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A 9% Yield, 56 Straight Distribution Hikes, Good Long-Term Growth

Published Fri, 02 Nov 2018 09:15:00 -0400 on Seeking Alpha

Holly Energy Partners L.P. (HEP) just reported another strong quarter for Q3 2018, with revenue up 14%, EBITDA up 16%, and DCF up 12%.
One of HEP's claims to fame is its long string of distribution hikes since the company's IPO. In fact, they recently tied the immortal Joltin' Joe DiMaggio's hitting streak with their 56th straight hike in October.
(Source: si.com)
HEP is a Delaware LP formed in early 2004 by HollyFrontier (HFC) and is headquartered in Dallas, Texas. HEP provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries.
(Source: HEP site)
HEP's management announced its 56th straight distribution increase on 10/19/18, raising the quarterly distribution from $0.660 to $0.665 per unit, a 3.1% increase over the distribution for Q3 2017.
One of HEP's long-term strengths is that it has been able to keep raising its distributions through various boom and bust cycles in the energy patch. During the most recent downturn, in 2014 - early 2016, many LPs cut or eliminated their payouts in order to stay afloat. HEP's management, however, kept the payout hikes coming, right through the downturn and subsequent recovery period.
HEP pays in the usual Feb/May/Aug/Nov. cycle for LPs, and its unitholders get a K-1 at tax time. Its next payout should go ex-dividend ~2/1/19. Given its... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
DELEK US 36.53   5.7 6.41 1.16 3.17
HOLLYFRONTIER 50.69   9.5 5.36 1.32 2.58


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