Here's Why Shares of HollyFrontier Spiked 20% in November

Here's Why Shares of HollyFrontier Spiked 20% in November

Shares of oil refiner HollyFrontier (NYSE: HFC) climbed 20% in November, outpacing many of its independent oil refining peers. The impetus for the notable gain was a respectable third-quarter earnings report and market conditions that continue to improve in HollyFrontier's favor.

Let's start with the obvious catalyst: HollyFrontier's third-quarter earnings. The company reported earnings of $1.53 per share compared to $0.42 per share this time last year. Beating 2016 results isn't that impressive considering how bad that year was for refiners in general, but HollyFrontier also benefited from completing an investment plan to improve operations at its Rocky Mountain refineries, as well as the addition of the Petro-Canada Lubricant business.

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Source: Fool.com