HF Sinclair Corp (NYSE:DINO), a pipeline operator headquartered in Dallas, Texas, announced the appointment of a new executive today. Vivek Garg has been named the company's Vice President, Chief Accounting Officer, and Controller. Garg, 50, will officially assume his role on July 29, 2024, bringing a wealth of experience from various senior positions in the accounting and finance sector.
Previously, Garg served as Head of SEC, External Reporting and Controls, Global at Newmont Corporation, a gold mining company also listed on the New York Stock Exchange. His tenure at Newmont began in October 2023, following leadership roles at Andeavor, now part of Marathon Petroleum Corp (NYSE:MPC)., and over a decade at Deloitte & Touche LLP and PricewaterhouseCoopers LLP.
The board's decision to appoint Garg came after careful consideration of his professional background, which includes extensive experience in assurance and accounting advisory services. Garg's qualifications as a Certified Public Accountant and Canadian Chartered Professional Accountant were also pivotal in his selection for the role.
In line with his appointment, HF Sinclair has agreed to an annual base salary of $360,000 for Garg, alongside a one-time signing bonus of $220,000, which is subject to repayment under certain conditions. Further aligning his interests with those of the shareholders, the company's Compensation Committee approved an initial equity award worth $275,000, divided equally between restricted stock units, performance share units, and a cash incentive award.
Garg will also sign the company's standard Change in Control Agreement and Indemnification Agreement. He will be eligible for the same benefits and programs that HF Sinclair offers to other employees at his level.
The company disclosed no existing familial ties or transactional relationships between Garg and any of HF Sinclair's current directors or executive officers. This announcement comes directly from an HF Sinclair Corp SEC filing, ensuring transparency and compliance with regulatory standards.
In other recent news, HF Sinclair has seen several adjustments to its stock target by various firms. Wells Fargo lowered its target to $61, citing weaker refining margins and decreased marketing expectations, and set new second quarter and full-year 2024 earnings per share estimates at $0.78 and $3.83, respectively.
Similarly, Mizuho cut its target to $55, predicting significant misses in Q2 2024 earnings, while Piper Sandler reduced its target to $58, citing concerns over financial outlook.
On the corporate front, HF Sinclair's Vice President, Controller, and Chief Accounting Officer, Indira Agarwal, has stepped down, with CFO Atanas H. Atanasov assuming her responsibilities until a permanent replacement is found.
Despite these developments, HF Sinclair reported a robust first-quarter performance with a net income of $315 million and an adjusted net income of $142 million. The company also announced a new $1 billion share repurchase authorization and maintained its regular quarterly dividend of $0.50 per share. These are the recent developments that provide valuable insights into HF Sinclair's financial health and strategic direction.
InvestingPro Insights
With the recent executive appointment at HF Sinclair Corp, investors may be looking for additional data points to assess the company's financial health and market position. According to InvestingPro data, HF Sinclair currently has a market capitalization of $9.26 billion and an attractive P/E ratio of 5.98, which is slightly adjusted to 6.03 when considering the last twelve months as of Q1 2024. These metrics suggest that the company is being valued favorably by the market in terms of earnings.
InvestingPro Tips highlight that management at HF Sinclair has been actively engaging in share buybacks, which often signals confidence in the company's future prospects. Moreover, the company boasts a high shareholder yield and has maintained dividend payments for 37 consecutive years, with a dividend yield of 4.15% as of the latest data. This consistent return to shareholders might be particularly appealing for income-focused investors.
For those interested in delving deeper into HF Sinclair's financials and market performance, there are additional InvestingPro Tips available. These can further inform investment decisions with insights such as the stock's trading patterns, debt levels, and profitability forecasts.
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