|Over a month ago|
Holly Energy Partners upgraded to Overweight from Underweight at JPMorgan » 08:4308/2708/27/20
JPMorgan analyst Joseph…
JPMorgan analyst Joseph Martoglio double upgraded Holly Energy Partners to Overweight from Underweight with a price target of $20, up from $17. While Holly's distribution reduction "was a tough pill to swallow" for unitholders, the enhanced coverage positions the partnership with greater distribution security and a clearer path to reducing leverage over time, Martoglio tells investors in a research note. The analyst believes this could lead to "positive rerating" on the shares.
Holly Energy Partners reports Q2 adjusted EPS 40c, consensus 29c » 06:3908/0508/05/20
Reports Q2 revenue $,…
Reports Q2 revenue $, consensus $104.98M. CEO Michael Jennings stated, "As the COVID-19 pandemic continues, HEP remains focused on the health and safety of our employees, communities, and contractors and committed to safe and reliable operations. Despite the challenging economic conditions, our stable and secure cash flows, supported by minimum volume commitment contracts across our asset base, continue to highlight the strength of HEP's business model. Looking forward, we are optimistic that the recent improvements we have seen in demand for refined products will continue through the second half of 2020 and drive continued improvement in our volumes."
Holly Energy Partners upgraded to Buy at Jefferies following pullback » 08:0707/2007/20/20
As previously reported,…
As previously reported, Jefferies analyst Christopher Sighinolfi upgraded Holly Energy Partners to Buy from Hold with an unchanged price target of $17. Refiners' shares are off sharply from their June highs and he sees value "abounding" given expectations for a trough in Q2, said Sighinolfi, who notes that daily gasoline demand had continued "its impressive recovery off early-April lows" as we move further into the summer driving season.
Holly Energy Partners upgraded to Buy from Hold at Jefferies » 05:2207/2007/20/20
Jefferies analyst Christopher Sighinolfi upgraded Holly Energy Partners to Buy from Hold with a $17 price target.
|Over a quarter ago|
DCP Midstream, Phillips 66 and Holly Energy Partners cut to Hold at Jefferies » 06:5206/2306/23/20
DCP, HEP, PSX
As previously reported,…
As previously reported, Jefferies analyst Christopher Sighinolfi downgraded DCP Midstream (DCP) to Hold from Buy with a $13.50 price target, cut Holly Energy Partners (HEP) to Hold from Buy with a $17 price target and downgraded Phillips 66 (PSX) to Hold from Buy with a $78 price target. As concerns about physical U.S. crude oil storage limits have receded, the stocks have seen sharp recoveries off their March lows, the analyst noted. However, his concern is now that the liquids storage glut has not been eliminated, but just shifted to the product market as U.S. demand has been insufficient to clear refinery output. High inventories will likely keep a lid on refinery utilization in the second half of the year, especially if export demand remains low, the analyst added.
Holly Energy Partners downgraded to Hold from Buy at Jefferies » 04:4606/2306/23/20
Jefferies analyst Christopher Sighinolfi downgraded Holly Energy Partners to Hold from Buy with a $17 price target.
Holly Energy Partners upgraded to Overweight from Hold at US Capital Advisors » 09:2705/2105/21/20
US Capital Advisors…
US Capital Advisors analyst Shneur Gershuni upgraded Holly Energy Partners to Overweight from Hold.
Holly Energy Partners reports Q1 EPS ex-items 48c, consensus 44c » 06:3605/0605/06/20
Reports Q1 revenue…
Reports Q1 revenue $127.9M, consensus $134.41M. Q1 EPS ex-items excludes a charge of $25.9M related to the early redemption of previously outstanding $500M aggregate principal amount of 6.0% senior notes. CEO Michael Jennings stated, "HEP delivered solid Q1 results, supported by safe and reliable operations and continued strength in both our crude and refined product transportation and storage systems. Additionally, HEP has changed its distribution strategy to allow for long-term financial strength and flexibility. The new distribution rate will allow HEP to retain an additional $130M per year, which will be utilized to fully fund capital expenditures as well as reduce leverage."
Holly Energy Partners double upgraded to Outperform at Raymond James » 07:2404/2704/27/20
Raymond James analyst…
Raymond James analyst Justin Jenkins double upgraded Holly Energy Partners to Outperform from Underperform with an $18 price target, citing its defensive positioning and improved financial outlook. In a research note to investors, Jenkins says Holly Energy Partners has historically been one of the most stable MLPs in his coverage, with high levels of secure cash flow mostly derived from its investment grade parent. The partnership's prudent action of reducing its distribution should shore up its balance sheet and improve financial flexibility, while providing better long-term clarity, Jenkins adds.
Holly Energy Partners upgraded to Outperform from Underperform at Raymond James » 07:2204/2704/27/20
Raymond James analyst…
Raymond James analyst Justin Jenkins upgraded Holly Energy Partners to Outperform from Underperform with an $18 price target.