OCI Partners LP (NYSE:OCIP) Announces Quarterly Earnings Results
OCI Partners LP (NYSE:OCIP) posted its quarterly earnings data on Monday. The basic materials company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.14, Bloomberg Earnings reports. The firm had revenue of $73.97 million for the quarter. OCI Partners had a negative net margin of 5.60% and a negative return on equity of 10.23%.
OCI Partners (NYSE:OCIP) traded down 0.58% during mid-day trading on Wednesday, reaching $8.50. The company’s stock had a trading volume of 377 shares. The stock’s market cap is $739.47 million. The firm’s 50 day moving average is $8.88 and its 200-day moving average is $9.14. OCI Partners has a one year low of $4.95 and a one year high of $10.35.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 16th. This represents a $0.48 annualized dividend and a yield of 5.61%. OCI Partners’s payout ratio is -484.21%.
Several institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. bought a new position in shares of OCI Partners during the first quarter worth approximately $440,000. Renaissance Technologies LLC raised its position in shares of OCI Partners by 13.9% in the first quarter. Renaissance Technologies LLC now owns 60,608 shares of the basic materials company’s stock worth $606,000 after buying an additional 7,418 shares during the period. Cowen Group Inc. raised its position in shares of OCI Partners by 93.7% in the first quarter. Cowen Group Inc. now owns 95,670 shares of the basic materials company’s stock worth $957,000 after buying an additional 46,275 shares during the period. Finally, Morgan Stanley raised its position in shares of OCI Partners by 4.3% in the first quarter. Morgan Stanley now owns 10,376,362 shares of the basic materials company’s stock worth $103,764,000 after buying an additional 428,344 shares during the period. 26.96% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on OCIP shares. Citigroup Inc. cut OCI Partners from a “neutral” rating to a “sell” rating and set a $8.00 price objective on the stock. in a research report on Monday, April 17th. BidaskClub cut OCI Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th.
OCI Partners Company Profile
OCI Partners LP owns and operates an integrated methanol and ammonia production facility that is located on the Texas Gulf Coast near Beaumont. The Company has an annual methanol production capacity of approximately 912,500 metric tons and an annual ammonia production capacity of approximately 331,000 metric tons.
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