Holly Energy Partners (NYSE:HEP) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Holly Energy Partners (NYSE:HEP) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. They currently have $21.00 price objective 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. “

Several other brokerages have also recently commented on HEP. Raymond James dropped their price target on shares of Holly Energy Partners from $22.00 to $21.00 and set an outperform rating on the stock in a research report on Wednesday, August 4th. Credit Suisse Group dropped their price target on shares of Holly Energy Partners from $21.00 to $20.00 and set a neutral rating on the stock in a research report on Tuesday, August 10th. JPMorgan Chase & Co. cut shares of Holly Energy Partners from a neutral rating to an underweight rating and dropped their price target for the stock from $24.00 to $20.00 in a research report on Wednesday, August 4th. Finally, Wells Fargo & Company boosted their price target 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $20.33.

Shares of NYSE HEP traded down $0.37 during midday trading on Tuesday, reaching $17.97. 235,736 shares of the company traded hands, compared to its average volume of 271,520. Holly Energy Partners has a 52 week low of $10.48 and a 52 week high of $23.69. The stock has a 50-day moving average price of $19.50 and a 200 day moving average price of $20.22. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.21 and a quick ratio of 1.21. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 9.98 and a beta of 1.07.

Holly Energy Partners (NYSE:HEP) last issued its quarterly earnings results on Tuesday, August 3rd. The pipeline company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.50 by $0.03. Holly Energy Partners had a net margin of 37.22% and a return on equity of 38.18%. The firm had revenue of $126.24 million for the quarter, compared to analysts’ expectations of $127.15 million. As a group, analysts expect that Holly Energy Partners will post 2.03 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 13th. Investors of record on Monday, August 2nd were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, July 30th. This represents a $1.40 dividend on an annualized basis and a yield of 7.79%. Holly Energy Partners’s dividend payout ratio is currently 74.47%.

In other Holly Energy Partners news, CEO Michael Jennings bought 7,500 shares of the stock in a transaction on Tuesday, August 10th. The shares were bought at an average price 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. grew its stake in shares of Holly Energy Partners by 35.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,404 shares of the pipeline company’s stock valued at $54,000 after buying an additional 632 shares in the last quarter. Northern Oak Wealth Management Inc. bought a new stake in shares of Holly Energy Partners in the 1st quarter valued at approximately $73,000. Advisor Group Holdings Inc. grew its stake in shares of Holly Energy Partners by 9.3% in the 2nd quarter. Advisor Group Holdings Inc. now owns 6,270 shares of the pipeline company’s stock valued at $143,000 after buying an additional 531 shares in the last quarter. CWM Advisors LLC bought a new stake in shares of Holly Energy Partners in the 2nd quarter valued at approximately $212,000. Finally, BNP Paribas Arbitrage SA grew its stake in shares of Holly Energy Partners by 64.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 10,953 shares of the pipeline company’s stock valued at $209,000 after buying an additional 4,303 shares in the last quarter. 33.14% of the stock is owned by institutional investors and hedge funds.

About Holly Energy Partners

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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