HollyFrontier Corp. HFC, +2.09% said Thursday it has authorized a $1 billion stock repurchase program, to replace all previous buyback programs. The petroleum refiner said there was about $43.6 million remaining in a previous program. Based on Wednesday's stock closing price, that new program would allow the company to repurchase up to 14.2 million shares, or about 8% of the shares outstanding. The stock, which was still inactive in premarket trade, has soared 38% year to date, while the SPDR Energy Select Sector ETF XLE, -0.19% has gained 2.2% and the S&P 500 SPX, +0.57% has advanced 8.1%.
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