialty Products, which includes the production of lubricant products such as base oils, white oils, other products and finished lubricants; and the company's subsidiary, Holly Energy Partners, L.P., which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and processing units.
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