Holly Energy Partners (NYSE:HEP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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. “
HEP has been the subject of several other reports. Barclays restated an “equal weight” rating and set a $33.00 target price (down from $34.00) on shares of Holly Energy Partners in a research report on Wednesday, February 21st. Credit Suisse Group began coverage on shares of Holly Energy Partners in a research report on Thursday, January 4th. They set an “underperform” rating and a $28.00 target price for the company. Jefferies Group began coverage on shares of Holly Energy Partners in a report on Wednesday, January 24th. They set a “hold” rating and a $28.00 price target on the stock. JPMorgan Chase began coverage on shares of Holly Energy Partners in a report on Friday, April 6th. They set an “underweight” rating and a $30.00 price target on the stock. Finally, UBS reaffirmed a “neutral” rating and set a $30.00 price target (down previously from $33.00) on shares of Holly Energy Partners in a report on Friday, March 2nd. Five research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Holly Energy Partners presently has an average rating of “Hold” and a consensus price target of $31.70.
Holly Energy Partners (NYSE:HEP) last announced its earnings results on Tuesday, February 20th. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.06. The company had revenue of $129.20 million during the quarter, compared to analyst estimates of $117.63 million. Holly Energy Partners had a net margin of 42.93% and a return on equity of 35.81%. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 earnings per share. equities research analysts anticipate that Holly Energy Partners will post 1.84 EPS for the current year.
In other news, Director James H. Lee purchased 2,000 shares of the stock in a transaction on Monday, March 26th. The shares were acquired at an average price of $26.78 per share, with a total value of $53,560.00. Following the completion of the acquisition, the director now directly owns 5,754 shares of the company’s stock, valued at $154,092.12. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James H. Lee purchased 1,000 shares of the stock in a transaction on Friday, March 23rd. The shares were purchased at an average cost of $26.89 per share, for a total transaction of $26,890.00. Following the acquisition, the director now directly owns 5,754 shares of the company’s stock, valued at $154,725.06. The disclosure for this purchase can be found here. 0.80% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in HEP. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Holly Energy Partners by 46.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,050 shares of the pipeline company’s stock worth $197,000 after buying an additional 1,927 shares in the last quarter. Strategic Capital Advisers Inc. purchased a new position in shares of Holly Energy Partners in the fourth quarter worth $222,000. Koch Industries Inc. purchased a new position in shares of Holly Energy Partners in the fourth quarter worth $234,000. Jane Street Group LLC purchased a new position in shares of Holly Energy Partners in the fourth quarter worth $395,000. Finally, Global X Management Co. LLC lifted its holdings in shares of Holly Energy Partners by 16.1% in the fourth quarter. Global X Management Co. LLC now owns 22,727 shares of the pipeline company’s stock worth $738,000 after buying an additional 3,145 shares in the last quarter. 28.80% of the stock is currently owned by hedge funds and other institutional investors.
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Holly Energy Partners Company 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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