Holly Energy Partners (NYSE:HEP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.
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 topic of several other research reports. UBS Group cut their price objective on Holly Energy Partners from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, October 17th. Scotiabank set a $34.00 price objective on Holly Energy Partners and gave the company a “hold” rating in a research note on Friday, October 20th. Goldman Sachs Group cut Holly Energy Partners from a “neutral” rating to a “sell” rating and set a $30.00 price objective on the stock. in a research note on Monday, December 18th. Barclays restated an “equal weight” rating and set a $35.00 price objective on shares of Holly Energy Partners in a research note on Friday, November 10th. Finally, Wells Fargo & Co dropped their price target on Holly Energy Partners from $35.00 to $34.00 and set a “market perform” rating on the stock in a research report on Friday, October 20th. Four equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $34.71.
Shares of Holly Energy Partners (NYSE HEP) traded up $0.12 during midday trading on Wednesday, reaching $33.67. The company’s stock had a trading volume of 125,900 shares, compared to its average volume of 149,500. Holly Energy Partners has a 12-month low of $30.11 and a 12-month high of $38.09. The firm has a market capitalization of $2,150.00, a PE ratio of 21.86, a P/E/G ratio of 8.49 and a beta of 0.88. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.10 and a quick ratio of 1.10.
Holly Energy Partners (NYSE:HEP) last announced its quarterly earnings data on Tuesday, October 31st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.20. Holly Energy Partners had a return on equity of 34.29% and a net margin of 34.35%. The firm had revenue of $110.40 million for the quarter, compared to analysts’ expectations of $113.01 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. Holly Energy Partners’s revenue for the quarter was up 19.2% compared to the same quarter last year. research analysts anticipate that Holly Energy Partners will post 1.58 EPS for the current fiscal year.
In other news, Director Michael Jennings sold 4,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $32.51, for a total transaction of $130,040.00. Following the sale, the director now directly owns 22,978 shares in the company, valued at approximately $747,014.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.80% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Advisor Group Inc. increased its position in Holly Energy Partners by 477.5% in the 2nd quarter. Advisor Group Inc. now owns 4,204 shares of the pipeline company’s stock valued at $137,000 after acquiring an additional 3,476 shares during the period. Virtu Financial LLC acquired a new stake in Holly Energy Partners in the 3rd quarter valued at approximately $242,000. Royal Bank of Canada increased its position in Holly Energy Partners by 0.5% in the 2nd 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 during the period. Alliancebernstein L.P. increased its position in Holly Energy Partners by 5.9% in the 2nd 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 during the period. Finally, Citadel Advisors LLC acquired a new stake in Holly Energy Partners in the 2nd quarter valued at approximately $322,000. Institutional investors and hedge funds own 48.60% of the company’s stock.
Holly Energy Partners Company Profile
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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