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Dear Fellow Investor,
Company: HF Sinclair (SYM: DINO)
With a yield of 5.7%, HF Sinclair (SYM: DINO) is an independent energy company that produces and markets gasoline, diesel fuel, jet fuel, renewable diesel and lubricants. It owns and operates refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah.
After bottoming out at around $38 in November, DINO did test a high of $43.28. Now back to $39.86, the oversold stock appears to have again caught strong support. From here, we’d like to see an initial retest of $46 a share, near term. The company also paid a quarterly dividend of 50 cents on December 4.
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Even more impressive, funds have been buying.
Steven Cohen’s Point72 Asset Management, for example, just increased its stake in DINO by 45.6% at the end of September. Israel Englander’s Millennium Management increased its stake by a massive 960%. Joel Greenblatt’s Gotham Asset Management increased its stake by 63%. David Shaw’s DE Shaw raised its stake by 302%.
Earnings haven’t been too shabby either.
In its most recent quarter, the company’s EPS of 51 cents beat by 18 cents. Revenue of $7.21 billion, down 19.1% year over year, did beat by $100 million.
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Plus, as quoted in the company’s earnings press release, CEO Tim Go noted, “We returned $222 million in cash to shareholders in the third quarter and today announced a $0.50 quarterly dividend. Looking forward, we remain committed to safe and reliable operations, and we believe the diversification of our businesses positions us to generate through-cycle cash flows and continued returns to our shareholders."
With a healthy yield of 5.7%, HF Sinclair’s (DINO) recent pullback is a buy opportunity. Plus, with respectable earnings, strong dividend growth and buy interest from funds, DINO is an attractive long-term opportunity – especially as it diversifies its business and returns cash to shareholders.
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