HF Sinclair Corp (NYSE:DINO) Director Franklin Myers has made a notable purchase of the company's common stock, according to a recent filing with the Securities and Exchange Commission. On June 12, Myers acquired 2,000 shares at a price of $52.04 per share, totaling an investment of $104,080.
This transaction has increased Myers' stake in the company to a total of 140,293 shares. The acquisition, carried out at a single price point, signifies a direct ownership transaction, reflecting the director's confidence in the company's prospects.
HF Sinclair Corp, formerly known as Hippo Parent Corp, operates within the pipeline industry, excluding natural gas, and is incorporated in Delaware. The company's headquarters are located in Dallas, Texas.
Investors often monitor the buying and selling activities of company insiders, as these can provide insights into the company's financial health and future performance. The direct purchase of shares by a company director like Myers can be seen as a positive signal to the market.
The details of the transaction were formalized by Stacey L. Foland, Attorney-in-Fact for Franklin Myers, as indicated in the filing's power of attorney section. This legal document empowers designated individuals to act on behalf of the reporting owner for various filing and compliance activities related to the company's securities.
HF Sinclair Corp's stock, traded under the ticker symbol DINO, is followed by investors seeking exposure to the energy and transportation sector. The latest move by one of its directors may be of interest to current and potential shareholders keeping an eye on insider trading patterns.
In other recent news, HF Sinclair Corporation has reported solid Q1 2024 results, with a net income of $315 million and an adjusted net income of $142 million. The company also announced a new $1 billion share repurchase authorization and maintained a regular quarterly dividend of $0.50 per share. In further developments, HF Sinclair's Vice President, Controller, and Chief Accounting Officer, Indira Agarwal, has decided to step down, with CFO Atanas H. Atanasov taking over her responsibilities.
Piper Sandler, in reaction to narrowing Western Canadian Select differentials, has revised HF Sinclair's price target from $70.00 to $65.00, while maintaining an Overweight rating on the stock. The firm's valuation takes into account various factors, including capital expenditures yet to be incurred and the performance of the company's refining, rack-forward lubricants, rack-back lubricants, and renewables segments.
These are recent developments that provide investors with insights into HF Sinclair's financial performance and executive team dynamics. The company remains focused on maximizing shareholder value and anticipates a favorable market environment and strong earnings and cash flow in the upcoming summer driving season.
InvestingPro Insights
Following the recent insider purchase by HF Sinclair Corp (NYSE:DINO) Director Franklin Myers, several metrics and tips from InvestingPro offer a broader perspective on the company's financial status and its potential outlook. With a market capitalization of $10.27 billion and a price-to-earnings (P/E) ratio of 6.63, the company presents an appealing valuation compared to industry peers. Adjusting for the last twelve months as of Q1 2024, the P/E ratio marginally improves to 6.46.
An InvestingPro Tip highlights that management has been aggressively buying back shares, which can often be interpreted as a sign of confidence in the company's future performance and perceived undervaluation. Additionally, the company has a noteworthy dividend yield of 3.74%, and it has successfully maintained dividend payments for 37 consecutive years, which may attract income-focused investors.
However, it's important to note that 11 analysts have revised their earnings expectations downwards for the upcoming period, which could suggest a cautious outlook on the company's near-term earnings potential. Despite this, the company has been profitable over the last twelve months, and analysts predict profitability will continue this year.
For investors considering a deeper dive into HF Sinclair Corp, there are additional InvestingPro Tips available that provide further insight into the company's financial health and future prospects. By using the promo code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, granting access to these valuable tips and more detailed analysis.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.