Holly Energy Partners (NYSE:HEP) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research note issued on Wednesday, Zacks.com reports.
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 research reports. Wells Fargo & Company lifted 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. 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 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 for the company in a report on Tuesday, August 10th. Finally, JPMorgan Chase & Co. cut shares of Holly Energy Partners from a "neutral" rating to an "underweight" rating and decreased their price objective for the company from $24.00 to $20.00 in a report on Wednesday, August 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Holly Energy Partners presently has a consensus rating of "Hold" and an average target price of $20.17.
Shares of NYSE:HEP traded up $0.71 during midday trading on Wednesday, reaching $18.29. 216,976 shares of the company's stock were exchanged, compared to its average volume of 271,550. The company's 50 day simple moving average is $19.01 and its two-hundred day simple moving average is $20.21. The firm has a market capitalization of $1.93 billion, a PE ratio of 10.16 and a beta of 1.07. Holly Energy Partners has a 12 month low of $10.48 and a 12 month high of $23.69. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.21 and a current ratio of 1.21.
Holly Energy Partners (NYSE:HEP) last announced its quarterly earnings results on Tuesday, August 3rd. The pipeline company reported $0.53 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $127.15 million. On average, research analysts anticipate that Holly Energy Partners will post 2.03 earnings per share for the current year.
In other news, CEO Michael Jennings purchased 7,500 shares of the company's stock in a transaction on Tuesday, August 10th. The shares were purchased at an average cost of $17.95 per share, with a total value of $134,625.00. Following the completion of the transaction, the chief executive officer now owns 26,377 shares of the company's stock, valued at approximately $473,467.15. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.80% of the company's stock.
Hedge funds have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. grew its stake in shares of Holly Energy Partners by 35.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 2,404 shares of the pipeline company's stock valued at $54,000 after acquiring an additional 632 shares in the last quarter. Northern Oak Wealth Management Inc. acquired a new position in shares of Holly Energy Partners in the first quarter valued at about $73,000. Advisor Group Holdings Inc. lifted its position 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 purchasing an additional 531 shares during the period. BNP Paribas Arbitrage SA lifted 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 purchasing an additional 4,303 shares during the period. Finally, CWM Advisors LLC bought a new stake in Holly Energy Partners during the second quarter worth about $212,000. Institutional investors and hedge funds own 33.14% of the company's stock.
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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