Holly Energy Partners, L.P. ("HEP" or the "Partnership") (NYSE:HEP) today reported financial results for the first quarter of 2020. Net income attributable to HEP for the first quarter was $24.9 million ($0.24 per basic and diluted limited partner unit), compared to $51.2 million ($0.49 per basic and diluted limited partner unit) for the first quarter of 2019.
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DALLAS--(BUSINESS WIRE)--The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit, which represents a 48% reduction from its last quarterly distribution.
Q1 2020 Holly Energy Partners LP Earnings Call
Cushing® Asset Management, LP, and Swank Capital, LLC, announce an upcoming interim change to the constituents of The Cushing® 30 MLP Index (the "Index"). Per the Index's methodology guide, a constituent change due to a distribution cut will take place on the latter of the distribution ex-date or the last business day of the week that is at least five business days after the day on which the announcement is made. Due to the January 27, 2020, distribution cut announcement by Alliance Resource Partners, L.P. (NASDAQ: ARLP), after the market closes on February 6, 2020, (the distribution ex-date) and effective on February 7, 2020, Holly Energy Partners, LP (NYSE: HEP) will replace ARLP as a constituent of the Index at ARLP's then-current weight.
Holly Energy Partners, L.P. (NYSE: HEP) (the "Partnership") plans to announce results for its quarter ending March 31, 2020 on May 6, 2020, before the opening of trading on the NYSE. The Partnership has scheduled a webcast conference on May 6, 2020 at 4:00 p.m. Eastern time to discuss financial results.
The stocks have arguably already taken all of that into account and then some, Jefferies analyst Chritopher Sighinolfi argues.
Image source: The Motley Fool. Holly Energy Partners LP (NYSE: HEP)Q1 2020 Earnings CallMay 6, 2020, 4:00 p.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorWelcome to Holly Energy Partners First Quarter 2020 Conference Call and Webcast.
Q4 2019 Holly Energy Partners LP Earnings Call
Shares of Holly Energy Partners (NYSE:HEP) were flat in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share decreased 2.04% over the past year to $0.48, which beat the estimate of $0.44.Revenue of $127,854,000 lower by 4.94% year over year, which missed the estimate of $134,410,000.Guidance Holly Energy Partners hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.Conference Call Details Date: May 06, 2020View more earnings on HEPTime: 11:04 AM ETWebcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Fpro.benzinga.com%2Fdashboard%2F&eventid=2160425&sessionid=1&key=4CCAB51997218F116FB8790C70D6D9CA®Tag=&sourcepage=registerPrice Action 52-week high: $30.61Company's 52-week low was at $6.57Price action over last quarter: down 38.81%Company Overview Holly Energy Partners LP operates a network of refined products and crude oil pipelines, with attendant terminal assets, in several western and southwestern states. The company has two reportable segments namely Pipelines and Terminals and Refinery Processing Unit. It generates maximum revenue from the Pipelines and Terminals segment.See more from Benzinga * Avanos Medical: Q1 Earnings Insights * IEC Electronics: Q2 Earnings Insights * Recap: RPC Q1 Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
On February 20, 2020, Holly Energy Partners, L.P. (NYSE: HEP) (the "Partnership") filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2019. The filing can be viewed through a link on the Partnership's internet website at www.hollyenergy.com by selecting the heading "Investors" and then the subheading "Financial Information."
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HP Inc (HPQ) warned shareholders that advancing Xerox’s proposed tender offer could be “disastrous” during the current global coronavirus pandemic.HP said that Xerox’s offer would burden the company with a debt level that could potentially threaten its cash needs. Earlier this month, Xerox made an offer to buy HP.“Any complex, large-scale, highly leveraged transaction in the current economic environment could be disastrous for HP,” the company said in a letter to shareholders. “While we remain open-minded about M&A as a tool to add value for HP - it’s abundantly clear that now is not that time.”HP raised concerns that the “highly leveraged capital structure” Xerox is proposing could threaten the company’s stability.The analyst community is taking a cautious stance on recommending to buy HP stock. The Moderate Buy consensus rating splits into 3 Buys and 4 Holds. The average price target of $23 suggests a potential gain of 33% in the coming 12 months. (See HP’s stock analysis on TipRanks) Looking ahead, HP said it will focus on core businesses and new industries with breakthrough innovation, while significantly reducing costs.“We have a healthy cash position and balance sheet that helps us to navigate unanticipated challenges such as the crisis now before us,” HP said in the letter.Related News: A Hewlett Packard Bull Cuts His Price Target on the Stock Citing ‘Market Weakness’ 2 Bargain Stocks Catching Analysts’ Attention Now 3 Hot Insider Stock Picks You Need to Know More recent articles from Smarter Analyst: * Pinterest Shares Surge 14% in After-Hours Trading On Positive Q1 Guidance * Amazon Halts New Delivery Service To Focus On Demand Surge * GenMark Sees 80% Q1 Revenue Boost on Covid-19 Tests * Roku: Covid-19 to Impact Ad Revenue, Top Analyst Reduces Estimates
HEP's Ba2 CFR reflects its stable cash flow from pipeline, terminal, and tankage assets supported in large part by long-term favorable take-or-pay contracts with HollyFrontier Corp. (HFC, Baa3 stable) that have limited commodity risk. HFC owns HEP's general partner interest and is its refining parent. HEP's beneficial relationship with HFC has provided favorable growth opportunities.
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]