Holly Energy Partners’ (HEP) “Hold” Rating Reaffirmed at Scotiabank

Holly Energy Partners (NYSE:HEP)‘s stock had its “hold” rating restated by stock analysts at Scotiabank in a research report issued to clients and investors on Tuesday.

A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Holly Energy Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. ValuEngine raised shares of Holly Energy Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Holly Energy Partners from $31.00 to $30.00 and set an “underweight” rating on the stock in a research note on Friday, August 24th. Finally, Credit Suisse Group initiated coverage on shares of Holly Energy Partners in a research note on Thursday, October 11th. They issued a “neutral” rating and a $33.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Holly Energy Partners currently has a consensus rating of “Hold” and an average price target of $30.75.

Shares of Holly Energy Partners stock opened at $28.65 on Tuesday. 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 company has a market capitalization of $3.03 billion, a P/E ratio of 16.28 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 $34.62.

Holly Energy Partners (NYSE:HEP) last issued its quarterly earnings results on Tuesday, October 30th. The pipeline company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The business had revenue of $125.80 million during the quarter, compared to analyst estimates of $125.79 million. Holly Energy Partners had a net margin of 43.25% and a return on equity of 33.48%. Holly Energy Partners’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 earnings per share. Equities analysts predict that Holly Energy Partners will post 1.7 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. Bank of Montreal Can bought a new position in Holly Energy Partners in the third quarter valued at approximately $122,000. Northern Oak Wealth Management Inc. boosted its position in shares of Holly Energy Partners by 80.6% during the third quarter. Northern Oak Wealth Management Inc. now owns 5,600 shares of the pipeline company’s stock worth $176,000 after purchasing an additional 2,500 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in shares of Holly Energy Partners during the third quarter worth $207,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Holly Energy Partners during the second quarter worth $230,000. Finally, Private Advisor Group LLC bought a new position in shares of Holly Energy Partners during the third quarter worth $238,000. 32.28% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Holly Energy Partners (NYSE:HEP)

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