Barclays Maintains an 'Equalweight' on HollyFrontier (HFC); $100 million Share Buyback, Updating EPS Estimates

Barclays maintains an 'Equalweight' on HollyFrontier (NYSE: HFC) price target of $37.00.

Barclays analyst says, "As a result of the new share count, we update our 3Q11 EPS estimate to $2.07/share from $2.06/share and our 4Q11 EPS estimate to $2.15/share from $2.12/share. In addition, we revise our 2011 and 2012 EPS estimates to $7.35/share and $6.15/share from $7.30/share and $6.10/share, respectively."

"We estimate HFC could earn more than $2.50 in 3Q11 at current quarter to date refining margins and crude price spreads. We expect to mark-to-market and adjust our EPS estimates over the next several weeks."

For more ratings news on HollyFrontier click here and for the rating history of HollyFrontier click here.

Shares of HollyFrontier closed at $35.02 yesterday.

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