Hi-Crush Partners LP (HCLP) Rating Increased to Buy at BidaskClub
Hi-Crush Partners LP (NYSE:HCLP) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Monday.
Several other equities research analysts also recently commented on the stock. Jefferies Group LLC set a $15.00 price objective on shares of Hi-Crush Partners and gave the stock a “buy” rating in a research note on Monday, August 28th. Zacks Investment Research downgraded shares of Hi-Crush Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Credit Suisse Group lowered their price objective on shares of Hi-Crush Partners from $24.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, July 20th. Cowen and Company reiterated a “buy” rating and set a $12.00 price objective on shares of Hi-Crush Partners in a research note on Sunday, September 17th. Finally, Piper Jaffray Companies initiated coverage on shares of Hi-Crush Partners in a research note on Monday, September 25th. They set an “overweight” rating and a $11.75 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. Hi-Crush Partners presently has a consensus rating of “Buy” and an average target price of $16.58.
Shares of Hi-Crush Partners (NYSE:HCLP) opened at 9.55 on Monday. Hi-Crush Partners has a 52 week low of $7.25 and a 52 week high of $23.30. The firm’s 50-day moving average is $9.32 and its 200-day moving average is $10.81. The stock’s market capitalization is $869.34 million.
Hi-Crush Partners (NYSE:HCLP) last posted its quarterly earnings data on Wednesday, August 2nd. The basic materials company reported $0.18 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. Hi-Crush Partners had a negative net margin of 2.53% and a negative return on equity of 1.58%. The business had revenue of $135.22 million during the quarter, compared to the consensus estimate of $138.61 million. During the same period in the previous year, the firm posted ($0.26) earnings per share. The business’s revenue for the quarter was up 251.9% compared to the same quarter last year. Analysts forecast that Hi-Crush Partners will post $1.00 earnings per share for the current fiscal year.
Hi-Crush Partners declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 17th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the basic materials company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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Several institutional investors have recently modified their holdings of the stock. Mizuho Securities USA LLC purchased a new position in shares of Hi-Crush Partners during the third quarter worth $228,000. Valicenti Advisory Services Inc. raised its holdings in shares of 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 worth $1,249,000 after purchasing an additional 7,500 shares during the last quarter. CAPROCK Group Inc. purchased a new position in shares of Hi-Crush Partners during the third quarter worth $190,000. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Hi-Crush Partners by 70.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 112,370 shares of the basic materials company’s stock worth $1,219,000 after purchasing an additional 46,378 shares during the last quarter. Finally, TVR Capital Management LP purchased a new position in shares of Hi-Crush Partners during the second quarter worth $667,000. 50.53% of the stock is owned by hedge funds and other institutional investors.
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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