HF Sinclair (DINO) Strengthens from Its Refining Segment Despite Sector Weakness

HF Sinclair (DINO) Strengthens from Its Refining Segment Despite Sector Weakness

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Cambiar SMID Fund, managed by Cambiar Investors, published its Q2 2026 investor letter. The letter can be downloaded here. U.S. equity markets rebounded strongly in the second quarter, with the S&P 500 gaining 15.2% and the Russell 2000 rising 21.5%. Growth outperformed value during the quarter, although value remained ahead year-to-date. Small- and mid-cap stocks also rallied, as the Russell 2500 Value Index returned 18.5%. Despite the Cambiar SMID Fund's 14.39% return (both the investor and the institutional class) —its best since Q4 2022—it lagged behind the index. Technology and Industrials were notable contributors during the quarter. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.

In its second-quarter 2026 investor letter, Cambiar SMID Fund highlighted HF Sinclair Corporation (NYSE:DINO). HF Sinclair Corporation (NYSE:DINO) is a US-based independent energy company, operates through Refining, Renewables, Marketing, Lubricants & Specialties, and Midstream segments. On September 16, 2026, HF Sinclair Corporation (NYSE:DINO) closed at $113.97 per share. Over the past month, HF Sinclair Corporation (NYSE:DINO) returned 22.92%, but its shares are up 114.59% over the past year. HF Sinclair Corporation (NYSE:DINO) has a market capitalization of $20.26 billion, and its stock has traded within a 52-week range of $45.71 to $114.79.

Cambiar SMID Fund stated the following regarding HF Sinclair Corporation (NYSE:DINO) in its Q2 2026 investor letter:

"After leading to the upside in the first quarter, the Energy sector declined in 2Q, as settlement talks with Iran led to a decline in oil prices. Cambiar's sole holding in the sector is HF Sinclair Corporation (NYSE:DINO), which sidestepped the sector weakness and posted a solid gain for the quarter. Sinclair's refining segment has been a notable bright spot for the company, as supply disruptions have led to a blowout in crack spreads (what refiners earn for converting crude oil into gasoline and diesel products). While these elevated margins will likely come down as supply comes back online, it could take a couple more quarters before conditions normalize."

HF Sinclair Corporation (NYSE:DINO) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 44 hedge fund portfolios held HF Sinclair Corporation (NYSE:DINO) at the end of the second quarter, compared to 43 in the previous quarter. While we acknowledge the potential of HF Sinclair Corporation (NYSE:DINO) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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