Zacks Investment Research lowered shares of Sanchez Production Partners LP (NYSEAMERICAN:SNMP) from a hold rating to a sell rating in a report issued on Thursday morning.
According to Zacks, “Sanchez Production Partners LP is focused on the acquisition, development and production of oil and natural gas properties and other integrated assets. The company’s reserve primarily located in the Cherokee Basin in Oklahoma and Kansas, the Woodford Shale in the Arkoma Basin in Oklahoma, the Central Kansas Uplift in Kansas ,Texas and Louisiana. Sanchez Production Partners LP, formerly known as Sanchez Production Partners LLC, is headquartered in Houston, Texas. “
Separately, BidaskClub raised Sanchez Production Partners from a sell rating to a hold rating in a research report on Saturday, November 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $15.33.
Sanchez Production Partners (NYSEAMERICAN:SNMP) remained flat at $$11.35 during mid-day trading on Thursday. 53,395 shares of the company traded hands, compared to its average volume of 65,011. Sanchez Production Partners has a 1 year low of $9.35 and a 1 year high of $15.75.
Sanchez Production Partners (NYSEAMERICAN:SNMP) last released its quarterly earnings results on Tuesday, August 15th. The basic materials company reported ($0.62) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by ($0.21). The firm had revenue of $25.03 million for the quarter, compared to analysts’ expectations of $21.90 million.
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The company also recently announced a dividend, which will be paid on Thursday, November 30th. Investors of record on Monday, November 20th will be paid a dividend of $0.4508 per share. The ex-dividend date is Friday, November 17th. Sanchez Production Partners’s payout ratio is currently -31.29%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNMP. Stonepeak GP Investors Manager LLC boosted its stake in Sanchez Production Partners by 88.5% in the second quarter. Stonepeak GP Investors Manager LLC now owns 393,291 shares of the basic materials company’s stock valued at $5,054,000 after acquiring an additional 184,697 shares in the last quarter. Arrow Investment Advisors LLC acquired a new position in Sanchez Production Partners in the second quarter valued at $605,000. Yorkville Capital Management LLC boosted its stake in Sanchez Production Partners by 16.8% in the second quarter. Yorkville Capital Management LLC now owns 256,613 shares of the basic materials company’s stock valued at $3,297,000 after acquiring an additional 36,948 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Sanchez Production Partners by 3.2% in the second quarter. Goldman Sachs Group Inc. now owns 1,112,590 shares of the basic materials company’s stock valued at $14,297,000 after acquiring an additional 34,400 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in Sanchez Production Partners in the second quarter valued at $308,000.
About Sanchez Production Partners
Sanchez Midstream Partners LP, formerly Sanchez Production Partners LP, is focused on the acquisition, development, ownership and operation of midstream and other energy producing assets. The Company operates through two segments: the exploration and production of oil and natural gas, and the midstream business, which includes the Catarina gathering system.
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