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HollyFrontier earnings up, will pay out stock dividends
May 20, 2013 | 1589 views | 0 0 comments | 23 23 recommendations | email to a friend | print
HollyFrontier Corp. to pay out stock dividends after earnings increase
HollyFrontier Corp. to pay out stock dividends after earnings increase
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WOODS CROSS— HollyFrontier Corporation (ticker symbol HFC) announced last week that it will provide special and regular cash dividends to its investors on June 10.

The amount of 50 cents per share will be paid to holders of record of common stock.

“The financial well seems to be gushing at HollyFrontier,” wrote Eric Volkman of Motley Fool.  

The 50-cent special payout is expected to cost the company about $102 million, according to reporting by the Wall Street Journal.

A quarterly dividend will also be paid on June 12 totaling 30 cents per share.

“Our Board of Directors continues their commitment to deliver shareholder value through both regular and special dividends,” CEO Mike Jennings said in a Thursday, May 26 press release. ‘Today’s announcement represents our ninth special dividend paid since our merger. Including today’s announced dividends, our last twelve month cash dividend yield stands at 7.1 percent relative to yesterday’s closing price of $48.43.”

This dividend announcement follows up April’s dividends, which also totaled 30 cents per share.

Petroleum refiner HollyFrontier is headquartered in Dallas, Texas but one of its refineries is in Woods Cross. There, it processes 31,000 barrels per stream day, and gets a profit margin of about 12 percent on each, according to public documents.

By the end of the first quarter, the company held $2.54 billion in cash and cash equivalents, and reported that its earnings increased by 38 percent as its margins improved and revenue declined more slowly than expected. That quarter, its total revenue was $4.7 billion.

rpalmer@davisclipper.com

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