Holly Energy Partners, L.P. (NYSE:HEP) declared a quarterly dividend on Thursday, April 27th. Shareholders of record on Monday, May 8th will be given a dividend of 0.62 per share by the pipeline company on Monday, May 15th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 7.32%. The ex-dividend date of this dividend is Thursday, May 4th. This is a boost from Holly Energy Partners, L.P.’s previous quarterly dividend of $0.61.
Holly Energy Partners, L.P. has increased its dividend payment by an average of 6.4% annually over the last three years and has raised its dividend every year for the last 13 years. Holly Energy Partners, L.P. has a dividend payout ratio of 141.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Holly Energy Partners, L.P. to earn $1.93 per share next year, which means the company may not be able to cover its $2.48 annual dividend with an expected future payout ratio of 128.5%.
Holly Energy Partners, L.P. (NYSE:HEP) opened at 33.86 on Friday. The stock has a market cap of $2.16 billion, a P/E ratio of 26.29 and a beta of 0.89. Holly Energy Partners, L.P. has a 12-month low of $29.53 and a 12-month high of $38.09. The firm’s 50 day moving average price is $35.50 and its 200-day moving average price is $34.31.
Holly Energy Partners, L.P. (NYSE:HEP) last released its earnings results on Tuesday, May 2nd. The pipeline company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by $0.36. Holly Energy Partners, L.P. had a return on equity of 40.74% and a net margin of 40.64%. The firm had revenue of $105.63 million during the quarter, compared to analyst estimates of $117 million. During the same quarter last year, the business posted $0.52 EPS. The firm’s revenue was up 3.5% on a year-over-year basis. Equities research analysts anticipate that Holly Energy Partners, L.P. will post $1.66 earnings per share for the current fiscal year.
In related news, Director Charles M. Iv Darling sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $35.50, for a total value of $71,000.00. Following the completion of the sale, the director now owns 24,454 shares in the company, valued at $868,117. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael Jennings sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $35.94, for a total transaction of $359,400.00. Following the completion of the sale, the director now owns 22,421 shares of the company’s stock, valued at approximately $805,810.74. The disclosure for this sale can be found here. 0.80% of the stock is owned by company insiders.
A hedge fund recently bought a new stake in Holly Energy Partners, L.P. stock. Alliancebernstein L.P. acquired a new stake in Holly Energy Partners, L.P. (NYSE:HEP) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 8,684 shares of the pipeline company’s stock, valued at approximately $310,000. 39.79% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently commented on HEP shares. Zacks Investment Research upgraded shares of Holly Energy Partners, L.P. from a “hold” rating to a “strong-buy” rating and set a $43.00 target price for the company in a research note on Tuesday, January 31st. Scotiabank restated a “hold” rating and issued a $34.00 target price on shares of Holly Energy Partners, L.P. in a research note on Thursday, March 23rd. Finally, Bank of America Corp cut shares of Holly Energy Partners, L.P. from a “buy” rating to an “underperform” rating and reduced their target price for the stock from $39.00 to $36.00 in a research note on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $36.40.
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About Holly Energy Partners, L.P.
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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