Clearbridge Investments LLC Has $56.80 Million Stake in Holly Energy Partners, L.P. (HEP)
Clearbridge Investments LLC lowered its holdings in shares of Holly Energy Partners, L.P. (NYSE:HEP) by 1.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,748,267 shares of the pipeline company’s stock after selling 27,220 shares during the period. Clearbridge Investments LLC’s holdings in Holly Energy Partners were worth $56,801,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Strategic Capital Advisers Inc. bought a new position in Holly Energy Partners during the fourth quarter worth about $222,000. Koch Industries Inc. bought a new position in Holly Energy Partners during the fourth quarter worth about $234,000. Royal Bank of Canada grew its holdings in Holly Energy Partners by 0.5% during the second quarter. Royal Bank of Canada now owns 8,800 shares of the pipeline company’s stock worth $286,000 after purchasing an additional 45 shares during the period. Virtu Financial LLC bought a new position in Holly Energy Partners during the third quarter worth about $242,000. Finally, Global X Management Co. LLC grew its holdings in Holly Energy Partners by 16.1% during the fourth quarter. Global X Management Co. LLC now owns 22,727 shares of the pipeline company’s stock worth $738,000 after purchasing an additional 3,145 shares during the period. Institutional investors and hedge funds own 28.77% of the company’s stock.
HEP has been the subject of a number of research analyst reports. Scotiabank set a $34.00 price target on Holly Energy Partners and gave the stock a “hold” rating in a report on Saturday, December 9th. Goldman Sachs Group cut Holly Energy Partners from a “neutral” rating to a “sell” rating and set a $30.00 price target for the company. in a report on Monday, December 18th. Zacks Investment Research cut Holly Energy Partners from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Credit Suisse Group initiated coverage on Holly Energy Partners in a report on Thursday, January 4th. They set an “underperform” rating and a $28.00 price target for the company. Finally, Jefferies Group initiated coverage on Holly Energy Partners in a report on Wednesday, January 24th. They set a “hold” rating and a $28.00 price target for the company. Five investment analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $32.22.
Holly Energy Partners (NYSE:HEP) last issued its quarterly earnings data on Tuesday, February 20th. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.06. Holly Energy Partners had a return on equity of 35.81% and a net margin of 42.93%. The company had revenue of $129.20 million during the quarter, compared to analysts’ expectations of $117.63 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. The business’s revenue was up 11.8% on a year-over-year basis. equities research analysts expect that Holly Energy Partners, L.P. will post 1.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Monday, February 5th were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 8.53%. The ex-dividend date was Friday, February 2nd. This is a boost from Holly Energy Partners’s previous quarterly dividend of $0.65. Holly Energy Partners’s payout ratio is currently 123.22%.
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Holly Energy Partners Profile
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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