Zacks Investment Research cut shares of Holly Energy Partners (NYSE:HEP) from a strong-buy rating to a hold rating in a research note published on Wednesday, January 3rd.
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 reaffirmed an equal weight rating and issued a $35.00 target price on shares of Holly Energy Partners in a research note on Friday, November 10th. Goldman Sachs Group cut shares of Holly Energy Partners from a neutral rating to a sell rating and set a $30.00 price objective for the company. in a research note on Monday, December 18th. Scotiabank set a $34.00 price objective on shares of Holly Energy Partners and gave the company a hold rating in a research note on Saturday, December 9th. UBS Group cut shares of Holly Energy Partners from a buy rating to a neutral rating and set a $36.00 price target for the company. in a research report on Friday, November 3rd. Finally, Wells Fargo & Co decreased their price target on shares of Holly Energy Partners from $35.00 to $34.00 and set a market perform rating for the company in a research report on Friday, October 20th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $33.11.
Holly Energy Partners (HEP) traded up $0.45 during midday trading on Wednesday, hitting $32.43. The company had a trading volume of 209,437 shares, compared to its average volume of 184,217. Holly Energy Partners has a 52-week low of $30.11 and a 52-week high of $38.09. The company has a debt-to-equity ratio of 2.69, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market capitalization of $2,090.00, a price-to-earnings ratio of 21.06, a P/E/G ratio of 8.26 and a beta of 0.88.
Holly Energy Partners (NYSE:HEP) last posted its quarterly earnings results on Tuesday, October 31st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.20. Holly Energy Partners had a net margin of 34.35% and a return on equity of 34.29%. The company had revenue of $110.40 million during the quarter, compared to the consensus estimate of $113.01 million. During the same period last year, the firm earned $0.33 EPS. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. equities analysts forecast that Holly Energy Partners will post 1.59 EPS for the current year.
The company also recently announced a dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Monday, February 5th will be given a $0.65 dividend. This represents a yield of 0.0200431699044095%. The ex-dividend date is Friday, February 2nd. Holly Energy Partners’s dividend payout ratio (DPR) is 167.53%.
In other Holly Energy Partners news, Director Michael Jennings sold 4,000 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $32.51, for a total value of $130,040.00. Following the completion of the transaction, the director now owns 22,978 shares in the company, valued at approximately $747,014.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of HEP. Royal Bank of Canada boosted its holdings in shares of Holly Energy Partners by 0.5% in the second quarter. Royal Bank of Canada now owns 8,800 shares of the pipeline company’s stock valued at $286,000 after acquiring an additional 45 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Holly Energy Partners by 1.2% in the second quarter. Wells Fargo & Company MN now owns 37,398 shares of the pipeline company’s stock valued at $1,214,000 after acquiring an additional 427 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Holly Energy Partners by 5.9% in the second quarter. Alliancebernstein L.P. now owns 9,199 shares of the pipeline company’s stock valued at $299,000 after acquiring an additional 515 shares in the last quarter. CNH Partners LLC boosted its holdings in shares of Holly Energy Partners by 3.5% in the second quarter. CNH Partners LLC now owns 18,004 shares of the pipeline company’s stock valued at $585,000 after acquiring an additional 617 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in Holly Energy Partners by 0.9% during the second quarter. California Public Employees Retirement System now owns 74,600 shares of the pipeline company’s stock valued at $2,423,000 after purchasing an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 48.59% of the company’s stock.
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About Holly Energy Partners
Holly Energy Partners, L.P., (HEP) is engaged in the business of operating a system of petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities and refinery processing units in West Texas, New Mexico, Utah, Nevada, Oklahoma, Wyoming, Kansas, Arizona, Idaho and Washington.
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