NEW YORK (TheStreet) -- Shares of HollyFrontier Corp. (HFC) are slumping -8.37% to $44.87 today along with other oil refiners' stock following a decision by the Obama administration granting separate requests by only two energy companies asking for permission export America oil to foreign buyers.
As of right now only Enterprise Products Partners LP (EPD) and Pioneer Natural resources Co. (PXD) were given permission to sell condensate, a type of ultralight oil able to be converted into diesel, jet fuel, and gasoline, outside of the U.S. beginning as early as August, the Wall Street Journal reports.
The U.S. government has had a ban on the sale of American oil to foreign consumers for almost 40 years, but it is likely other companies will submit requests to sell American oil outside of the country, the WSJ said..
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Separately, TheStreet Ratings team rates HOLLYFRONTIER CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate HOLLYFRONTIER CORP (HFC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."