Hi-Crush Partners PT Raised to $65.00 at Wunderlich (HCLP)
Analysts at Wunderlich increased their price objective on shares of Hi-Crush Partners (NASDAQ:HCLP) from $42.00 to $65.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “hold” rating on the stock. Wunderlich’s price target indicates a potential downside of 0.85% from the company’s current price.
The analysts wrote, “Since our last publication on May 6, Hi-Crush Partners LP (HCLP) announced new contracts and expects to grow its 2014 distributions by 24% that includes making a step change in its 2Q distributions. Additionally, HCLP plans to expand its Augusta capacity by 1 mmt/y by 3Q14. We also expect HCLP to acquire Whitehall assets as a dropdown in 2015. “Pricing and demand signals also appear strong for HCLP that is now over 75% contracted with long term take or pay contracts. We review and incorporate the additional details in our model, which drives our target to $65. However, with the stock’s current trading price of $65.56, implying a 4.2% yield, we believe the potential growth catalysts are largely priced in and risk/reward ratio is balanced at this point. We maintain our Hold rating.”
Shares of Hi-Crush Partners (NASDAQ:HCLP) opened at 65.56 on Tuesday. Hi-Crush Partners has a one year low of $20.26 and a one year high of $65.70. The stock’s 50-day moving average is $51.41 and its 200-day moving average is $41.69. The company has a market cap of $2.172 billion and a price-to-earnings ratio of 28.78.
Hi-Crush Partners (NASDAQ:HCLP) last announced its earnings results on Monday, May 5th. The company reported $0.49 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.59 by $0.10. The company had revenue of $55.83 million for the quarter, compared to the consensus estimate of $52.45 million. During the same quarter in the prior year, the company posted $0.40 earnings per share. The company’s quarterly revenue was up 184.7% on a year-over-year basis. On average, analysts predict that Hi-Crush Partners will post $3.00 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on HCLP. Analysts at Zacks upgraded shares of Hi-Crush Partners from a “neutral” rating to an “outperform” rating in a research note on Tuesday, June 17th. They now have a $54.90 price target on the stock. Separately, analysts at Jefferies Group initiated coverage on shares of Hi-Crush Partners in a research note on Thursday, June 5th. They set a “buy” rating and a $59.00 price target on the stock. Finally, analysts at Barclays initiated coverage on shares of Hi-Crush Partners in a research note on Tuesday, June 3rd. They set an “equal weight” rating and a $54.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $49.17.
Hi Crush Partners LP, formerly Hi-Crush Partners LP, is a domestic producer 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.
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