Before today's opening bell, the Dallas-based petroleum refiner reported adjusted earnings of 24 cents per share, which missed analysts' estimates of 30 cents per share.
Revenue fell 31% to $2.94 billion year-over-year, but surpassed Wall Street's estimates of $2.59 billion.
"We have begun to see the benefits from the successful execution of our business improvement plan in our 2015 results," President and CEO George Damiris said in a statement.
"Improved operational reliability, our cost management initiative and lower natural gas costs contributed to a 7% reduction in operating expenses compared to 2014," he added.
HollyFrontier produces refined products, such as gasoline, diesel fuel, jet fuel, lubricant products and asphalt.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels.
As a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HFC