HF Sinclair Corporation
- Open
- 105.22
- Day high
- 108.25
- Day low
- 104.81
- Prev close
- 106.06
- Volume
- 765K
- Mkt cap
- $18.9B
- P/E (TTM)
- 10.1
- EPS (TTM)
- $10.56
- P/B
- 1.8
- P/S
- 0.6
- Yield
- 1.91%
- Per share
- $2.02
- ▲Insiders net buying $624K over the last 3 months (2 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
HF Sinclair Corporation (DINO) is a Energy company listed on NYSE. The stock is up 104% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 1 sale (SEC Form 4). Drillr has 2 published research articles covering DINO.
HF Sinclair Corporation (DINO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DINO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $4.49 | $5.31 | +18.3% | $10.4B | +21.1% |
| May 1, 2026 | $-0.15 | $0.69 | +560.0% | $7.1B | +5.1% |
| Feb 18, 2026 | $0.44 | $1.20 | +172.7% | $6.5B | +6.5% |
| Oct 30, 2025 | $1.94 | $2.44 | +25.8% | $7.3B | +15.6% |
| Jul 31, 2025 | $1.09 | $1.70 | +56.0% | $6.8B | -3.6% |
| May 1, 2025 | $-0.41 | $-0.27 | +34.1% | $6.4B | -8.9% |
| Feb 20, 2025 | $-0.91 | $-1.02 | -12.1% | $6.5B | -2.5% |
| Oct 31, 2024 | $0.29 | $0.51 | +75.9% | $7.2B | +8.0% |
| Aug 1, 2024 | $0.71 | $0.78 | +9.9% | $7.8B | +3.4% |
| Feb 21, 2024 | $0.67 | $0.87 | +29.9% | $7.7B | +1.2% |
| Nov 2, 2023 | $3.67 | $4.06 | +10.6% | $8.9B | +9.5% |
| Aug 3, 2023 | $2.25 | $2.60 | +15.6% | $7.8B | +7.6% |
DINO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | MYERS FRANKLINdirector, officer: CEO | Grant | 1,121 | — |
| Aug 11, 2026 | MYERS FRANKLINdirector, officer: CEO | Buy | 15,000 | $85.30 |
| Aug 6, 2026 | Kunneman Daleofficer: SVP and CHRO | Sell | 8,936 | $84.58 |
| Jul 20, 2026 | MYERS FRANKLINdirector, officer: CEO | Grant | 1,210 | — |
| Jun 17, 2026 | MYERS FRANKLINdirector, officer: CEO and President | Grant | 1,578 | — |
| Jun 16, 2026 | Hardy Rhoman Jdirector | Buy | 1,508 | $66.32 |
| Jun 3, 2026 | Fernandez Manuel Jdirector | Sell | 635 | $73.09 |
| May 26, 2026 | Joyce Matthewofficer: SVP, Lubricants & Specialties | Sell | 2,384 | $69.73 |
| May 21, 2026 | Garg Vivekofficer: Acting CFO, VP, CAO & CONTR | Sell | 717 | $71.89 |
| May 18, 2026 | MYERS FRANKLINdirector, officer: CEO and President | Grant | 1,500 | — |
| May 18, 2026 | MYERS FRANKLINdirector, officer: CEO and President | Buy | 15,000 | $69.11 |
| May 18, 2026 | Pompa Valerieofficer: EVP, Operations | Sell | 10,000 | $69.05 |
| Apr 20, 2026 | MYERS FRANKLINdirector, officer: CEO and President | Grant | 1,747 | — |
| Mar 26, 2026 | MYERS FRANKLINdirector, officer: CEO and President | Grant | 1,798 | — |
| Mar 4, 2026 | Garg Vivekofficer: Acting CFO, VP, CAO & CONTR | Grant | 6,970 | — |
Source: DINO SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full DINO insider & 13F page →DINO research & analysis
[DINO] HF Sinclair Thesis 2026: Refining Crack Spread Cycle Drives Renewable Diesel Capital Return
HF Sinclair Corp. (NYSE: DINO) FY2025 revenue ~$26-29B (+0-10%) with adj. EPS ~$3.20-4.10 reflecting continued post-2024 ~678K Bbl/d aggregate Refining capacity (selected ~7 US refineries) + selected continued post-2024 selected various Lubricants & Specialty Products + selected various Marketing + selected various Midstream + selected various Renewable Diesel + selected post-March 2022 ~$1.8B aggregate Sinclair Oil acquisition completion under continued President + CEO Tim Go since November 2024 (~1-year tenure as HF Sinclair CEO). One of the largest US PADD IV Rocky Mountain + PADD III Mid-Continent independent refiners. Founded 2011 as HollyFrontier Corporation via Holly Corporation + Frontier Oil Corporation ~$3.0B aggregate merger; selected post-March 2022 ~$1.8B aggregate Sinclair Oil acquisition completion + name change to HF Sinclair; selected post-November 2024 Tim Go CEO appointment. Headquartered in Dallas Texas; ~3,000+ employees globally with ~$26-29B revenue. Five primary business segments: Refining (~80%+ ~$21-23B), Renewable Diesel + Lubricants & Specialty Products (~10% ~$2.6-2.9B), Marketing (~5% ~$1.3-1.45B), Midstream (~3% ~$0.8-0.9B), Other (~2% ~$0.5-0.6B). Geographic mix: US ~95%+ + Canada + selected various ~5%. Refining crack spread cycle: ~678K Bbl/d aggregate Refining capacity; ~$5-12 aggregate WTI Brent + 3-2-1 crack spread + selected various refining margin recovery cycle. Lubricants + Renewable Diesel + Marketing + Midstream: selected continued post-2024 Petro-Canada Lubricants + Red Giant Oil + selected various; ~1,500+ Sinclair-branded gas stations; Holly Energy Partners ~9,500+ miles pipelines; Renewable Diesel ramp Cheyenne Wyoming + Artesia New Mexico. President + CEO Tim Go since November 2024 (~1-year tenure); CFO Atanas Atanasov. Capital return: ~$2.00 annual dividend FY2025 (~14-year continuous dividend track); ~$1.5-2.5B aggregate FY2024-2025 buyback program (~$700M-1.2B aggregate FY2025); aggregate capital return ~$1.1-1.6B; net leverage ratio ~0.8-1.2x; investment-grade Baa3/BBB- credit rating. FY2026 thesis: Refining crack spread cycle + Renewable Diesel + Lubricants + Marketing + Midstream diversification + selected post-March 2022 Sinclair Oil acquisition integration + ~$2.00 annual dividend + ~14-year continuous dividend track + ~$700M-1.3B aggregate annual buybacks + selected post-March 2022 deleveraging + selected potential post-deleveraging dividend acceleration. Risks: refining crack spread cyclical, Marathon + Phillips 66 + Valero + PBF competition, WTI + Brent pricing volatility, Renewable Diesel cycle, Sinclair integration execution.
US Fuel Exports Hit Record High: Why VLO and MPC Are Primed for the Margin Boom
Record March US fuel exports to Europe/Asia amid Middle East gaps have ignited global refining margins, favoring Gulf Coast-heavy US refiners like VLO and MPC. We analyze six downstream leaders, ranking conviction based on export access, costs, and valuations amid the crack boom.
VLOMPCPSX
HF Sinclair Corporation company profile
Overview
HF Sinclair Corporation (NYSE:DINO) is an independent energy company that emerged from the 2022 merger between HollyFrontier Corporation and Sinclair Oil Corporation. The company was incorporated in 2021 and is headquartered in Dallas, Texas, with its roots tracing back to HollyFrontier's IPO in 1980. HF Sinclair operates as a vertically integrated oil refining and marketing company with significant presence across the southwestern United States, Rocky Mountains, and Pacific Northwest regions. The company has evolved from a traditional refiner into a diversified energy enterprise with operations spanning refining, renewable fuels, marketing, lubricants, and midstream logistics.
Business
HF Sinclair operates in the oil refining and marketing industry, transforming crude oil into essential petroleum products that power modern transportation and commerce. The company's business is organized into five distinct segments: 1. Refining Operations (Primary Revenue Driver): HF Sinclair owns and operates six refineries located in Kansas, Oklahoma, New Mexico, Utah, Washington, and Wyoming, with a combined crude oil processing capacity of approximately 600,000 barrels per day. These facilities convert crude oil into gasoline, diesel fuel, jet fuel, and other petroleum products. The refining process involves heating crude oil and separating it into different components based on boiling points, then further processing these components through various chemical treatments to meet fuel specifications and environmental standards. 2. Renewable Diesel Production: The company operates renewable diesel facilities that convert organic feedstocks like vegetable oils, animal fats, and waste cooking oils into clean-burning diesel fuel that can directly substitute for petroleum diesel. This renewable diesel burns cleaner than traditional diesel and helps reduce greenhouse gas emissions, making it valuable for meeting environmental regulations and carbon reduction goals. 3. Marketing and Retail: HF Sinclair supplies fuel to approximately 1,300 independent Sinclair-branded gas stations and licenses the Sinclair brand to about 300 additional locations. The iconic Sinclair dinosaur logo is a recognizable fixture across the American West. This segment focuses on wholesale fuel distribution and growing the branded retail network. 4. Lubricants and Specialty Products: The company produces base oils and specialized lubricants used in automotive, industrial, and commercial applications. This includes manufacturing specialty chemicals, modified asphalt for road construction, and other petroleum-derived products that command higher margins than commodity fuels. 5. Midstream Operations: Through its pipeline and terminal network, HF Sinclair provides crude oil and petroleum product transportation, storage, and throughput services. This integrated logistics network connects the company's refineries to crude oil sources and product markets, providing operational flexibility and additional revenue streams. The refining segment typically generates the majority of the company's revenue and earnings, though this varies significantly with refining margin cycles. The other segments provide diversification and help stabilize cash flows during periods of weak refining margins.
Revenue model
HF Sinclair generates revenue through multiple complementary business models across its integrated value chain. The refining operations operate on a processing margin model, where the company purchases crude oil and sells refined products, capturing the "crack spread" - the difference between crude oil costs and refined product prices. Revenue comes from product sales to wholesale distributors, other refiners, and through long-term supply contracts. The marketing segment earns money through wholesale fuel margins and branding fees from its network of Sinclair-branded stations. Independent station owners purchase fuel from HF Sinclair and pay licensing fees to use the Sinclair brand, while the company benefits from volume-based wholesale margins and brand recognition that commands premium pricing. The renewable diesel business generates revenue through product sales enhanced by government incentives including Renewable Identification Numbers (RINs), Low Carbon Fuel Standard (LCFS) credits in California, and federal Producer Tax Credits (PTC). These environmental credits can significantly boost profitability when carbon credit prices are favorable. Lubricants and specialty products operate on higher-margin product sales, leveraging the company's refining infrastructure to produce value-added products that command premium pricing compared to commodity fuels. The midstream operations generate stable fee-based revenue through pipeline tariffs, terminal throughput fees, and storage services. Several factors significantly impact the company's profitability margins. Refining margins are highly cyclical and depend on the relationship between crude oil prices and refined product demand, seasonal driving patterns, refinery utilization rates industry-wide, and regional supply-demand imbalances. Crude oil price volatility affects inventory values and working capital requirements. Environmental regulations create both costs through compliance requirements and opportunities through renewable fuel incentives. Seasonal demand patterns for gasoline and heating fuels create predictable margin cycles, while competition from other refiners and alternative energy sources pressures long-term profitability. Feedstock costs for renewable diesel and the volatility of environmental credit prices significantly impact the renewables segment's contribution.
Competitive moat
HF Sinclair's competitive moat is moderate but multifaceted, built primarily around geographic advantages and integrated operations rather than technological superiority or brand dominance. The company's refineries are strategically located in regions with limited refining capacity, particularly in the Rocky Mountain and Mid-Continent areas, providing some protection from coastal competition due to transportation costs and logistics constraints. This geographic positioning creates a natural barrier that helps maintain local market share and pricing power. The company's integrated value chain from refining through retail distribution provides operational flexibility and margin capture opportunities that standalone refiners or marketers cannot achieve. The midstream pipeline and terminal network creates switching costs for customers and provides stable cash flows that partially offset refining volatility. The Sinclair brand recognition in western markets, while not nationally dominant, provides some customer loyalty and pricing premium in its core geographic footprint. However, the moat faces significant challenges. Refining is fundamentally a commodity business with limited differentiation opportunities, and margins are subject to global supply-demand dynamics beyond the company's control. The transition toward electric vehicles and renewable energy poses a long-term existential threat to petroleum demand. Environmental regulations continue to increase compliance costs and complexity. Larger integrated oil companies with greater scale and resources can potentially outcompete HF Sinclair in both refining efficiency and retail market expansion. The renewable diesel operations represent an attempt to build a new moat in the clean energy transition, but this market is becoming increasingly competitive as major oil companies and dedicated biofuel producers invest heavily in similar capacity. The company's success in renewables depends heavily on government policy support through tax credits and environmental regulations, creating regulatory risk. Overall, while HF Sinclair has some defensive characteristics through its integrated regional position, the moat is not particularly wide or durable given the industry's structural challenges and competitive dynamics.
Risks & safety
HF Sinclair presents a moderate margin of safety with manageable financial risks but cyclical earnings volatility. • Liquidity and Debt: Strong liquidity position with $547 million cash, $3.7 billion total liquidity, and reasonable debt-to-capitalization ratio of 23%. Debt-to-equity of 0.34 indicates conservative leverage. Recently established $2 billion credit facility provides financial flexibility. • Solvency Risk: Low near-term solvency risk given strong balance sheet, though negative free cash flow in recent quarters (-$175 million in Q1 2025, -$313 million in Q4 2024) raises concerns about cash generation in weak margin environments. • Valuation Metrics: Trading at 0.67x book value suggests potential asset value, though cyclically high P/E ratios reflect depressed current earnings. EV/EBITDA of 8.0x appears reasonable for current cycle trough conditions. • Operational Considerations: Current ratio of 1.87 indicates adequate short-term liquidity. However, highly cyclical cash flows create earnings volatility, with EBITDA ranging from $30 million (Q4 2024) to over $4.7 billion (FY 2022). Capital-intensive business requires ongoing maintenance and turnaround investments.
Recent development
Over the past few years, HF Sinclair has undergone significant strategic transformation through the 2022 merger with Sinclair Oil Corporation, creating a more integrated and geographically diversified energy company. The company has focused on three core strategic priorities: improving operational reliability, optimizing integration across business segments, and returning capital to shareholders. Operational Excellence Initiatives: The company has invested heavily in refinery reliability improvements, completing major turnarounds on schedule and budget while achieving record safety performance. Management has successfully reduced annual operating expenses to $7.98 per throughput barrel and continues targeting further cost reductions. The company achieved record production levels for premium gasoline, jet fuel, and hydrogen. Business Portfolio Expansion: HF Sinclair has aggressively grown its branded retail network, adding 87 net sites in 2024 and targeting 10% annual growth. The company signed contracts to convert over 170 additional stores to branded wholesale operations. In renewable diesel, the company has focused on optimizing feedstock mix toward lower carbon intensity materials and improving operational reliability, though profitability remains challenged by weak environmental credit prices. Integration and Optimization: The 2023 acquisition of Holly Energy Partners simplified the corporate structure and enhanced midstream integration. The lubricants business has been repositioned from a cyclical base oil operation to a higher-margin specialty products focus, achieving $350 million annual EBITDA run rates. The company has developed new products including rubber processing technology for tires and dielectric cooling fluids for data centers. Capital Allocation Strategy: HF Sinclair has returned over $1 billion annually to shareholders through dividends and share repurchases, demonstrating commitment to shareholder returns even during challenging margin environments. The company increased its quarterly dividend to $0.50 per share and maintains an active share buyback program.
DINO company profile · for informational purposes only — not investment advice.
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