UBS Maintains a 'Neutral' on Holly Energy Partners (HEP); Relatively Inline Despite Refinery Issues
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Price: $20.45 --0%
Rating Summary:
3 Buy, 4 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 4 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Neutral' on Holly Energy Partners (NYSE: HEP) and $55 price target.
UBS analyst says, "HEP achieved 1Q11 EPU of $0.53 versus $0.36 in 1Q10, above the UBS estimate of $0.52 and below consensus estimates of $0.55. A power outage at the Navajo refinery and inclement weather that delayed the subsequent restart negatively affected pipeline revenues. However, lower operating expenses and D&A offset this decline. Distributable cash flow of $20.7mm came in below UBS’ $22.8mm estimate."
"Holly Corp (NYSE: HOC), HEP’s parent, recently announced a merger with Frontier Oil (NYSE: FTO). We believe this reinvigorates the dropdown story as the partnership has identified assets generating $30-40mm in annual EBITDA (HEP’s current run rate is ~$135mm) that could be dropped in the near future."
For more ratings news on Holly Energy Partners click here and for the rating history of Holly Energy Partners click here.
Shares of Holly Energy Partners closed at $54.74 yesterday.
UBS analyst says, "HEP achieved 1Q11 EPU of $0.53 versus $0.36 in 1Q10, above the UBS estimate of $0.52 and below consensus estimates of $0.55. A power outage at the Navajo refinery and inclement weather that delayed the subsequent restart negatively affected pipeline revenues. However, lower operating expenses and D&A offset this decline. Distributable cash flow of $20.7mm came in below UBS’ $22.8mm estimate."
"Holly Corp (NYSE: HOC), HEP’s parent, recently announced a merger with Frontier Oil (NYSE: FTO). We believe this reinvigorates the dropdown story as the partnership has identified assets generating $30-40mm in annual EBITDA (HEP’s current run rate is ~$135mm) that could be dropped in the near future."
For more ratings news on Holly Energy Partners click here and for the rating history of Holly Energy Partners click here.
Shares of Holly Energy Partners closed at $54.74 yesterday.
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