HF Sinclair (DINO) Shares Down Despite Increased Dividend

By Tamara Parker • Wednesday, February 21 11:41 • Permanent Link

HF Sinclair Corporation, an independent energy company headquartered in Dallas, Texas, reported its fourth-quarter and full-year 2023 financial results, with a net loss attributable to HF Sinclair stockholders of $(62.2) million, or $(0.34) per diluted share for the fourth quarter. However, adjusted net income was $164.6 million, or $0.87 per diluted share. For the full year 2023, the company reported net income attributable to HF Sinclair stockholders of $1,589.7 million, or $8.29 per diluted share.

Tim Go, Chief Executive Officer of HF Sinclair, expressed confidence in the company's performance, stating, "HF Sinclair’s strong fourth quarter and full year results reflect our continued commitment to executing our corporate strategy. In 2023, we completed maintenance turnarounds at all of our refineries during the year on schedule and on budget as we took another step towards improving reliability across our portfolio. In addition, in the fourth quarter we closed the transaction to buy-in our hep business and furthered our efforts to integrate and optimize our asset base."

The company's refining segment reported a loss before interest and income taxes of $(74.6) million for the fourth quarter of 2023, a significant decrease compared to income in the same period of 2022. The renewables segment also reported a loss, while the marketing segment's income before interest and income taxes decreased. However, the midstream segment saw an increase in income before interest and income taxes.

HF Sinclair returned $1.3 billion in cash to shareholders through share repurchases and dividends during the year, demonstrating its commitment to delivering value to shareholders.

Looking ahead, Go emphasized the company's focus on executing its corporate strategy to maximize shareholder value, citing the strength and diversification of its asset base and disciplined approach to capital allocation as factors that will position the company for success.

HF Sinclair also announced an increase in its regular quarterly dividend to $0.50 per share, reflecting its confidence in future performance. Today, HF Sinclair's shares were trading at $58.34, representing a 1.7% decrease.

The company's full 8-K submission is available here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.