Wells Fargo Starts HollyFrontier (HFC) at Market Perform

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Wells Fargo initiated coverage on HollyFrontier (NYSE: HFC) with a Market Perform rating and a $39-$41 valuation range.

The firm noted HollyFrontier currently trades at a premium despite "potentially 'peak' crack spread environment in the U.S. Mid-Continent and Rockies regions." The dividend boasts the strongest yield within the sector, "but growth appears scarce."

Amid the neutral stance, Wells Fargo said "HFC offers investors one of the best pure-play opportunities to invest in U.S. refining" given the geographic spread of refineries across the interior of the US.

For an analyst ratings summary and ratings history on HollyFrontier click here. For more ratings news on HollyFrontier click here.

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