Wall Street brokerages expect that Holly Energy Partners, L.P. (NYSE:HEP) will post sales of $127.40 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Holly Energy Partners’ earnings, with the highest sales estimate coming in at $129.44 million and the lowest estimate coming in at $126.15 million. Holly Energy Partners posted sales of $110.36 million during the same quarter last year, which would suggest a positive year over year growth rate of 15.4%. The business is scheduled to report its next quarterly earnings results on Tuesday, October 30th.
According to Zacks, analysts expect that Holly Energy Partners will report full year sales of $509.98 million for the current year, with estimates ranging from $508.90 million to $511.00 million. For the next financial year, analysts expect that the business will report sales of $530.45 million per share, with estimates ranging from $521.40 million to $541.29 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Holly Energy Partners.
Holly Energy Partners (NYSE:HEP) last announced its quarterly earnings results on Wednesday, August 1st. The pipeline company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.03). The business had revenue of $118.76 million for the quarter, compared to analyst estimates of $123.41 million. Holly Energy Partners had a return on equity of 34.10% and a net margin of 44.01%. Holly Energy Partners’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS.
A number of brokerages have weighed in on HEP. ValuEngine downgraded Holly Energy Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, August 28th. Zacks Investment Research raised Holly Energy Partners from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research report on Wednesday, July 25th. Scotiabank reissued a “hold” rating and set a $33.00 price target on shares of Holly Energy Partners in a research report on Monday, August 20th. Finally, JPMorgan Chase & Co. lowered their price target on Holly Energy Partners from $31.00 to $30.00 and set an “underweight” rating on the stock in a research report on Friday, August 24th. Four investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $30.78.
Several institutional investors have recently bought and sold shares of HEP. Tortoise Capital Advisors L.L.C. grew its position in shares of Holly Energy Partners by 94.5% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 6,579,080 shares of the pipeline company’s stock valued at $1,177,648,000 after purchasing an additional 3,195,763 shares during the last quarter. OppenheimerFunds Inc. grew its position in shares of Holly Energy Partners by 9.6% in the first quarter. OppenheimerFunds Inc. now owns 6,084,815 shares of the pipeline company’s stock valued at $167,758,000 after purchasing an additional 533,030 shares during the last quarter. Alps Advisors Inc. grew its position in shares of Holly Energy Partners by 15.4% in the second quarter. Alps Advisors Inc. now owns 3,803,218 shares of the pipeline company’s stock valued at $107,479,000 after purchasing an additional 508,610 shares during the last quarter. Northwestern Mutual Investment Management Company LLC acquired a new position in shares of Holly Energy Partners in the first quarter valued at approximately $3,532,000. Finally, Municipal Employees Retirement System of Michigan grew its position in shares of Holly Energy Partners by 138.8% in the first quarter. Municipal Employees Retirement System of Michigan now owns 206,740 shares of the pipeline company’s stock valued at $5,700,000 after purchasing an additional 120,170 shares during the last quarter. 31.30% of the stock is currently owned by institutional investors.
Shares of NYSE HEP opened at $29.81 on Friday. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 16.90 and a beta of 0.88. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.12 and a current ratio of 1.12. Holly Energy Partners has a twelve month low of $26.08 and a twelve month high of $36.02.
About Holly Energy Partners
Holly Energy Partners, L.P. owns and operates petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities, and refinery processing units that support the refining and marketing operations of HollyFrontier Corporation in West Texas, New Mexico, Utah, Nevada, Oklahoma, Wyoming, Kansas, Arizona, Idaho, and Washington.
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