According to Zacks, “Holly Energy Partners, through its subsidiaries, will own and operate refined product pipelines and terminals primarily in West Texas, New Mexico, Arizona and Utah. “
Several other equities analysts also recently commented on HEP. JPMorgan Chase & Co. downgraded Holly Energy Partners from a neutral rating to an underweight rating and lowered their price objective for the company from $24.00 to $20.00 in a research report on Wednesday, August 4th. Wells Fargo & Company boosted their price objective on Holly Energy Partners from $21.00 to $22.00 and gave the company an equal weight rating in a research report on Thursday, June 24th. Raymond James lowered their price objective on Holly Energy Partners from $22.00 to $21.00 and set an outperform rating on the stock in a research report on Wednesday, August 4th. Finally, Credit Suisse Group lowered their price objective on Holly Energy Partners from $21.00 to $20.00 and set a neutral rating on the stock in a research report on Tuesday, August 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Holly Energy Partners presently has an average rating of Hold and a consensus target price of $20.17.
Holly Energy Partners (NYSE:HEP) last released its earnings results on Tuesday, August 3rd. The pipeline company reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.03. The company had revenue of $126.24 million for the quarter, compared to the consensus estimate of $127.15 million. Holly Energy Partners had a return on equity of 38.18% and a net margin of 37.22%. On average, sell-side analysts forecast that Holly Energy Partners will post 2.03 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 13th. Stockholders of record on Monday, August 2nd were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, July 30th. This represents a $1.40 annualized dividend and a dividend yield of 7.49%. Holly Energy Partners’s dividend payout ratio (DPR) is 74.47%.
In other news, CEO Michael Jennings bought 7,500 shares of Holly Energy Partners stock in a transaction dated Tuesday, August 10th. The shares were purchased at an average cost of $17.95 per share, with a total value of $134,625.00. Following the completion of the acquisition, the chief executive officer now owns 26,377 shares of the company’s stock, valued at approximately $473,467.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.80% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Newbridge Financial Services Group Inc. increased its stake in Holly Energy Partners by 35.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,404 shares of the pipeline company’s stock worth $54,000 after acquiring an additional 632 shares during the last quarter. Northern Oak Wealth Management Inc. bought a new stake in Holly Energy Partners during the first quarter worth approximately $73,000. Advisor Group Holdings Inc. increased its stake in Holly Energy Partners by 9.3% during the second quarter. Advisor Group Holdings Inc. now owns 6,270 shares of the pipeline company’s stock worth $143,000 after acquiring an additional 531 shares during the last quarter. CWM Advisors LLC bought a new position in shares of Holly Energy Partners during the second quarter valued at approximately $212,000. Finally, BNP Paribas Arbitrage SA grew its stake in shares of Holly Energy Partners by 64.7% during the first quarter. BNP Paribas Arbitrage SA now owns 10,953 shares of the pipeline company’s stock valued at $209,000 after buying an additional 4,303 shares during the last quarter. 33.14% of the stock is currently owned by institutional investors.
Holly Energy Partners Company Profile
Holly Energy Partners LP engages in the business of operating a system of petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities and refinery processing units. It operates through Pipelines & Terminals and Refinery Processing Unit segments. The company was founded in 2004 and is headquartered in Dallas, TX.
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