HollyFrontier to repurchase $100mn worth of shares

The refiner will repurchase common stock in the open market or through privately negotiated transactions.

HollyFrontier has not provided any reason for the new repurchase program, but many companies repurchase stocks to benefit from the low share prices.

Based on its closing price, Dallas, Texas based company has a market capitalization of approximately $3.84 billion.

HollyFrontier shares closed at $36.55, down 1.5 percent Thursday, Dow Jones Newswire reported.