Stock Monitor: Sanchez Midstream Partners Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 03, 2018 / Active-Investors.com has just released a free earnings report on Holly Energy Partners, L.P. (NYSE: HEP) ("Holly Energy"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HEP. Holly Energy Partners reported its fourth quarter and fiscal 2017 operating and financial results on February 20, 2018. The oil and gas Company beat revenue and earnings estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Sanchez Midstream Partners LP (NYSE AMER: SNMP), which also belongs to the Basic Materials sector as the Company Holly Energy Partners. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Holly Energy Partners most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
Holly Energy's revenues were $129.2 million for the fourth quarter 2017, reflecting an increase of 15% compared to revenue of $112.5 million in Q4 2016. Revenue increase was mainly due to the Company's acquisition of the remaining interests in the SLC and Frontier pipelines and higher intermediate and refined product pipeline volumes during the reported quarter. The Company's reported numbers beat analysts' estimates by $12.42 million.
Holly Energy's revenues for the year ended December 31, 2017, were $454.4 million, up 13% compared to $402.0 million in FY16. Revenue growth was primarily attributable to $43.5 million higher revenues from the Woods Cross refinery processing units acquired in Q4 2016 as well as revenues from the acquisition of the remaining interests in the SLC and Frontier pipelines in Q4 2017.
Holly Energy's operating costs and expenses were $62.0 million and $231.2 million for Q4 2017 and FY17, respectively, representing increases of $4.0 million and $24.3 million over the respective periods of 2016.
Net income attributable to Holly Energy was $86.1 million, or $0.96 per diluted limited partner unit, for Q4 2017 compared to $41.4 million, or $0.40 per diluted limited partner unit, for Q4 2016. The Company's earnings beat Wall Street's estimates of $0.49 per share.
For FY17, Holly Energy's net income attributable to the Company was $195.0 million, or $2.28 per diluted share, compared to $158.2 million, or $1.69 per diluted share, for FY16.
Holly Energy Partners ‘Revenue Details
During Q4 2017, revenues from refined product pipelines were $39.5 million, reflecting an increase of 16% compared to $34.1 million in Q4 2016, and shipments averaged 231.2 thousand barrels per day (mbpd) compared to 204.0 mbpd for the prior year's same quarter. Revenues and volumes both increased primarily due to higher shipments on the Company's New Mexico refined product pipelines, in-line with increased production at HFC's Navajo refinery and higher shipments on the Company's UNEV pipeline.
For Q4 2017, revenues from its intermediate pipelines grew 35% to $8.4 million compared to $6.2 million in Q4 2016, on shipments averaging 158.1 mbpd compared to 134.5 mbpd for the year earlier corresponding quarter. These revenue and volume increases were principally due to increased shipments on the Company's New Mexico intermediate pipelines, in-line with increased production at HFC's Navajo refinery.
Revenues from Holly Energy's crude pipelines were $25.4 million in Q4 2017, representing an increase of 48% from revenue of $17.2 million in Q4 2016, on shipments averaging 404.4 mbpd compared to 272.0 mbpd for the year earlier same quarter. Volumes were higher due to the acquisition as well as higher throughput at HFC's Navajo refinery.
During Q4 2017, revenues from terminal, tankage, and loading rack fees were $36.6 million compared to revenues of $34.8 million in Q4 2016. Increase in revenue was mainly due to higher throughput at the Company's UNEV terminals as well as higher reimbursable revenue related to tank inspections and repairs.
For Q4 2017, revenues from refinery processing units were $19.4 million, down compared to $20.2 million in Q4 2016 on throughputs averaging 62.7 mbpd versus 67.7 mbpd for the prior year's comparable quarter. This decrease in revenue is largely due to lower throughputs on the Company's El Dorado refinery processing units.
Holly Energy generated distributable cash flow of $66 million in Q4 2017, reflecting a 12% increase compared to the same period of 2016. The Company had a distribution coverage ratio of 1.03x for Q4 2017 and 1.00x for FY17.
As of December 31, Holly Energy had $1.5 billion in total debt outstanding, resulting in year-end net-debt-to-EBITDA ratio of 4.4x. As of December 31, 2017, deferred revenue on the Company's consolidated balance sheet related to shortfalls billed was $4.0 million.
Stock Performance Snapshot
April 02, 2018 - At Monday's closing bell, Holly Energy Partners' stock marginally declined 0.62%, ending the trading session at $27.40.
Volume traded for the day: 81.85 thousand shares.
After yesterday's close, Holly Energy Partners' market cap was at $2.82 billion.
Price to Earnings (P/E) ratio was at 12.97.
The stock has a dividend yield of 9.49%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Pipelines industry.
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