Holly Energy Partners (HEP) Downgraded to “Sell” at Zacks Investment Research

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Holly Energy Partners (NYSE:HEP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

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. “

Other analysts have also recently issued research reports about the stock. Scotiabank restated a “hold” rating on shares of Holly Energy Partners in a research report on Tuesday, November 20th. Barclays restated a “sell” rating on shares of Holly Energy Partners in a research report on Wednesday, February 20th. Three research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Holly Energy Partners presently has an average rating of “Hold” and an average price target of $31.60.

Holly Energy Partners stock opened at $28.60 on Thursday. The company has a debt-to-equity ratio of 2.75, a quick ratio of 1.46 and a current ratio of 1.15. The firm has a market cap of $3.04 billion, a PE ratio of 16.82 and a beta of 0.82. Holly Energy Partners has a fifty-two week low of $26.08 and a fifty-two week high of $34.00.

Holly Energy Partners (NYSE:HEP) last posted its quarterly earnings data on Tuesday, February 19th. The pipeline company reported $0.45 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.01). The company had revenue of $132.80 million for the quarter, compared to analysts’ expectations of $129.81 million. Holly Energy Partners had a net margin of 35.33% and a return on equity of 32.61%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.96 EPS. As a group, equities analysts forecast that Holly Energy Partners will post 1.8 earnings per share for the current year.

A number of large investors have recently modified their holdings of HEP. Advisory Research Inc. raised its position in Holly Energy Partners by 345.5% in the 3rd quarter. Advisory Research Inc. now owns 688,490 shares of the pipeline company’s stock worth $21,660,000 after purchasing an additional 533,955 shares during the period. Alps Advisors Inc. raised its position in Holly Energy Partners by 12.5% in the 4th quarter. Alps Advisors Inc. now owns 4,558,080 shares of the pipeline company’s stock worth $130,179,000 after purchasing an additional 507,846 shares during the period. Tortoise Capital Advisors L.L.C. raised its position in Holly Energy Partners by 4.1% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 6,926,285 shares of the pipeline company’s stock worth $217,901,000 after purchasing an additional 273,580 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Holly Energy Partners by 574.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 312,082 shares of the pipeline company’s stock worth $8,913,000 after purchasing an additional 265,832 shares during the period. Finally, Municipal Employees Retirement System of Michigan purchased a new position in Holly Energy Partners in the 4th quarter worth $6,187,000. Institutional investors own 32.30% of the company’s stock.

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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