Hi-Crush Partners (HCLP) Lowered to Strong Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Hi-Crush Partners (NYSE:HCLP) from a hold rating to a strong sell rating in a report published on Wednesday, January 3rd.
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. “
Other equities analysts have also recently issued research reports about the stock. Cowen reissued a buy rating and set a $12.00 price objective on shares of Hi-Crush Partners in a research report on Sunday, September 17th. BidaskClub raised shares of Hi-Crush Partners from a hold rating to a buy rating in a research report on Tuesday, September 26th. Piper Jaffray Companies set a $12.00 price objective on shares of Hi-Crush Partners and gave the stock a buy rating in a research report on Tuesday, October 31st. Jefferies Group set a $15.00 price target on shares of Hi-Crush Partners and gave the company a buy rating in a research report on Thursday, October 5th. Finally, Johnson Rice raised shares of Hi-Crush Partners from an accumulate rating to a buy rating and set a $15.00 price target on the stock in a research report on Monday, December 4th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $16.15.
Hi-Crush Partners (NYSE:HCLP) last released its quarterly earnings data on Tuesday, October 31st. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.08). The company had revenue of $167.58 million for the quarter, compared to the consensus estimate of $168.95 million. Hi-Crush Partners had a return on equity of 5.01% and a net margin of 7.09%. Hi-Crush Partners’s revenue for the quarter was up 259.9% compared to the same quarter last year. During the same period last year, the company earned ($0.21) EPS. research analysts anticipate that Hi-Crush Partners will post 0.97 earnings per share for the current fiscal year.
Hi-Crush Partners declared that its Board of Directors has authorized a stock buyback plan on Tuesday, October 17th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the basic materials company to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 13th. Investors of record on Thursday, February 1st will be given a $0.20 dividend. This is a boost from Hi-Crush Partners’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $0.80 annualized dividend and a yield of 5.90%. Hi-Crush Partners’s dividend payout ratio (DPR) is presently 187.50%.
Several institutional investors have recently bought and sold shares of the business. ING Groep NV lifted its position in shares of Hi-Crush Partners by 72.6% during the 3rd quarter. ING Groep NV now owns 2,400,552 shares of the basic materials company’s stock worth $22,805,000 after buying an additional 1,010,000 shares in the last quarter. Ninepoint Partners LP bought a new position in shares of Hi-Crush Partners during the 3rd quarter worth approximately $15,200,000. Clear Harbor Asset Management LLC lifted its position in shares of Hi-Crush Partners by 32.8% during the 4th quarter. Clear Harbor Asset Management LLC now owns 1,057,356 shares of the basic materials company’s stock worth $11,314,000 after buying an additional 261,219 shares in the last quarter. Atlantic Trust Group LLC bought a new position in shares of Hi-Crush Partners during the 2nd quarter worth approximately $6,227,000. Finally, Fort Washington Investment Advisors Inc. OH lifted its position in shares of Hi-Crush Partners by 123.3% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 402,000 shares of the basic materials company’s stock worth $4,362,000 after buying an additional 222,000 shares in the last quarter. 43.20% of the stock is currently owned by hedge funds and other institutional investors.
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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