09:55 AM EDT, 05/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $59, down $1, reflects a 6.3x multiple of our projected 2024 operating cash flows, in line with DINO's historical forward average. We lower our 2024 EPS estimate by $1.25 to $5.43 and lift 2025's by $0.05 to $6.16. Q1 EPS of $0.71 vs. $2.00, beat consensus estimates by $0.03. Q1 adjusted EBITDA ($399M) fell 43% year-over-year and 7% sequentially, driven by lower refinery gross margins in both the West and Mid-Continent regions due to seasonal demand weakness, and lower RINs and LCFS credit prices. Refining utilization (89%) grew by about 16 percentage points year-over-year, but fell 1 percentage point sequentially, while throughput volumes (643k b/d) increased 15% year-over-year, but fell 3% sequentially. DINO reiterated its 2024 capex guide, with capital spending expected to be in the range of $875M (vs. $941M in 2023). For 2024, we see DINO with free cash flow in the range of $900M (vs. $1.4B in 2023), with dividends likely to chew up about 43%. Shares currently yield 3.6%.