Covenant Asset Management LLC Purchases New Position in Hi-Crush Partners LP (HCLP)
Covenant Asset Management LLC purchased a new stake in Hi-Crush Partners LP (NYSE:HCLP) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 41,471 shares of the basic materials company’s stock, valued at approximately $444,000.
Other hedge funds have also recently made changes to their positions in the company. First National Bank of Mount Dora Trust Investment Services acquired a new stake in Hi-Crush Partners in the fourth quarter valued at $107,000. GSA Capital Partners LLP acquired a new stake in Hi-Crush Partners in the third quarter valued at $129,000. Advisor Group Inc. lifted its stake in Hi-Crush Partners by 80.5% in the third quarter. Advisor Group Inc. now owns 15,780 shares of the basic materials company’s stock valued at $151,000 after acquiring an additional 7,036 shares during the last quarter. CAPROCK Group Inc. acquired a new stake in Hi-Crush Partners in the third quarter valued at $190,000. Finally, K.J. Harrison & Partners Inc acquired a new stake in Hi-Crush Partners in the third quarter valued at $190,000. Hedge funds and other institutional investors own 43.87% of the company’s stock.
A number of brokerages have commented on HCLP. Cowen set a $13.00 price target on shares of Hi-Crush Partners and gave the company a “buy” rating in a research note on Thursday. Zacks Investment Research lowered shares of Hi-Crush Partners from a “hold” rating to a “sell” rating in a research report on Wednesday. ValuEngine raised shares of Hi-Crush Partners from a “hold” rating to a “buy” rating in a research report on Wednesday, January 3rd. Piper Jaffray Companies set a $12.00 price objective on shares of Hi-Crush Partners and gave the company a “buy” rating in a research report on Friday, December 29th. Finally, Barclays began coverage on shares of Hi-Crush Partners in a research report on Friday, December 15th. They issued an “equal weight” rating and a $12.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $16.15.
Shares of Hi-Crush Partners LP (NYSE HCLP) traded up $0.10 on Friday, hitting $12.75. 1,920,000 shares of the stock traded hands, compared to its average volume of 1,790,000. The company has a market capitalization of $1,160.00, a price-to-earnings ratio of 39.84 and a beta of 0.96. Hi-Crush Partners LP has a 52 week low of $7.25 and a 52 week high of $23.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.77 and a quick ratio of 1.29.
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 for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.08). Hi-Crush Partners had a net margin of 7.09% and a return on equity of 5.01%. The company had revenue of $167.58 million during the quarter, compared to the consensus estimate of $168.95 million. During the same period in the previous year, the company earned ($0.21) earnings per share. Hi-Crush Partners’s revenue for the quarter was up 259.9% compared to the same quarter last year. sell-side analysts expect that Hi-Crush Partners LP will post 0.97 EPS for the current year.
Hi-Crush Partners declared that its board has approved a share repurchase program on Tuesday, October 17th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the basic materials company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
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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