Holly Energy Partners, L.P. (NYSE: HEP) is an energy company operating petroleum products and crude pipelines, storage tanks, distribution terminals, and other facilities.
Last November, Holly Energy Partners, L.P. mentioned plans to increase its spending on renewables by a maximum of $530 million this year, making its capital spending almost double from what it was in 2020. Holly Energy Partners, L.P. has also been upgraded to Outperform by Credit Suisse with a $16 price target, in light of Holly Energy Partners, L.P.’s 12% distribution yield and 25% free cash flow yield estimated through 2024.
In the first quarter of 2021, Holly Energy Partners, L.P. had an EPS of $0.61, beating estimates by $0.14. The company’s revenue was $127.18 million, also beating estimates by $3.8 million, and it has a gross profit margin of 69.69%. The stock has a forward PE ratio of 10.76 and has gained 64.82% in the past six months and year to date.
By the end of the first quarter of 2021, 2 hedge funds out of the 866 tracked held stakes in Holly Energy Partners, L.P., worth about $3.61 million. This is compared to 3 hedge fund holders in the previous quarter, holding stakes worth roughly $1.36 million. Holly Energy Partners, L.P. is a dividend stock worth investing in.