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. “
A number of other brokerages have also weighed in on HEP. Raymond James lowered Holly Energy Partners from a market perform rating to an underperform rating and set a $26.86 price objective for the company. in a research report on Wednesday, June 26th. They noted that the move was a valuation call. ValuEngine lowered Holly Energy Partners from a hold rating to a sell rating in a research report on Thursday, August 1st. Four research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Holly Energy Partners currently has an average rating of Sell and a consensus target price of $30.48.
Holly Energy Partners (NYSE:HEP) last issued its quarterly earnings results on Wednesday, July 31st. The pipeline company reported $0.43 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.43. The business had revenue of $130.80 million during the quarter, compared to analyst estimates of $128.07 million. Holly Energy Partners had a return on equity of 37.40% and a net margin of 36.16%. Holly Energy Partners’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.38 EPS. Equities analysts anticipate that Holly Energy Partners will post 1.85 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 13th. Stockholders of record on Monday, July 29th will be given a dividend of $0.6725 per share. The ex-dividend date is Friday, July 26th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 9.81%. Holly Energy Partners’s payout ratio is 158.24%.
In other news, Director Eric L. Mattson sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $27.55, for a total transaction of $55,100.00. Following the completion of the transaction, the director now owns 4,198 shares in the company, valued at $115,654.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.80% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Bollard Group LLC grew its position in Holly Energy Partners by 8.8% in the first quarter. Bollard Group LLC now owns 276,623 shares of the pipeline company’s stock worth $7,466,000 after acquiring an additional 22,428 shares in the last quarter. First Trust Advisors LP grew its position in Holly Energy Partners by 42.2% in the second quarter. First Trust Advisors LP now owns 225,975 shares of the pipeline company’s stock worth $6,214,000 after acquiring an additional 67,071 shares in the last quarter. Cadence Capital Management LLC grew its position in Holly Energy Partners by 13.2% in the first quarter. Cadence Capital Management LLC now owns 144,565 shares of the pipeline company’s stock worth $3,902,000 after acquiring an additional 16,900 shares in the last quarter. Groesbeck Investment Management Corp NJ grew its position in Holly Energy Partners by 9.7% in the first quarter. Groesbeck Investment Management Corp NJ now owns 129,240 shares of the pipeline company’s stock worth $3,488,000 after acquiring an additional 11,393 shares in the last quarter. Finally, Dividend Assets Capital LLC grew its position in Holly Energy Partners by 360.6% in the second quarter. Dividend Assets Capital LLC now owns 121,171 shares of the pipeline company’s stock worth $3,332,000 after acquiring an additional 94,861 shares in the last quarter. Hedge funds and other institutional investors own 31.31% 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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