Zacks Investment Research cut shares of Hi-Crush Partners LP (NYSE:HCLP) from a hold rating to a sell rating in a research note published on Wednesday, November 8th.
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. “
Several other research firms have also issued reports on HCLP. Cowen Inc set a $12.00 target price on shares of Hi-Crush Partners and gave the company a buy rating in a report on Wednesday, October 18th. BidaskClub upgraded shares of Hi-Crush Partners from a strong sell rating to a sell rating in a report on Saturday, August 26th. TheStreet upgraded shares of Hi-Crush Partners from a d+ rating to a c+ rating in a report on Wednesday, November 1st. UBS AG lowered their target price on shares of Hi-Crush Partners from $23.00 to $17.00 and set a buy rating for the company in a report on Friday, August 4th. Finally, Janney Montgomery Scott initiated coverage on shares of Hi-Crush Partners in a report on Wednesday, September 6th. They set a neutral rating and a $10.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Hi-Crush Partners currently has a consensus rating of Buy and a consensus target price of $16.60.
Hi-Crush Partners (NYSE:HCLP) last released its earnings results on Tuesday, October 31st. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 business had revenue of $167.58 million for the quarter, compared to analysts’ expectations of $168.95 million. During the same quarter in the previous year, the business posted ($0.21) earnings per share. Hi-Crush Partners’s revenue for the quarter was up 259.9% on a year-over-year basis. analysts forecast that Hi-Crush Partners will post 0.97 earnings per share for the current year.
Hi-Crush Partners declared that its Board of Directors has authorized a share repurchase program on Tuesday, October 17th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the basic materials company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st were issued a $0.15 dividend. The ex-dividend date was Monday, October 30th. This represents a $0.60 dividend on an annualized basis and a yield of 6.03%. Hi-Crush Partners’s payout ratio is currently 187.51%.
A number of hedge funds and other institutional investors have recently made changes to their positions in HCLP. Ninepoint Partners LP purchased a new position in Hi-Crush Partners in the 3rd quarter worth approximately $15,200,000. ING Groep NV raised its holdings in Hi-Crush Partners by 653.7% in the 2nd quarter. ING Groep NV now owns 1,390,552 shares of the basic materials company’s stock worth $15,087,000 after acquiring an additional 1,206,058 shares during the last quarter. SG Capital Management LLC purchased a new position in Hi-Crush Partners in the 2nd quarter worth approximately $6,630,000. Atlantic Trust Group LLC bought a new stake in Hi-Crush Partners in the 2nd quarter worth approximately $6,227,000. Finally, Clear Harbor Asset Management LLC bought a new stake in Hi-Crush Partners in the 2nd quarter worth approximately $4,368,000. Institutional investors own 49.16% of the company’s stock.
Hi-Crush Partners Company Profile
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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