UPDATE 2-Refiner HollyFrontier results shine as acquisition talks fade
* Profit tops estimates for second quarter in a row
* Q2 refinery margins up to $17.42/bbl from $14.54
* Company had made failed bid and rebuffed an offer
* Shares rise about 5 pct, adding to 25 pct gain YTD
* Price rise makes company expensive target-analyst (Adds CEO and analyst comment, details on acquisition talks)
By Amrutha Gayathri
Aug 5 (Reuters) - HollyFrontier Corp posted a better-than-expected profit for the second straight quarter, showing that the U.S. refiner had put behind it a disruptive start to the year when it made a failed attempt at an acquisition and rebuffed a takeover offer.
HollyFrontier was among the bidders for Citgo Petroleum Corp, Venezuela's U.S. oil refining unit, late last year and the target of Tesoro Corp in the first quarter. Neither deal worked out.
"Obviously (the Citgo acquisition) didn't work out and we needed to make a strategic shift," Chief Executive Mike Jennings said on a post-earnings call on Wednesday. Continued...