Virtu Financial LLC boosted its stake in Holly Energy Partners, L.P. (NYSE:HEP) by 34.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,548 shares of the pipeline company’s stock after buying an additional 6,546 shares during the period. Virtu Financial LLC’s holdings in Holly Energy Partners were worth $804,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in HEP. Bank of Montreal Can bought a new position in shares of Holly Energy Partners during the 3rd quarter valued at about $122,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Holly Energy Partners during the 2nd quarter valued at about $230,000. Private Advisor Group LLC bought a new position in shares of Holly Energy Partners during the 3rd quarter valued at about $238,000. Russell Investments Group Ltd. bought a new position in shares of Holly Energy Partners during the 3rd quarter valued at about $286,000. Finally, Truvestments Capital LLC bought a new position in shares of Holly Energy Partners during the 2nd quarter valued at about $345,000. Hedge funds and other institutional investors own 32.16% of the company’s stock.
HEP stock opened at $28.09 on Wednesday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 2.64. Holly Energy Partners, L.P. has a one year low of $26.08 and a one year high of $34.62. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 15.96 and a beta of 0.95.
Holly Energy Partners (NYSE:HEP) last posted its quarterly earnings data on Tuesday, October 30th. The pipeline company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $125.80 million during the quarter, compared to analyst estimates of $125.79 million. During the same period in the prior year, the firm earned $0.66 earnings per share. The business’s quarterly revenue was up 13.9% on a year-over-year basis. Sell-side analysts predict that Holly Energy Partners, L.P. will post 1.7 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Stockholders of record on Monday, October 29th were given a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 9.47%. This is a positive change from Holly Energy Partners’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Friday, October 26th. Holly Energy Partners’s dividend payout ratio is 151.14%.
Several research firms have recently weighed in on HEP. ValuEngine upgraded shares of Holly Energy Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, September 19th. Barclays lowered shares of Holly Energy Partners from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $30.00 to $28.00 in a research report on Tuesday, September 25th. Scotiabank restated a “hold” rating and set a $33.00 price objective on shares of Holly Energy Partners in a research report on Monday, August 20th. Credit Suisse Group began coverage on shares of Holly Energy Partners in a research report on Thursday, October 11th. They set a “neutral” rating and a $33.00 price objective for the company. Finally, Zacks Investment Research lowered shares of Holly Energy Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Three equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $30.75.
In other news, Director Michael Jennings sold 5,000 shares of the stock in a transaction that occurred on Thursday, November 29th. The shares were sold at an average price of $28.82, for a total value of $144,100.00. Following the completion of the sale, the director now directly owns 18,877 shares of the company’s stock, valued at $544,035.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.80% of the stock is owned by corporate insiders.
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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.
Further Reading: Institutional Investors
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