Holly Energy Partners, L.P. (NYSE:HEP) Announces Quarterly Dividend of $0.35

Holly Energy Partners, L.P. (NYSE:HEPGet Rating) announced a quarterly dividend on Friday, April 22nd, Wall Street Journal reports. Investors of record on Monday, May 2nd will be given a dividend of 0.35 per share by the pipeline company on Friday, May 13th. This represents a $1.40 annualized dividend and a dividend yield of 7.57%. The ex-dividend date is Friday, April 29th.

Holly Energy Partners has a payout ratio of 65.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Holly Energy Partners to earn $2.11 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 66.4%.

Shares of NYSE:HEP traded down $0.58 during trading on Friday, hitting $18.50. 2,733 shares of the company’s stock were exchanged, compared to its average volume of 298,719. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.23 and a quick ratio of 1.23. Holly Energy Partners has a 52-week low of $15.61 and a 52-week high of $23.69. The business’s 50-day simple moving average is $17.54 and its 200 day simple moving average is $17.76. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 9.22 and a beta of 0.93.

Holly Energy Partners (NYSE:HEPGet Rating) last released its earnings results on Tuesday, February 22nd. The pipeline company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). Holly Energy Partners had a return on equity of 34.42% and a net margin of 43.47%. The business had revenue of $118.50 million for the quarter, compared to analysts’ expectations of $119.37 million. During the same quarter in the prior year, the business posted $0.49 EPS. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Holly Energy Partners will post 2.01 EPS for the current fiscal year.

A number of brokerages recently commented on HEP. TheStreet lowered Holly Energy Partners from a “b-” rating to a “c” rating in a research note on Tuesday, March 15th. Raymond James dropped their price target on Holly Energy Partners from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, February 23rd. Zacks Investment Research raised Holly Energy Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, March 29th. StockNews.com lowered Holly Energy Partners from a “buy” rating to a “hold” rating in a research note on Friday, April 1st. Finally, Barclays lowered their price objective on Holly Energy Partners from $17.00 to $15.00 in a research note on Thursday, February 24th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.67.

Hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC purchased a new stake in shares of Holly Energy Partners in the fourth quarter worth approximately $169,000. Guggenheim Capital LLC raised its holdings in shares of Holly Energy Partners by 25.7% in the fourth quarter. Guggenheim Capital LLC now owns 13,858 shares of the pipeline company’s stock worth $229,000 after buying an additional 2,836 shares during the period. BNP Paribas Arbitrage SA raised its holdings in shares of Holly Energy Partners by 20.1% in the third quarter. BNP Paribas Arbitrage SA now owns 13,204 shares of the pipeline company’s stock worth $242,000 after buying an additional 2,212 shares during the period. Jane Street Group LLC raised its holdings in shares of Holly Energy Partners by 329.0% in the third quarter. Jane Street Group LLC now owns 15,803 shares of the pipeline company’s stock worth $290,000 after buying an additional 22,703 shares during the period. Finally, LPL Financial LLC increased its holdings in Holly Energy Partners by 17.6% during the 3rd quarter. LPL Financial LLC now owns 19,926 shares of the pipeline company’s stock worth $365,000 after purchasing an additional 2,989 shares during the period.

About Holly Energy Partners (Get Rating)

Holly Energy Partners, L.P. provides petroleum product and crude oil transportation, terminalling, storage, and throughput services to the petroleum industry in the United States. It operates through two segments, Pipelines and Terminals, and Refinery Processing Unit. The company operates refined product pipelines that transport conventional gasolines, reformulated gasolines, and low-octane gasolines for oxygenate blending, as well as sulfur diesel and jet fuels, and liquefied petroleum gases; intermediate product pipelines that transport intermediate feedstocks and crude oils; and oil trunk, gathering, and connection pipelines that delivers crude oil.

See Also

Dividend History for Holly Energy Partners (NYSE:HEP)

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