Holly Frontier (HFC) with two notable insider buys last week after a director bought $346,000 in stock at $34.69 and the CEO bought $262,000 in stock at $35. In March, the CFO bought $414,000 in stock at $20.75. Shares have traded well in 2021 and pulling back from recent highs to form a nice multi-week base under $37. A breakout has room back to $40+ and a measured move of $47.50. The $5.9B company trades 11.9X earnings, 0.53X sales, and 4.3X cash with a 4% yield. HFC is coming off a strong quarter with record earnings from their Lubricants and Specialty business while HEP helped offset shutdowns in Texas due to weather. HFC is investing heavily (around $800M to $900M) in expanding their renewables business and they plan to announce further progress on the conversion of their Cheyenne refinery to diesel production this Summer. Analysts have an average target for shares of $35 with a Street High $47. Piper positive on 4/1 citing the long-term outlook for the independent refines on both crude and refining margins, reflecting a continued constructive outlook on the sector. The analyst sees compelling momentum on shareholder distributions and significant upside potential should crude markets continue to tighten further. Short interest is 4.88%.