Holly Energy Partners, L.P. (NYSE:HEP) Sees Large Decline in Short Interest

Holly Energy Partners, L.P. (NYSE:HEP) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 1,076,000 shares, a decline of 12.2% from the July 31st total of 1,225,700 shares. Currently, 2.4% of the shares of the company are sold short. Based on an average daily volume of 142,300 shares, the days-to-cover ratio is presently 7.6 days.

NYSE:HEP traded down $0.12 during trading hours on Thursday, hitting $27.18. 927 shares of the company’s stock traded hands, compared to its average volume of 161,194. The firm has a market cap of $2.94 billion, a P/E ratio of 16.06, a P/E/G ratio of 15.08 and a beta of 0.73. Holly Energy Partners has a 52 week low of $26.19 and a 52 week high of $33.40. The business’s fifty day simple moving average is $27.59 and its two-hundred day simple moving average is $27.75. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 3.17.

Holly Energy Partners (NYSE:HEP) last posted its quarterly earnings data on Wednesday, July 31st. The pipeline company reported $0.43 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.43. The company had revenue of $130.80 million during the quarter, compared to analyst estimates of $128.07 million. Holly Energy Partners had a return on equity of 37.40% and a net margin of 36.16%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company earned $0.38 earnings per share. On average, analysts expect that Holly Energy Partners will post 1.85 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 13th. Investors of record on Monday, July 29th were paid a dividend of $0.6725 per share. This represents a $2.69 annualized dividend and a yield of 9.90%. The ex-dividend date of this dividend was Friday, July 26th. Holly Energy Partners’s dividend payout ratio is 158.24%.

HEP has been the subject of several recent research reports. Credit Suisse Group cut Holly Energy Partners from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $31.00 to $24.00 in a research report on Monday, August 19th. Zacks Investment Research lowered Holly Energy Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Raymond James lowered Holly Energy Partners from a “market perform” rating to an “underperform” rating and set a $26.86 price objective for the company. in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Finally, ValuEngine lowered Holly Energy Partners from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Holly Energy Partners has a consensus rating of “Sell” and an average price target of $27.72.

In other news, Director Eric L. Mattson sold 2,000 shares of Holly Energy Partners stock in a transaction on Monday, August 5th. The stock was sold at an average price of $27.55, for a total value of $55,100.00. Following the completion of the transaction, the director now directly owns 4,198 shares in the company, valued at $115,654.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.80% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the stock. Pettinga Financial Advisors LLC lifted its stake in Holly Energy Partners by 5.3% during the second quarter. Pettinga Financial Advisors LLC now owns 7,900 shares of the pipeline company’s stock worth $217,000 after purchasing an additional 400 shares during the last quarter. Cadence Capital Management LLC lifted its stake in Holly Energy Partners by 0.4% during the second quarter. Cadence Capital Management LLC now owns 145,141 shares of the pipeline company’s stock worth $3,991,000 after purchasing an additional 576 shares during the last quarter. Private Advisor Group LLC lifted its stake in Holly Energy Partners by 7.6% during the second quarter. Private Advisor Group LLC now owns 9,446 shares of the pipeline company’s stock worth $260,000 after purchasing an additional 667 shares during the last quarter. Infrastructure Capital Advisors LLC lifted its stake in Holly Energy Partners by 5.8% during the second quarter. Infrastructure Capital Advisors LLC now owns 12,934 shares of the pipeline company’s stock worth $359,000 after purchasing an additional 712 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Holly Energy Partners by 3.3% during the second quarter. Van ECK Associates Corp now owns 26,735 shares of the pipeline company’s stock worth $735,000 after purchasing an additional 842 shares during the last quarter. 36.63% of the stock is owned by institutional investors.

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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