Holly Energy Partners, L.P.
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Range $19 – $19
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About the company
Holly Energy Partners, L. P. (HEP) serves as a crucial infrastructure provider for the United States' petroleum sector, delivering essential services such as the transport, storage, and handling of both crude oil and refined petroleum products.
- CEO
- Michael C. Jennings
- IPO
- 2004
- HQ
- Dallas, TX, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $2.59B
- P/E
- 9.93
- PEG
- 0.72
- P/S
- 4.72
- P/B
- 2.52
- EV/EBITDA
- 10.40
- Div Yield
- 6.85%
- Gross Margin
- 43.43%
- Op Margin
- 40.32%
- Net Margin
- 39.60%
- ROE
- 33.35%
- ROIC
- 8.27%
Latest fiscal year · YoY change
- Revenue
- $547.48M+10.7%
- Gross Profit
- $237.76M+3.3%
- Op Income
- $220.76M
- Net Income
- $216.78M+0.9%
- EPS
- $2.06+1.5%
- OCF Growth
- +12.6%
- FCF Growth
- +43.1%
- 52W High
- $23.62
- 52W Low
- $15.51
- 50D MA
- $21.21
- 200D MA
- $19.37
- Beta
- 0.84
- RSI (14)
- 41
- Avg Volume
- 841.00K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
HF Sinclair posted strong third-quarter 2023 earnings and cash generation, with refining still pressured versus last year but supported by better execution, profitable renewables, and large shareholder returns.· November 2, 2023
- Adjusted net income was $760 million, or $4.06 per diluted share, versus $983 million, or $4.58, a year ago; adjusted EBITDA was $1.2 billion, down 20% year over year.
- Refining adjusted EBITDA was $1 billion versus $1.4 billion last year, reflecting lower margins and maintenance activity, while crude charge averaged 602,000 barrels per day.
- Renewables turned profitable with $5 million of adjusted EBITDA versus a $14 million loss last year, and management said the business is on track to reach normalized run rates by end-2023.
- Marketing and lubricants both improved, with Marketing EBITDA of $21 million and record branded fuel sales of 398 million gallons, while Lubricants & Specialties EBITDA rose to $118 million.
- Cash returns remained a priority: HF Sinclair repurchased $586 million of stock, paid a $0.45 dividend, and said year-to-date cash returned was over $1.09 billion; the HEP merger is expected to close in Q4.
- results":"HF Sinclair reported third-quarter 2023 net income attributable to shareholders of $791 million, or $4.23 per diluted share, including $31 million of special-item benefit. Excluding those items, adjusted net income was $760 million, or $4.06 per diluted share, versus $983 million, or $4.58 per diluted share in third-quarter 2022. Adjusted EBITDA was $1.2 billion, down 20% from the prior year. Refining adjusted EBITDA was $1 billion versus $1.4 billion last year; operating expenses were $496 million versus $475 million; and crude charge averaged 602,000 barrels per day versus 646,000 barrels per day. Renewables adjusted EBITDA improved to $5 million from negative $14 million, with sales volumes of 55 million gallons versus 52 million gallons. Marketing EBITDA was $21 million versus $10 million, with branded fuel sales of 398 million gallons and gross margin per gallon of $0.07. Lubricants & Specialties EBITDA rose to $118 million from $15 million. HEP EBITDA was $94 million versus $66 million last year, and HEP reported net income of $63 million versus $42 million. On guidance, HF Sinclair said full-year 2023 consolidated capital spending is now expected to land at the low end of the $900 million to $1.60 billion range. For fourth quarter 2023, refining crude runs are expected to be 590,000 to 620,000 barrels per day, reflecting Tulsa maintenance. Management said the HEP merger is expected to close in the fourth quarter, subject to closing conditions.","ceo":"Tim Go framed the quarter as a result of solid execution, completed turnarounds, and portfolio diversification. He repeatedly emphasized three priorities: improve reliability, integrate and optimize the portfolio, and return excess cash to shareholders. His tone was constructive and confident, especially on refining reliability, lubes integration, renewable diesel progress, and the expected HEP close.","cfo":"Atanas Atanasov highlighted $1.4 billion of net cash from operations in the quarter, including $124 million of turnaround spend, and $75 million of standalone capex. HF Sinclair ended September with about $3.85 billion of standalone liquidity, including $2.2 billion of cash and an undrawn $1.65 billion credit facility, and had $1.7 billion of debt with a 15% debt-to-cap ratio. He also noted the October repayment at maturity of $308 million of senior notes, said the company expects capital spending to finish at the low end of the revised full-year range, and reiterated that shareholder returns remain the top capital-allocation priority given net leverage well below the 1x target.","qanda":"Analysts focused on the company’s ‘hidden refinery’ opportunity, West Coast margin durability, renewable diesel profitability, Sinclair synergy potential, and what HEP consolidation means operationally. Management said reliability and turnarounds are key to unlocking more throughput and lower unit costs, but declined to give specific reliability or West Coast cost targets. On renewables, management said profitability came from better feedstock selection, improved yields, higher hydrogen availability, and better sales timing; they believe the business can be profitable next year. On HEP, management said simplification, fewer intercompany frictions, and some debt-related benefits should help after close, but they would not quantify operating synergies yet.","bull":"The call showed multiple businesses improving at once: renewables returned to profitability, lubricants delivered much stronger earnings, marketing set a branded-volume record, and refining benefited from well-executed turnarounds. Management also sounded confident that reliability work, hydrogen upgrades, and portfolio integration can unlock further gains, while shareholder returns remain very large.","bear":"Refining earnings were still down year over year, driven by lower margins and maintenance, and management acknowledged the West remains more challenged on cost and reliability. Renewables still face hydrogen constraints and margin pressure from weaker RIN and LCFS values, while fourth-quarter refining capture may remain seasonally softer even with cleaner operations. The HEP merger is not yet closed, and management did not quantify post-close operating synergies."}
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 52.6%
- Shares Outstanding
- 126.44M
- Float Shares
- 66.50M
of shares held by institutions
1 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for HEP, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Kenny MarchantHouse · TX24 | Sell | Nov 12, 20 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Strategic Income Management, LLC | 377.73K | ▼ 69.92K |
Held by 2 ETFs
Biggest fund positions in HEP by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Dec 1, 23 | Jennings Michael | sell | 26,377 |
| Dec 1, 23 | Norwood Kenneth | other | 17,307 |
| Dec 1, 23 | Norwood Kenneth | other | 5,599 |
| Dec 1, 23 | Norwood Kenneth | other | 2,317 |
| Dec 1, 23 | Norwood Kenneth | sell | 91,076 |
| Dec 1, 23 | Petersen Mark A | sell | 15,940 |
| Dec 1, 23 | MATTSON ERIC L | sell | 34,175 |
| Dec 1, 23 | LEE JAMES H | sell | 285 |
| Dec 1, 23 | LaFollette Christine B | sell | 36,175 |
| Dec 1, 23 | Jamieson Robert I | other | 15,732 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our HEP coverage
Recent articles, reports, and earnings notes.
No research on HEP yet
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businesswire.com · Nov 19
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accesswire.com · Nov 30
HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Expiration and Final Results of Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers
businesswire.com · Nov 29
HF Sinclair Corporation Stockholders and Holly Energy Partners, L.P. Unitholders Approve Merger Transaction
businesswire.com · Nov 28
HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Results of Early Participation in Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers and Extension of the Early Participation Exchange Consideration
businesswire.com · Nov 13
HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Results of Early Participation in Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers and Extension of the Early Participation Exchange Consideration
businesswire.com · Nov 13
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