|Over a month ago|
Holly Energy Partners downgraded to Underweight from Neutral at JPMorgan » 07:2508/0408/04/21
JPMorgan analyst Jeremy…
JPMorgan analyst Jeremy Tonet downgraded Holly Energy Partners to Underweight from Neutral with a price target of $20, down from $24, following the company's acquisition of Sinclair's pipeline and terminal assets. The analyst sees the transaction as dilutive on an enterprise value to EBITDA basis and says increased leverage will be needed to drive any cash flow accretion. Although the transaction increases Holly Energy Partners' scale, the benefits will largely accrue to the sponsor, rather than the master limited partnership, contends Tonet.
Sinclair to combine certain assets with HollyFrontier and Holly Energy Partners » 06:2208/0308/03/21
The Sinclair Companies, a…
The Sinclair Companies, a privately held company that wholly owns Sinclair Oil Corporation, announced that it has entered into definitive agreements to combine substantially all of Sinclair Oil's refining, renewable diesel, and logistics assets with those of HollyFrontier (HFC) and Holly Energy Partners (HEP), a HollyFrontier-affiliated midstream master limited partnership. As part of the transaction, HollyFrontier will form a new parent company called "HF Sinclair Corporation", which will replace HollyFrontier as the public company trading on the NYSE. Under the agreements, Sinclair Oil's branded marketing business and all related commercial activities and its refineries and related operations and assets in Casper and Sinclair, Wyoming, will combine with HollyFrontier. Sinclair Oil's logistics and storage assets, including approximately 1,200 miles of pipelines, two crude oil terminals and eight light product terminals, will combine with HEP. It is expected that the vast majority of Sinclair Oil employees will be invited to continue in their positions following the combination. The transaction does not include exploration and production assets owned by Sinclair Oil & Gas Company. The transaction, which is expected to close mid-2022, is subject to the satisfaction of customary closing conditions, including applicable regulatory clearance. Tudor, Pickering, Holt & Co. is serving as financial advisor to Sinclair and Vinson & Elkins is serving as its legal counsel.
Holly Energy Partners reports Q2 EPS 53c, consensus 49c » 06:0708/0308/03/21
Reports Q2 revenue…
Reports Q2 revenue $126.2M, consensus $129.61M.
Holly Energy Partners assumed with a Neutral at JPMorgan » 09:3508/0208/02/21
JPMorgan analyst Jeremy…
JPMorgan analyst Jeremy Tonet initiated coverage of Holly Energy Partners with a Neutral rating with an unchanged price target of $24 due to personnel changes.
|Over a quarter ago|
Holly Energy Partners downgraded to Equal Weight from Overweight at Wells Fargo » 06:4605/1305/13/21
Wells Fargo analyst…
Wells Fargo analyst Michael Blum downgraded Holly Energy Partners to Equal Weight from Overweight with a price target of $21, up from $20. He cites valuation for the change in rating, stating that shares look fairly valued at current prices given what he sees as Holly's "modest growth prospects."
Holly Energy Partners reports Q1 EPS 61c, consensus 45c » 07:0405/0405/04/21
Reports Q1 revenue…
Reports Q1 revenue $127.18M, consensus $123.38M. Q1 results reflect special items that collectively increased net income attributable to HEP by a total of $13.6M. These items included a gain on sales-type leases of $24.7M and a goodwill impairment charge of $11.0M related to our Cheyenne assets. Commenting on Q1 results, Michael Jennings, CEO stated, "HEP delivered solid results for the quarter, underpinned by our long-term minimum volume commitment contracts across our asset base. During the quarter, refined product volumes improved and we are optimistic for continued improvement of refined product demand in our markets as we head into the summer driving season. Looking forward, we believe we are well positioned to continue reducing leverage after capital investments and distributions."
Holly Energy Partners downgraded to Neutral from Overweight at JPMorgan » 07:4304/2704/27/21
JPMorgan analyst Joseph…
JPMorgan analyst Joseph Martoglio downgraded Holly Energy Partners to Neutral from Overweight with a price target of $21, up from $19. The analyst continues to believe Holly Energy Partners possesses "strong fundamentals," but following the stock's year-to-date outperformance he sees more compelling opportunities elsewhere.
Holly Energy Partners reports Q4 EPS 49c, consensus 43c » 06:3502/2302/23/21
Reports Q4 revenue…
Reports Q4 revenue $127.5M, consensus $124.97M.
Holly Energy Partners downgraded to Neutral from Outperform at Credit Suisse » 05:5212/1712/17/20
Credit Suisse analyst…
Credit Suisse analyst Spiro Dounis downgraded Holly Energy Partners to Neutral from Outperform with a price target of $17, up from $16. The analyst cites valuation for the downgrade.
Holly Energy Partners upgraded to Buy from Overweight at US Capital Advisors » 09:1611/1911/19/20
US Capital Advisors…
US Capital Advisors analyst Craig Weiland upgraded Holly Energy Partners to Buy from Overweight with a $22 price target.