Financial Performance - Net income attributable to HF Sinclair stockholders for Q3 2025 was $403 million, or $2.15 per diluted share, compared to a net loss of $76 million, or $(0.40) per diluted share, in Q3 2024[2]. - Adjusted net income for Q3 2025 was $459 million, or $2.44 per diluted share, compared to $96 million, or $0.51 per diluted share, in Q3 2024[2]. - Net income attributable to HF Sinclair stockholders increased by 55% to $607 million, up from $391 million in 2024[16]. - Basic earnings per share increased by 60% to $3.21 from $2.01[16]. - EBITDA rose by 40% to $1,574 million compared to $1,124 million in 2024[16]. - Adjusted EBITDA increased by 55% to $1,736 million from $1,121 million[16]. - For the three months ended September 30, 2025, net income attributable to HF Sinclair stockholders was $403 million, compared to a loss of $76 million in the same period of 2024[53]. - EBITDA for the three months ended September 30, 2025, was $796 million, significantly up from $99 million in the same period of 2024[53]. Revenue and Sales - Total sales and other revenues for Q3 2025 were $7,251 million, a 1% increase from $7,207 million in Q3 2024[15]. - Revenues from external customers for Q3 2025 reached $7,251 million, an increase from $7,207 million in Q3 2024, representing a growth of 0.6%[25]. - Sales and other revenues decreased by 8% to $20,405 million compared to $22,080 million in 2024[16]. - Refining segment sales and other revenues for Q3 2025 were $6,443 million, a slight increase from $6,382 million in Q3 2024[61]. - Renewables segment sales and other revenues for Q3 2025 were $277 million, up from $265 million in Q3 2024[64]. - Marketing segment sales and other revenues for Q3 2025 were $898 million, a decrease from $950 million in Q3 2024[67]. Segment Performance - Refining segment income before interest and income taxes was $476 million for Q3 2025, a significant recovery from a loss of $212 million in Q3 2024[3]. - The Renewables segment reported a loss before interest and income taxes of $55 million in Q3 2025, compared to a loss of $23 million in Q3 2024[4]. - The Midstream segment income before interest and income taxes increased to $98 million in Q3 2025, up from $80 million in Q3 2024[8]. - The refining segment reported an EBITDA of $615 million for the three months ended September 30, 2025, compared to a negative EBITDA of $89 million in 2024[54]. - The Marketing segment's EBITDA for the three months ended September 30, 2025, was $29 million, up from $22 million in the same period of 2024[57]. - The Lubricants & Specialties segment reported an EBITDA of $78 million for the three months ended September 30, 2025, compared to $76 million in 2024[58]. Cost and Expenses - Cost of materials and other decreased by 12% to $16,608 million from $18,835 million[16]. - Cost of sales for Q3 2025 was $6,348 million, compared to $6,990 million in Q3 2024, indicating a decrease of 9.2%[25]. - Selling, general and administrative expenses for Q3 2025 were $105 million, compared to $118 million in Q3 2024, a reduction of 11.0%[25]. - Operating expenses per throughput barrel in the Mid-Continent region for the three months ended September 30, 2025, were $5.88, a decrease from $6.45 in 2024, indicating improved cost efficiency[31]. - Operating expenses per throughput barrel decreased to $7.12 in Q3 2025 from $8.12 in Q3 2024, a reduction of 12.3%[44]. Cash Flow and Capital Expenditures - Net cash provided by operations totaled $809 million for Q3 2025, with cash and cash equivalents increasing to $1,451 million[9]. - Capital expenditures in Q3 2025 totaled $121 million, slightly down from $124 million in Q3 2024[25]. - Capital expenditures for the nine months ended September 30, 2025, amounted to $318 million, up from $297 million in the same period of 2024, reflecting an increase of approximately 7.1%[26]. Shareholder Returns - The company returned $254 million to shareholders through dividends and share repurchases in Q3 2025[6]. - The regular quarterly dividend announced was $0.50 per share, payable on December 5, 2025[10]. Taxation - The income tax expense for the nine months ended September 30, 2025, was $160 million, up from $52 million in 2024[73]. - The effective income tax rate for GAAP financial statements for the three months ended September 30, 2025, was 23.3%, compared to 43.6% in 2024[73]. - The adjusted effective tax rate for the three months ended September 30, 2025, was 23.4%, while it was (14.3)% in 2024[73]. Operational Metrics - The average gross margin per produced barrel sold in the Mid-Continent region for the three months ended September 30, 2025, was $8.08, a significant improvement from $(3.91) in the same period of 2024[31]. - The refinery utilization rate for the Mid-Continent region was 107.8% for the three months ended September 30, 2025, compared to 101.2% in 2024, demonstrating enhanced operational performance[31]. - Consolidated refinery throughput for Q3 2025 was 681,080 BPD, compared to 649,750 BPD in Q3 2024, reflecting a 4.8% increase[33]. - Crude charge in the West Region for Q3 2025 was 358,810 BPD, up from 343,840 BPD in Q3 2024, representing a 4.3% increase[32]. Future Outlook - The company plans to continue focusing on refining performance and market expansion strategies to enhance overall profitability[60].

Core Insights - HF Sinclair Corporation reported a net income of $403 million, or $2.15 per diluted share, for Q3 2025, a significant recovery from a net loss of $76 million, or $(0.40) per diluted share, in Q3 2024 [1] Financial Performance - The company achieved a net income of $403 million for the quarter ended September 30, 2025 [1] - This represents a turnaround from the previous year's net loss of $76 million for the same quarter [1] - Earnings per diluted share improved from $(0.40) in Q3 2024 to $2.15 in Q3 2025 [1]

Core Viewpoint - HF Sinclair is considering a strategic expansion of its midstream refined products footprint across the Rocky Mountain and West Coast regions [1] Company Summary - HF Sinclair is a U.S. refiner exploring opportunities for growth in the midstream sector [1]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: HF Sinclair (DINO) - HF Sinclair currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 1 (Strong Buy), suggesting it is expected to outperform the market [3] Price Performance - Over the past week, DINO shares increased by 5.17%, while the Zacks Oil and Gas - Refining and Marketing industry rose by 6.12% [5] - In the last quarter, DINO shares have risen by 25.03%, and over the past year, they are up 27.66%, significantly outperforming the S&P 500, which increased by 7.9% and 19.67% respectively [6] Trading Volume - DINO's average 20-day trading volume is 1,688,161 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, 5 earnings estimates for DINO have been revised upwards, increasing the consensus estimate from $2.80 to $4.41 [9] - For the next fiscal year, 5 estimates have moved higher, while 1 has been revised downwards [9] Conclusion - Given the strong momentum indicators and positive earnings outlook, DINO is positioned as a 1 (Strong Buy) stock with a Momentum Score of A, making it a compelling investment option [11]

Group 1: Cenovus Energy Inc. (CVE) - Cenovus Energy Inc. is an explorer and producer of crude oil, natural gas, and natural gas liquids [1] - The company has a Zacks Rank of 1 and a Value Score of A [1] - The Zacks Consensus Estimate for its current year earnings has increased by 16.9% over the last 60 days [1] - Cenovus has a price-to-earnings ratio (P/E) of 11.63, compared to 11.70 for the industry [1] Group 2: HF Sinclair Corporation (DINO) - HF Sinclair Corporation is an independent energy company [2] - The company holds a Zacks Rank of 1 and has a Value Score of B [2] - The Zacks Consensus Estimate for its current year earnings has increased by 53.6% over the last 60 days [2] - HF Sinclair has a price-to-earnings ratio (P/E) of 12.07, compared to 24.48 for the S&P 500 [2] Group 3: Kinross Gold Corporation (KGC) - Kinross Gold Corporation is a gold-mining company [3] - The company has a Zacks Rank of 1 and a Value Score of B [3] - The Zacks Consensus Estimate for its current year earnings has increased by 9.9% over the last 60 days [3] - Kinross has a price-to-earnings ratio (P/E) of 17.43, compared to 24.48 for the S&P 500 [3]

Core Insights - The Zacks Rank system emphasizes earnings estimates and revisions to identify winning stocks, with value investing being a popular strategy for finding great stocks in various market conditions [1] - HF Sinclair (DINO) is highlighted as a stock to watch, currently holding a Zacks Rank of 2 (Buy) and an A grade for Value [2] Valuation Metrics - DINO has a Price-to-Book (P/B) ratio of 1.05, which is attractive compared to the industry average of 1.92. Over the past year, DINO's P/B has fluctuated between a high of 1.06 and a low of 0.53, with a median of 0.76 [3] - The Price-to-Sales (P/S) ratio for DINO is 0.35, which is also favorable when compared to the industry's average P/S of 0.39. This metric is preferred by some investors as it is less susceptible to manipulation [4] Investment Outlook - The combination of the above valuation metrics suggests that HF Sinclair is likely undervalued at present. Considering its strong earnings outlook, DINO stands out as one of the strongest value stocks in the market [5]

Core Viewpoint - Morgan Stanley has upgraded its earnings forecast for HF Sinclair Corp for Q3 2025, citing improved refining margins and throughput post-maintenance, leading to better-than-expected overall profitability [1] Refining Business - Morgan Stanley predicts a 5% quarter-over-quarter increase in the benchmark crack spread, with total throughput estimated at 675 kbpd, close to market consensus of 677 kbpd [2] - The refining segment's EBITDA is expected to be approximately $531 million, exceeding market consensus of $505 million and up from about $476 million in Q2 [2] - The forecasted refining gross margin is around $16.68 per barrel, compared to the market consensus of $16.06 per barrel, with a capture rate expected at 59%, down from 67% in Q2 [2] Lubricants & Specialties - Post-maintenance sales recovery and improved market conditions are anticipated for the Lubricants & Specialties segment, with an expected EBITDA of about $79 million, close to the market consensus of $81 million and significantly higher than $55 million in Q2 [2] Renewables Business - The Renewables segment is expected to see a decline in benchmark profit margins, with EBITDA losses projected at $11 million, worse than the market consensus of a $9 million loss [3] Midstream and Marketing - The Midstream segment's EBITDA is expected to remain stable at around $113 million, in line with market expectations [3] - The Marketing segment is projected to have an EBITDA of approximately $24 million, slightly below the market consensus of $26 million [3] Full-Year and Mid-Term Outlook - For 2025, Morgan Stanley's adjusted EBITDA forecast is $1.975 billion, a 2% increase from previous estimates, with operating EPS expected at $3.82, up 6% from earlier predictions [4] - Free cash flow for 2025 is projected at $941 million, a 4% increase from prior estimates [4] - The company is expected to improve its net debt and capital structure, with a dividend yield range of 3.8% to 5.7% depending on the year [4] Stock Performance - Despite low international oil prices, HF Sinclair's stock has surged, primarily due to improved refining margins and diversified business operations, with a year-to-date stock price increase of 50% [5] - The company's stock price currently hovers around $50.59, significantly outperforming the S&P 500 index [5] Company Overview - HF Sinclair operates as an independent energy company with refining capabilities of approximately 678,000 barrels per day, alongside lubricants and renewable fuel production [6] - The company's profitability is closely tied to the crack spread rather than crude oil prices, allowing for potential profit increases even in a declining oil price environment [6]

Core Viewpoint - Morgan Stanley has upgraded its earnings forecast for HF Sinclair Corp for Q3 2025, citing improved refining margins and increased throughput post-maintenance, leading to better-than-expected overall profitability [1][5]. Refining Business - Morgan Stanley predicts a 5% quarter-over-quarter increase in the benchmark crack spread, with total throughput estimated at 675 kbpd, close to market consensus of 677 kbpd [2]. - The refining segment's EBITDA is expected to be approximately $531 million, surpassing market consensus of $505 million and up from about $476 million in Q2 [2]. - The refining gross margin is projected at $16.68 per barrel, compared to the market consensus of $16.06 per barrel, with a capture rate expected to be around 59%, down from 67% in Q2 [2]. Lubricants & Specialties - The lubricants and specialties segment is expected to see a rebound in sales post-maintenance, with an EBITDA forecast of approximately $79 million, close to market expectations of $81 million and significantly higher than $55 million in Q2 [2]. Renewables Business - The renewables segment is anticipated to experience a decline in benchmark profit metrics, with EBITDA losses projected at $11 million, worse than the market consensus of a $9 million loss [3]. Midstream and Marketing - The midstream business is expected to remain stable, with Q3 EBITDA projected at approximately $113 million, aligning with market expectations [3]. - The marketing segment is forecasted to maintain steady seasonal sales and margins, with an EBITDA estimate of around $24 million, close to market consensus of $26 million [3]. Overall Financial Outlook - For the full year 2025, adjusted EBITDA is expected to be $1.975 billion, a 2% increase from previous estimates [4]. - The operating EPS for 2025 is projected at $3.82, up from a prior estimate of $3.62, reflecting a 6% increase [4]. - Free cash flow for 2025 is anticipated at $941 million, a 4% increase from earlier forecasts [4]. Stock Performance - Despite a prolonged downturn in international oil prices, HF Sinclair's stock has surged, primarily due to improved refining margins and diversified business operations, with a year-to-date stock price increase of 50% [5][6]. - The company's stock is currently trading around $50.59, significantly outperforming the S&P 500 index [5].

Group 1 - HF Sinclair (DINO) has shown strong year-to-date performance, returning approximately 49.3%, significantly outperforming the average return of 5.2% in the Oils-Energy sector [4] - The Zacks Consensus Estimate for HF Sinclair's full-year earnings has increased by 53% over the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [4] - HF Sinclair holds a Zacks Rank of 1 (Strong Buy), suggesting it is poised to outperform the broader market in the near term [3] Group 2 - HF Sinclair is part of the Oil and Gas - Refining and Marketing industry, which ranks 36 in the Zacks Industry Rank, with this industry gaining about 14.5% year-to-date [6] - Siemens Energy AG Unsponsored ADR (SMNEY) is another stock in the Oils-Energy sector that has outperformed, returning 142.9% year-to-date, with a consensus EPS estimate increase of 39.2% over the past three months [5] - The Oils-Energy group currently ranks 14 within the Zacks Sector Rank, which includes 16 different groups [2]

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment returns [1][2][3] Group 1: Company Performance - Pagaya Technologies Ltd. (PGY) has seen a 12.3% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Sumitomo Mitsui Financial Group, Inc. (SMFG) has experienced a 7.2% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - HF Sinclair Corporation (DINO) has reported a significant 24.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - TPG Inc. (TPG) has seen a 15.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Okeanis Eco Tankers Corp. (ECO) has experienced a 13.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2]