Bank of Montreal Can Takes Position in Holly Energy Partners, L.P. (HEP)

Bank of Montreal Can purchased a new position in shares of Holly Energy Partners, L.P. (NYSE:HEP) in the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 3,893 shares of the pipeline company’s stock, valued at approximately $122,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of HEP. Truvestments Capital LLC purchased a new position in shares of Holly Energy Partners in the 2nd quarter valued at $345,000. Global X Management Co LLC raised its stake in shares of Holly Energy Partners by 15.3% in the 2nd quarter. Global X Management Co LLC now owns 32,923 shares of the pipeline company’s stock valued at $930,000 after acquiring an additional 4,363 shares during the period. Putnam Investments LLC purchased a new position in shares of Holly Energy Partners in the 2nd quarter valued at $1,249,000. Bank of America Corp DE raised its stake in shares of Holly Energy Partners by 33.1% in the 2nd quarter. Bank of America Corp DE now owns 126,036 shares of the pipeline company’s stock valued at $3,562,000 after acquiring an additional 31,322 shares during the period. Finally, First Republic Investment Management Inc. purchased a new position in shares of Holly Energy Partners in the 2nd quarter valued at $2,111,000. 32.28% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts have recently commented on the stock. Scotiabank reissued a “hold” rating and issued a $33.00 target price on shares of Holly Energy Partners in a research note on Monday, August 20th. ValuEngine raised shares of Holly Energy Partners from a “sell” rating to a “hold” rating in a research note on Thursday, August 9th. Zacks Investment Research downgraded shares of Holly Energy Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Credit Suisse Group assumed coverage on shares of Holly Energy Partners in a research note on Thursday, October 11th. They issued a “neutral” rating and a $33.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their target price 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. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Holly Energy Partners presently has an average rating of “Hold” and an average price target of $30.75.

Holly Energy Partners stock opened at $28.57 on Friday. Holly Energy Partners, L.P. has a 12-month low of $26.08 and a 12-month high of $34.62. The firm has a market cap of $2.95 billion, a P/E ratio of 16.23 and a beta of 0.94. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 2.64.

Holly Energy Partners (NYSE:HEP) last released its quarterly earnings results on Tuesday, October 30th. The pipeline company reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $125.79 million. During the same quarter in the previous year, the firm posted $0.66 EPS. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. On average, equities analysts expect that Holly Energy Partners, L.P. will post 1.7 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Investors of record on Monday, October 29th were paid a dividend of $0.665 per share. This is an increase from Holly Energy Partners’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Friday, October 26th. This represents a $2.66 annualized dividend and a yield of 9.31%. Holly Energy Partners’s payout ratio is 151.14%.

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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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Want to see what other hedge funds are holding HEP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Holly Energy Partners, L.P. (NYSE:HEP).

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

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