Zacks Investment Research lowered shares of Hi-Crush Partners LP (NYSE:HCLP) from a hold rating to a sell rating in a research report sent to investors 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. “
Several other research firms have also issued reports on HCLP. BidaskClub upgraded Hi-Crush Partners from a strong sell rating to a sell rating in a research report on Saturday, August 26th. Johnson Rice began coverage on Hi-Crush Partners in a research report on Friday, June 23rd. They set an accumulate rating and a $17.00 price target on the stock. UBS Group AG dropped their price target on Hi-Crush Partners from $23.00 to $17.00 and set a buy rating on the stock in a research report on Friday, August 4th. Cowen and Company restated a buy rating and set a $12.00 price target on shares of Hi-Crush Partners in a research report on Sunday, September 17th. Finally, Janney Montgomery Scott began coverage on Hi-Crush Partners in a research report on Wednesday, September 6th. They set a neutral rating and a $10.00 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $16.58.
Hi-Crush Partners (NYSE HCLP) remained flat at $9.60 during trading on Tuesday. 659,111 shares of the company’s stock were exchanged. The company’s market capitalization is $873.89 million. Hi-Crush Partners has a 52 week low of $7.25 and a 52 week high of $23.30. The stock’s 50 day moving average price is $9.36 and its 200-day moving average price is $10.80.
Hi-Crush Partners (NYSE:HCLP) last posted its quarterly earnings results on Wednesday, August 2nd. The basic materials company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. Hi-Crush Partners had a negative return on equity of 1.58% and a negative net margin of 2.53%. The business had revenue of $135.22 million for the quarter, compared to analyst estimates of $138.61 million. During the same period last year, the company earned ($0.26) EPS. Hi-Crush Partners’s revenue for the quarter was up 251.9% compared to the same quarter last year. Equities research analysts anticipate that Hi-Crush Partners will post $1.00 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 6.25%. The ex-dividend date is Monday, October 30th.
Hi-Crush Partners announced that its board has approved a share repurchase plan on Tuesday, October 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the basic materials company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.
A number of institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. increased its position in Hi-Crush Partners by 42.4% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 159,963 shares of the basic materials company’s stock valued at $1,520,000 after acquiring an additional 47,593 shares during the last quarter. Clear Harbor Asset Management LLC increased its position in Hi-Crush Partners by 69.5% during the third quarter. Clear Harbor Asset Management LLC now owns 796,137 shares of the basic materials company’s stock valued at $7,563,000 after acquiring an additional 326,414 shares during the last quarter. Mizuho Securities USA LLC purchased a new stake in Hi-Crush Partners during the third quarter valued at $228,000. Valicenti Advisory Services Inc. increased its position in Hi-Crush Partners by 6.1% during 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 acquiring an additional 7,500 shares during the last quarter. Finally, CAPROCK Group Inc. purchased a new stake in Hi-Crush Partners during the third quarter valued at $190,000. Institutional investors own 50.53% of the company’s stock.
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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