Holly Energy Partners, L.P. (NYSE:HEP) announced a quarterly dividend on Thursday, July 23rd, Fidelity reports. Shareholders of record on Monday, August 3rd will be paid a dividend of 0.35 per share by the pipeline company on Thursday, August 13th. This represents a $1.40 dividend on an annualized basis and a yield of 10.32%. The ex-dividend date of this dividend is Friday, July 31st.
Holly Energy Partners has increased its dividend by an average of 15.6% annually over the last three years and has increased its dividend every year for the last 16 years. Holly Energy Partners has a payout ratio of 97.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Holly Energy Partners to earn $1.85 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 75.7%.
HEP stock traded up $0.09 during midday trading on Wednesday, reaching $13.56. The company had a trading volume of 2,502 shares, compared to its average volume of 282,750. The company has a debt-to-equity ratio of 3.50, a current ratio of 1.48 and a quick ratio of 1.48. Holly Energy Partners has a 1-year low of $6.57 and a 1-year high of $29.49. The stock has a 50 day moving average price of $14.68 and a 200-day moving average price of $16.78. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 7.15 and a beta of 1.05.
A number of research firms recently commented on HEP. Jefferies Financial Group upgraded Holly Energy Partners from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research report on Monday, July 20th. Raymond James upgraded Holly Energy Partners from an “underperform” rating to an “outperform” rating in a research report on Monday, April 27th. Zacks Investment Research downgraded Holly Energy Partners from a “buy” rating to a “hold” rating in a research report on Friday, July 24th. UBS Group upped their price objective on Holly Energy Partners from $16.00 to $17.50 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Barclays upgraded Holly Energy Partners from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $13.00 to $14.00 in a research report on Monday, April 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $16.75.
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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