Holly Energy Partners (NYSE:HEP) Trading Up 8.8% After Dividend Announcement

Shares of Holly Energy Partners, L.P. (NYSE:HEP) were up 8.8% during mid-day trading on Friday after the company announced a dividend. The company traded as high as $23.49 and last traded at $23.13, approximately 1,027,039 shares changed hands during trading. An increase of 340% from the average daily volume of 233,297 shares. The stock had previously closed at $21.26.

The newly announced dividend which will be paid on Tuesday, November 12th. Investors of record on Monday, October 28th will be given a dividend of $0.6725 per share. The ex-dividend date is Friday, October 25th. Holly Energy Partners’s dividend payout ratio is 158.24%.

A number of equities analysts recently commented on HEP shares. Raymond James lowered shares of Holly Energy Partners from a “market perform” rating to an “underperform” rating and set a $26.86 price target on the stock. in a research report on Wednesday, June 26th. They noted that the move was a valuation call. Barclays set a $23.00 target price on shares of Holly Energy Partners and gave the company a “sell” rating in a report on Tuesday, October 15th. TheStreet lowered shares of Holly Energy Partners from a “b-” rating to a “c+” rating in a report on Friday, October 11th. Zacks Investment Research lowered shares of Holly Energy Partners from a “buy” rating to a “hold” rating in a report on Friday. Finally, ValuEngine raised shares of Holly Energy Partners from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $24.77.

The company has a debt-to-equity ratio of 3.17, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $2.24 billion, a P/E ratio of 13.61, a price-to-earnings-growth ratio of 11.53 and a beta of 0.72. The firm’s fifty day simple moving average is $25.14 and its 200 day simple moving average is $27.03.

Holly Energy Partners (NYSE:HEP) last released its earnings results on Wednesday, July 31st. The pipeline company reported $0.43 EPS for the quarter, meeting the consensus estimate of $0.43. Holly Energy Partners had a net margin of 36.16% and a return on equity of 37.40%. The firm had revenue of $130.80 million for the quarter, compared to analyst estimates of $128.07 million. During the same period last year, the firm earned $0.38 EPS. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. Analysts anticipate that Holly Energy Partners, L.P. will post 1.84 earnings per share for the current fiscal year.

In other Holly Energy Partners news, Director Eric L. Mattson sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $27.55, for a total value of $55,100.00. Following the transaction, the director now directly owns 4,198 shares of the company’s stock, valued at approximately $115,654.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.80% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in HEP. Dividend Assets Capital LLC lifted its holdings in shares of Holly Energy Partners by 360.6% in the second quarter. Dividend Assets Capital LLC now owns 121,171 shares of the pipeline company’s stock worth $3,332,000 after buying an additional 94,861 shares in the last quarter. AdvisorNet Financial Inc increased its holdings in Holly Energy Partners by 313.3% in the 2nd quarter. AdvisorNet Financial Inc now owns 5,778 shares of the pipeline company’s stock valued at $159,000 after purchasing an additional 4,380 shares in the last quarter. NEXT Financial Group Inc acquired a new stake in Holly Energy Partners in the 2nd quarter valued at $41,000. First Trust Advisors LP increased its holdings in Holly Energy Partners by 42.2% in the 2nd quarter. First Trust Advisors LP now owns 225,975 shares of the pipeline company’s stock valued at $6,214,000 after purchasing an additional 67,071 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its holdings in Holly Energy Partners by 73.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 21,694 shares of the pipeline company’s stock valued at $597,000 after purchasing an additional 9,214 shares in the last quarter. 30.86% of the stock is currently owned by institutional investors.

About Holly Energy Partners (NYSE:HEP)

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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