Zacks Investment Research downgraded shares of Hi-Crush Partners (NYSE:HCLP) from a hold rating to a strong sell rating in a report issued on Wednesday morning.
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. “
HCLP has been the subject of a number of other reports. Piper Jaffray Companies started coverage on Hi-Crush Partners in a report on Monday, September 25th. They set an overweight rating and a $11.75 price objective for the company. BidaskClub cut Hi-Crush Partners from a hold rating to a sell rating in a report on Wednesday, September 13th. ValuEngine raised Hi-Crush Partners from a sell rating to a hold rating in a report on Monday, October 2nd. Johnson Rice raised Hi-Crush Partners from an accumulate rating to a buy rating and set a $15.00 price target for the company in a report on Monday, December 4th. Finally, Jefferies Group set a $15.00 price target on Hi-Crush Partners and gave the company a buy rating in a report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $16.08.
Hi-Crush Partners (NYSE:HCLP) last issued 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 net margin of 7.09% and a return on equity of 5.01%. The firm’s revenue was up 259.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.21) earnings per share. analysts forecast that Hi-Crush Partners will post 0.97 earnings per share for the current fiscal year.
Hi-Crush Partners declared that its board has initiated a stock buyback program on Tuesday, October 17th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the basic materials company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Several institutional investors have recently bought and sold shares of HCLP. Ninepoint Partners LP acquired a new position in shares of Hi-Crush Partners during the 3rd quarter worth about $15,200,000. ING Groep NV grew 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 during the period. Atlantic Trust Group LLC acquired a new position in shares of Hi-Crush Partners during the 2nd quarter worth about $6,227,000. Clear Harbor Asset Management LLC grew its position in shares of Hi-Crush Partners by 69.5% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 796,137 shares of the basic materials company’s stock worth $7,563,000 after buying an additional 326,414 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH grew its position in shares of Hi-Crush Partners by 123.3% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 402,000 shares of the basic materials company’s stock valued at $4,362,000 after purchasing an additional 222,000 shares during the period. Institutional investors own 43.87% 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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