Credit Suisse AG Buys 34,612 Shares of Holly Energy Partners, L.P. (HEP)

Credit Suisse AG raised its position in Holly Energy Partners, L.P. (NYSE:HEP) by 123.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,643 shares of the pipeline company’s stock after buying an additional 34,612 shares during the period. Credit Suisse AG owned 0.10% of Holly Energy Partners, L.P. worth $2,237,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. raised its position in Holly Energy Partners, L.P. by 72.9% in the first quarter. Envestnet Asset Management Inc. now owns 5,421 shares of the pipeline company’s stock valued at $194,000 after buying an additional 2,286 shares in the last quarter. BNP Paribas Arbitrage SA bought a new position in Holly Energy Partners, L.P. during the first quarter valued at approximately $211,000. Franklin Square Holdings L.P. bought a new position in Holly Energy Partners, L.P. during the first quarter valued at approximately $243,000. Alliancebernstein L.P. bought a new position in Holly Energy Partners, L.P. during the first quarter valued at approximately $310,000. Finally, Oppenheimer & Co. Inc. raised its position in Holly Energy Partners, L.P. by 10.9% in the first quarter. Oppenheimer & Co. Inc. now owns 9,125 shares of the pipeline company’s stock valued at $326,000 after buying an additional 900 shares during the period. 47.15% of the stock is currently owned by institutional investors and hedge funds.

Holly Energy Partners, L.P. (NYSE HEP) traded down 1.35% during midday trading on Friday, reaching $30.76. The company’s stock had a trading volume of 148,562 shares. The firm has a market capitalization of $1.98 billion, a PE ratio of 25.51 and a beta of 0.86. Holly Energy Partners, L.P. has a 52 week low of $29.53 and a 52 week high of $38.09. The stock has a 50 day moving average of $33.48 and a 200 day moving average of $34.36.

Holly Energy Partners, L.P. (NYSE:HEP) last announced its quarterly earnings data on Tuesday, August 1st. The pipeline company reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.48 by $0.12. Holly Energy Partners, L.P. had a return on equity of 34.14% and a net margin of 34.06%. The firm had revenue of $109.14 million during the quarter, compared to the consensus estimate of $113.12 million. During the same quarter in the prior year, the business posted $0.45 EPS. Holly Energy Partners, L.P.’s revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts predict that Holly Energy Partners, L.P. will post $1.41 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were given a $0.6325 dividend. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $2.53 dividend on an annualized basis and a dividend yield of 8.22%. This is an increase from Holly Energy Partners, L.P.’s previous quarterly dividend of $0.62. Holly Energy Partners, L.P.’s dividend payout ratio (DPR) is currently 207.38%.

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HEP has been the topic of several recent research reports. Zacks Investment Research raised Holly Energy Partners, L.P. from a “sell” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Tuesday, April 25th. BidaskClub raised Holly Energy Partners, L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Bank of America Corporation lowered Holly Energy Partners, L.P. from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $39.00 to $36.00 in a research report on Thursday, May 4th. Finally, Scotiabank restated a “hold” rating and set a $34.00 price objective on shares of Holly Energy Partners, L.P. in a report on Thursday, April 27th. Three investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Holly Energy Partners, L.P. currently has an average rating of “Hold” and an average target price of $36.75.

Holly Energy Partners, L.P. Company 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.

Institutional Ownership by Quarter for Holly Energy Partners, L.P. (NYSE:HEP)

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