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

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Holly Energy Partners, L.P. (NYSE:HEP) was the target of a significant decline in short interest in the month of November. As of November 29th, there was short interest totalling 1,550,000 shares, a decline of 10.4% from the November 14th total of 1,730,000 shares. Approximately 3.5% of the company’s shares are short sold. Based on an average daily trading volume, of 466,300 shares, the short-interest ratio is presently 3.3 days.

Holly Energy Partners stock traded down $0.29 during trading hours on Friday, hitting $22.06. The company had a trading volume of 1,022,300 shares, compared to its average volume of 249,295. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market cap of $2.36 billion, a P/E ratio of 12.98, a P/E/G ratio of 12.27 and a beta of 0.71. The company has a 50-day moving average price of $22.59 and a two-hundred day moving average price of $25.71. Holly Energy Partners has a 1 year low of $20.81 and a 1 year high of $31.23.

Holly Energy Partners (NYSE:HEP) last posted its quarterly earnings results on Wednesday, October 30th. The pipeline company reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Holly Energy Partners had a net margin of 42.47% and a return on equity of 40.22%. The firm had revenue of $135.90 million during the quarter, compared to the consensus estimate of $129.88 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. The company’s revenue was up 8.0% on a year-over-year basis. As a group, equities research analysts anticipate that Holly Energy Partners will post 1.83 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. purchased a new stake in shares of Holly Energy Partners in the 2nd quarter worth $167,852,000. HighTower Advisors LLC lifted its stake in Holly Energy Partners by 16.2% in the second quarter. HighTower Advisors LLC now owns 222,973 shares of the pipeline company’s stock worth $6,135,000 after acquiring an additional 31,050 shares during the period. Aperio Group LLC bought a new position in Holly Energy Partners during the 2nd quarter worth about $109,000. Richard C. Young & CO. LTD. grew its holdings in Holly Energy Partners by 1.0% during the 3rd quarter. Richard C. Young & CO. LTD. now owns 68,250 shares of the pipeline company’s stock worth $1,725,000 after acquiring an additional 705 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in Holly Energy Partners by 56.6% during the 3rd quarter. California Public Employees Retirement System now owns 108,914 shares of the pipeline company’s stock worth $2,752,000 after acquiring an additional 39,377 shares in the last quarter. 31.44% of the stock is owned by institutional investors and hedge funds.

HEP has been the topic of a number of analyst reports. UBS Group cut their target price on Holly Energy Partners from $28.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. TheStreet downgraded Holly Energy Partners from a “b-” rating to a “c+” rating in a research report on Friday, October 11th. Cfra upgraded Holly Energy Partners from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Zacks Investment Research downgraded Holly Energy Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, November 27th. Finally, Credit Suisse Group downgraded Holly Energy Partners from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $31.00 to $24.00 in a research report on Monday, August 19th. Four research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Holly Energy Partners has a consensus rating of “Sell” and a consensus price target of $24.77.

Holly Energy Partners Company Profile

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.

See Also: Bear Market

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