Key Highlights

  • HF Sinclair (NYSE:DINO) rose 2.15% to about USD 124.28 on October 26, 2026, with a market value near USD 22.09 billion, a trailing P/E of 11.86, EPS of USD 10.48 and a 1.66% yield.
  • Second-quarter 2026 adjusted net income was USD 960 million, or USD 5.31 a share, with adjusted EBITDA of USD 1.482 billion, versus USD 322 million a year earlier.
  • The adjusted refinery gross margin was USD 25.95 a barrel, up 57%, and HF Sinclair (NYSE:DINO) ran at 94.3% utilization.
  • Third-quarter results are scheduled for October 28, 2026, before the open, with a webcast at 8:30 a.m. ET.

The Earnings Date Drives the Move

Brent crude changed hands near USD 114.51 (about USD 114) and West Texas Intermediate near USD 101.04 (about USD 100) on October 26, 2026, and refiners have rallied as product margins stayed wide. HF Sinclair (NYSE:DINO) is scheduled to release third-quarter results on October 28, 2026, before the open, with a webcast at 8:30 a.m. ET. Valero's October 22 report showed a refining margin of USD 39.24 a barrel, so investors expect strong numbers. HF Sinclair is smaller than Valero or Marathon Petroleum, with throughput near 681 thousand barrels a day, so each dollar of margin matters more per share. The shares have a market value near USD 22.09 billion and a trailing P/E of 11.86, against 9.61 at Valero and 16.04 at Marathon Petroleum, so HF Sinclair sits between the two on valuation in published market data.

Second-Quarter Detail

Net income was USD 892 million, or USD 4.93 a share, against USD 208 million, or USD 1.10, a year earlier. Adjusted refinery gross margin was USD 25.95 a barrel, up from USD 16.50. Crude charge averaged 639,680 barrels a day and utilization was 94.3%. The company returned USD 265 million, including USD 179 million of buybacks, and lifted the quarterly dividend 5% to USD 0.525. Lubricants and Specialties earned USD 181 million of segment income, and the company plans to separate it through the capital markets over 12 to 18 months. Consolidated crude charge rose to 639,680 barrels a day from 615,930 and refinery throughput to 681,150 barrels a day from 660,640, while EBITDA was USD 1.404 billion and adjusted EBITDA USD 1.482 billion.

Risks and What to Watch

The release gave no numeric third-quarter guidance, though CEO Franklin Myers said strong conditions were expected to persist. Margins at USD 25.95 a barrel in the second quarter are well below Valero's USD 39.24 in the third, so peers show how much upside is already priced. A peace settlement could narrow spreads. The lubricants separation adds execution and tax questions, and the Mississauga base oil refining assets will be retired. The next catalysts are the October 28 report, Marathon Petroleum on November 3 and the Federal Reserve decision on October 28. The company will also retire its Mississauga, Ontario base oil refining assets as part of the lubricants plan.

Where Things Stand

HF Sinclair (NYSE:DINO) is up 2.15% because the market expects the October 28 report to show wide refining margins, in line with Valero. At 11.86 times trailing earnings it is priced as a cyclical, and the lubricants separation is a medium-term catalyst. The risk is that guidance falls short of peers or that margins narrow if Middle East tensions ease.