Zacks Investment Research downgraded shares of Hi-Crush Partners LP (NYSE:HCLP) from a hold rating to a sell rating in a research report released on Tuesday, October 17th.
According to Zacks, “Hi-Crush Partners LP engages in the production of monocrystalline sand, a specialized mineral that is used as a proppant to enhance the recovery rates of hydrocarbons from oil and natural gas wells. The Company reserves consist of Northern White sand, a resource existing in Wisconsin and limited portions of the upper Midwest region of the United States. It owns, operates and develops sand reserves and related excavation and processing facilities. Hi-Crush Partners LP is based in Houston, Texas. “
A number of other equities analysts also recently issued reports on HCLP. BidaskClub downgraded Hi-Crush Partners from a buy rating to a hold rating in a research report on Tuesday, October 17th. Jefferies Group LLC set a $15.00 price target on Hi-Crush Partners and gave the stock a buy rating in a research report on Thursday, October 5th. ValuEngine upgraded Hi-Crush Partners from a sell rating to a hold rating in a research report on Monday, October 2nd. Piper Jaffray Companies began coverage on Hi-Crush Partners in a research report on Monday, September 25th. They set an overweight rating and a $11.75 price target on the stock. Finally, Cowen and Company restated a buy rating and issued a $12.00 target price on shares of Hi-Crush Partners in a research report on Sunday, September 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $16.60.
Shares of Hi-Crush Partners (NYSE HCLP) traded down $0.05 during mid-day trading on Tuesday, hitting $10.25. The stock had a trading volume of 1,371,109 shares, compared to its average volume of 1,990,805. The company has a quick ratio of 1.29, a current ratio of 1.77 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $937.62, a price-to-earnings ratio of 32.19 and a beta of 0.99. Hi-Crush Partners has a fifty-two week low of $7.25 and a fifty-two week high of $23.30.
Hi-Crush Partners (NYSE:HCLP) last announced its quarterly earnings data on Tuesday, October 31st. The basic materials company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.08). Hi-Crush Partners had a net margin of 7.09% and a return on equity of 5.01%. The firm had revenue of $167.58 million during the quarter, compared to analyst estimates of $168.95 million. During the same period in the prior year, the company posted ($0.21) earnings per share. The firm’s revenue for the quarter was up 259.9% on a year-over-year basis. equities analysts expect that Hi-Crush Partners will post 1.06 earnings per share for the current year.
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Hi-Crush Partners announced that its Board of Directors has authorized a share buyback plan on Tuesday, October 17th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the basic materials company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st will be paid a $0.15 dividend. The ex-dividend date is Monday, October 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.85%. Hi-Crush Partners’s payout ratio is presently 187.51%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. California Public Employees Retirement System grew its stake in shares of Hi-Crush Partners by 0.4% in the first quarter. California Public Employees Retirement System now owns 280,700 shares of the basic materials company’s stock valued at $4,870,000 after buying an additional 1,200 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Hi-Crush Partners by 11.0% in the second quarter. Principal Financial Group Inc. now owns 30,720 shares of the basic materials company’s stock valued at $333,000 after purchasing an additional 3,053 shares during the period. Deprince Race & Zollo Inc. boosted its holdings in Hi-Crush Partners by 36.4% in the second quarter. Deprince Race & Zollo Inc. now owns 15,000 shares of the basic materials company’s stock valued at $163,000 after purchasing an additional 4,000 shares during the period. Valicenti Advisory Services Inc. boosted its holdings in Hi-Crush Partners by 6.1% in the third quarter. Valicenti Advisory Services Inc. now owns 131,425 shares of the basic materials company’s stock valued at $1,249,000 after purchasing an additional 7,500 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Hi-Crush Partners by 70.1% in the second quarter. Bank of New York Mellon Corp now owns 20,462 shares of the basic materials company’s stock valued at $222,000 after purchasing an additional 8,431 shares during the period. 50.16% of the stock is owned by institutional investors and hedge funds.
About Hi-Crush Partners
Hi-Crush Partners LP is an integrated producer, transporter, marketer and distributor of monocrystalline sand, a specialized mineral that is used as a proppant to manage the recovery rates of hydrocarbons from oil and natural gas wells. Its reserves consist of northern white sand, a resource in Wisconsin and limited portions of the upper Midwest region of the United States.
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