Analyst Jason Gabelman of TD Cowen maintained a Hold rating on HF Sinclair Corporation, with a price target of $46.00.
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Jason Gabelman has given his Hold rating due to a combination of factors including HF Sinclair Corporation’s recent performance and market conditions. The company reported strong results in the Mid-continent region, with improved refining margin capture, which was attributed to factors like crude flexibility and product placement. However, there is some uncertainty regarding the sustainability of these margins, which prevents a more optimistic rating.
Additionally, while HF Sinclair has shown the capability to ship products to West Coast markets and has excess cash that could be used for buybacks or acquisitions, the core markets of the company are noted for their seasonal volatility. This potential for near-term volatility, combined with the need to see continued strong performance, supports the decision to maintain a Hold rating. The price target was slightly raised to $46, reflecting higher forecast earnings but still acknowledging these uncertainties.
In another report released today, Barclays also maintained a Hold rating on the stock with a $43.00 price target.