Oppenheimer upgrades refiners on favorable fundamentals Oppenheimer upgraded to Outperform from Perform shares of HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX) and Tesoro (TSO) saying favorable industry fundamentals will continue to support higher valuations. Wide crude differential, low natural gas prices, growing refined product exports and improved petroleum demand should drive shares of refiners higher, Opco tells investors in a research note. The firm also raised its price target for Outperform rated Valero (VLO) to $70 from $65.
HollyFrontier raises quarterly dividend 1c to 33c per share HollyFrontier announced that its board of directors approved an increase in the company's regular quarterly dividend to 33c per share from the previous rate of 32c per share. The dividend will be paid on June 26 to holders of record of common stock on June 5. "We intend to maintain both a competitive dividend yield and total cash yield relative to our peer group," said the company.