Advisors Asset Management Inc. Decreases Position in Holly Energy Partners, L.P. (HEP)

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Advisors Asset Management Inc. cut its holdings in shares of Holly Energy Partners, L.P. (NYSE:HEP) by 50.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,254 shares of the pipeline company’s stock after selling 14,705 shares during the period. Advisors Asset Management Inc.’s holdings in Holly Energy Partners were worth $403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tortoise Capital Advisors L.L.C. raised its position in shares of Holly Energy Partners by 1.1% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 6,652,705 shares of the pipeline company’s stock worth $188,005,000 after acquiring an additional 73,625 shares during the period. OppenheimerFunds Inc. raised its position in shares of Holly Energy Partners by 6.7% in the second quarter. OppenheimerFunds Inc. now owns 6,491,090 shares of the pipeline company’s stock worth $183,438,000 after acquiring an additional 406,275 shares during the period. Alps Advisors Inc. raised its position in shares of Holly Energy Partners by 15.4% in the second quarter. Alps Advisors Inc. now owns 3,803,218 shares of the pipeline company’s stock worth $107,479,000 after acquiring an additional 508,610 shares during the period. First Trust Advisors LP raised its position in shares of Holly Energy Partners by 30.8% in the second quarter. First Trust Advisors LP now owns 239,576 shares of the pipeline company’s stock worth $6,770,000 after acquiring an additional 56,398 shares during the period. Finally, Bollard Group LLC raised its position in shares of Holly Energy Partners by 3.4% in the second quarter. Bollard Group LLC now owns 230,073 shares of the pipeline company’s stock worth $6,502,000 after acquiring an additional 7,613 shares during the period. Institutional investors own 31.53% of the company’s stock.

HEP opened at $29.40 on Friday. Holly Energy Partners, L.P. has a twelve month low of $26.08 and a twelve month high of $34.62. The company has a debt-to-equity ratio of 2.64, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a market cap of $3.10 billion, a P/E ratio of 16.70 and a beta of 0.94.

Holly Energy Partners (NYSE:HEP) last released its quarterly earnings results on Tuesday, October 30th. The pipeline company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.01. Holly Energy Partners had a net margin of 43.25% and a return on equity of 33.48%. The firm had revenue of $125.80 million during the quarter, compared to the consensus estimate of $125.79 million. During the same quarter in the prior year, the firm earned $0.66 EPS. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, sell-side analysts expect that Holly Energy Partners, L.P. will post 1.7 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Investors of record on Monday, October 29th were given a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 9.05%. The ex-dividend date of this dividend was Friday, October 26th. This is an increase from Holly Energy Partners’s previous quarterly dividend of $0.66. Holly Energy Partners’s dividend payout ratio is 151.14%.

HEP has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Holly Energy Partners from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Wednesday, July 25th. ValuEngine upgraded shares of Holly Energy Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, October 2nd. 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. Finally, Credit Suisse Group assumed coverage on shares of Holly Energy Partners in a research report on Thursday, October 11th. They set a “neutral” rating and a $33.00 price target for the company. Three research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Holly Energy Partners presently has a consensus rating of “Hold” and a consensus price target of $30.75.

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Holly Energy Partners Profile

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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Institutional Ownership by Quarter for Holly Energy Partners (NYSE:HEP)

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