Zacks Investment Research upgraded shares of Holly Energy Partners (NYSE:HEP) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. They currently have $20.00 target price on the pipeline company’s stock.
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. “
Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. downgraded Holly Energy Partners from a neutral rating to an underweight rating and cut their price objective for the company from $24.00 to $20.00 in a research report on Wednesday, August 4th. Credit Suisse Group decreased their price objective on shares of Holly Energy Partners from $21.00 to $20.00 and set a neutral rating on the stock in a report on Tuesday, August 10th. Wells Fargo & Company upped their target price on shares of Holly Energy Partners from $21.00 to $22.00 and gave the stock an equal weight rating in a research report on Thursday, June 24th. Finally, Raymond James lowered their price target on shares of Holly Energy Partners from $22.00 to $21.00 and set an outperform rating for the company in a report on Wednesday, August 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Holly Energy Partners has a consensus rating of Hold and an average target price of $20.17.
Holly Energy Partners (NYSE:HEP) last announced its quarterly earnings data on Tuesday, August 3rd. The pipeline company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.03. The company had revenue of $126.24 million during the quarter, compared to analysts’ expectations of $127.15 million. Holly Energy Partners had a net margin of 37.22% and a return on equity of 38.18%. On average, sell-side analysts predict that Holly Energy Partners will post 2.03 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 13th. Stockholders of record on Monday, August 2nd were given a $0.35 dividend. The ex-dividend date was Friday, July 30th. This represents a $1.40 annualized dividend and a dividend yield of 7.96%. Holly Energy Partners’s dividend payout ratio is currently 74.47%.
In related news, CEO Michael Jennings purchased 7,500 shares of the stock in a transaction dated Tuesday, August 10th. The stock was bought at an average cost of $17.95 per share, with a total value of $134,625.00. Following the purchase, the chief executive officer now directly owns 26,377 shares in the company, valued at approximately $473,467.15. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.80% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. boosted its position in Holly Energy Partners by 35.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,404 shares of the pipeline company’s stock valued at $54,000 after purchasing an additional 632 shares during the last quarter. Northern Oak Wealth Management Inc. bought a new position in shares of Holly Energy Partners in the first quarter valued at $73,000. Advisor Group Holdings Inc. increased its holdings in Holly Energy Partners by 9.3% during the second quarter. Advisor Group Holdings Inc. now owns 6,270 shares of the pipeline company’s stock worth $143,000 after buying an additional 531 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Holly Energy Partners by 64.7% during the first quarter. BNP Paribas Arbitrage SA now owns 10,953 shares of the pipeline company’s stock worth $209,000 after acquiring an additional 4,303 shares in the last quarter. Finally, CWM Advisors LLC bought a new position in shares of Holly Energy Partners in the 2nd quarter valued at about $212,000. 33.14% of the stock is owned by institutional investors.
Holly Energy Partners Company Profile
Holly Energy Partners LP engages in the business of operating a system of petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities and refinery processing units. It operates through Pipelines & Terminals and Refinery Processing Unit segments. The company was founded in 2004 and is headquartered in Dallas, TX.
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