HollyFrontier price target raised to $68 from $48 at Argus Argus increased its price target on HollyFrontier as the firm believes that Holly may benefit from high refiner margins longer than many anticipate due to strong U.S. onshore production growth. The firm thinks the company's management is very shareholder friendly and it maintains a Buy rating on the shares.
HollyFrontier jumps after report of Tesoro takeover interest Shares of oil refiner HollyFrontier (HFC) are jumping in early trading after Reuters reported that Tesoro (TSO) made a takeover bid for its smaller peer earlier this year and may still be interested in a potential deal. The companies held talks in the first quarter, but negotiations broke down after HollyFrontier's board rejected Tesoro's terms, including the price it proposed, according to the report, which added that Tesoro is still interested in a deal and the talks may be restarted. HollyFrontier gained about 6.5% to $49 per share in early trading, while Tesoro shares are down 1% to $96.76.