September 16, 2023 [Best Stocks]- On September 14, 2023, StockNews.com began coverage on Holly Energy Partners (NYSE:HEP) by issuing a research report to its clients and investors. In the report, the brokerage assigned a “buy” rating to the stock of this pipeline company.
Holly Energy Partners debuted on the New York Stock Exchange (NYSE) at $23.28 on Thursday. The company’s stock has shown some stability recently, with a 50-day moving average price of $20.65 and a 200-day moving average price of $18.59. With a market capitalization of $2.94 billion and a beta of 0.90, the firm displays moderate volatility. Notably, Holly Energy Partners has experienced a range in share prices over the past year, hitting a low of $15.51 and reaching a high of $23.62. Its financials show promising indicators, with a quick ratio and current ratio both standing at 1.15 and a debt-to-equity ratio at 1.65.
Holly Energy Partners, L.P., primarily operating in the United States, provides vital services to the petroleum industry including petroleum product and crude oil transportation, terminalling, storage, and throughput services. The company operates through two distinct segments: Pipelines and Terminals; and Refinery Processing Unit.
Under Pipelines and Terminals segment, Holly Energy Partners runs refined product pipelines that transport various types of gasoline including conventional gasolines for oxygenate blending as well as sulfur diesel and jet fuels among others. It also handles intermediate product pipelines transporting intermediate feedstocks along with crude oils while offering oil trunk delivery systems.
The second segment comprises Refinery Processing Unit where Holly Energy Partners facilitates refinery processes linked with transportation facilities such as pipelines for handling intermediate feedstocks or crude oil that need refining to produce end-product ready for consumption or distribution.
As for its financial performance, Holly Energy Partners announced its quarterly earnings data on Thursday, August 3rd, 2023. The pipeline company reported an earnings per share (EPS) of $0.40 for the quarter. However, this figure fell short of the consensus estimates of analysts by ($0.07), who had predicted an EPS of $0.47. Despite this setback, the company’s net margin stands at a healthy 37.97% with a return on equity of 23.48%. In terms of revenue, Holly Energy Partners generated $139.80 million during the quarter, which was slightly below analysts’ projections of $145.96 million. It is important to note that in the same period last year, the company recorded an EPS of $0.45 and a quarterly revenue growth rate of 2.9%.
Looking ahead, equities research analysts have high expectations for Holly Energy Partners, projecting an earnings per share figure of $1.89 for the current year.
In conclusion, Holly Energy Partners has garnered positive attention from StockNews.com who initiated coverage on the stock with a “buy” rating based on their research report analysis and assessment of potential investment opportunities within the pipeline industry sector.
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