Zacks Investment Research downgraded shares of Holly Energy Partners (NYSE:HEP) from a buy rating to a hold rating in a research report released on Monday morning.
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. “
A number of other brokerages also recently weighed in on HEP. JPMorgan Chase & Co. decreased their price objective on shares of Holly Energy Partners from $31.00 to $30.00 and set an underweight rating for the company in a research report on Friday, August 24th. ValuEngine downgraded shares of Holly Energy Partners from a sell rating to a strong sell rating in a research report on Monday, July 2nd. Finally, Scotiabank reiterated a hold rating and issued a $33.00 price objective on shares of Holly Energy Partners in a research report on Monday, August 20th. Four research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. The stock presently has a consensus rating of Hold and an average target price of $30.78.
Shares of Holly Energy Partners stock opened at $29.11 on Monday. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 16.54 and a beta of 0.94. Holly Energy Partners has a fifty-two week low of $26.08 and a fifty-two week high of $36.02. The company has a debt-to-equity ratio of 2.50, a current ratio of 1.12 and a quick ratio of 1.12.
Holly Energy Partners (NYSE:HEP) last issued its quarterly earnings data on Wednesday, August 1st. The pipeline company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.03). The firm had revenue of $118.76 million during the quarter, compared to analyst estimates of $123.41 million. Holly Energy Partners had a return on equity of 34.10% and a net margin of 44.01%. The company’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company posted $0.36 EPS. sell-side analysts predict that Holly Energy Partners will post 1.74 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 9th. Stockholders of record on Monday, July 30th were paid a dividend of $0.66 per share. The ex-dividend date was Friday, July 27th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 9.07%. This is a boost from Holly Energy Partners’s previous quarterly dividend of $0.66. Holly Energy Partners’s payout ratio is currently 150.00%.
Several hedge funds have recently added to or reduced their stakes in HEP. Tortoise Capital Advisors L.L.C. increased its stake in shares of Holly Energy Partners by 94.5% during the first quarter. Tortoise Capital Advisors L.L.C. now owns 6,579,080 shares of the pipeline company’s stock worth $1,177,648,000 after purchasing an additional 3,195,763 shares in the last quarter. OppenheimerFunds Inc. increased its stake in shares of Holly Energy Partners by 9.6% during the first quarter. OppenheimerFunds Inc. now owns 6,084,815 shares of the pipeline company’s stock worth $167,758,000 after purchasing an additional 533,030 shares in the last quarter. Alps Advisors Inc. increased its stake in shares of Holly Energy Partners by 15.4% during the second quarter. Alps Advisors Inc. now owns 3,803,218 shares of the pipeline company’s stock worth $107,479,000 after purchasing an additional 508,610 shares in the last quarter. Northwestern Mutual Investment Management Company LLC purchased a new stake in shares of Holly Energy Partners during the first quarter worth about $3,532,000. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of Holly Energy Partners by 138.8% during the first quarter. Municipal Employees Retirement System of Michigan now owns 206,740 shares of the pipeline company’s stock worth $5,700,000 after purchasing an additional 120,170 shares in the last quarter. 31.27% of the stock is owned by institutional investors and hedge funds.
About Holly Energy Partners
Holly Energy Partners, L.P. owns and operates petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities, and refinery processing units that support the refining and marketing operations of HollyFrontier Corporation in West Texas, New Mexico, Utah, Nevada, Oklahoma, Wyoming, Kansas, Arizona, Idaho, and Washington.
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