Credit Suisse Group Trims Hi-Crush Partners LP (HCLP) Target Price to $12.00
Hi-Crush Partners LP (NYSE:HCLP) had its target price reduced by equities research analysts at Credit Suisse Group from $24.00 to $12.00 in a note issued to investors on Thursday. The firm presently has an “outperform” rating on the basic materials company’s stock. Credit Suisse Group’s target price suggests a potential upside of 14.83% from the company’s current price.
A number of other research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Hi-Crush Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Johnson Rice began coverage on shares of Hi-Crush Partners in a research report on Friday, June 23rd. They issued an “accumulate” rating and a $17.00 price objective on the stock. ValuEngine downgraded shares of Hi-Crush Partners from a “hold” rating to a “sell” rating in a research report on Thursday, June 15th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Hi-Crush Partners in a research report on Tuesday, May 30th. Finally, Evercore ISI began coverage on shares of Hi-Crush Partners in a research report on Thursday, May 25th. They issued an “outperform” rating and a $22.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company. Hi-Crush Partners has an average rating of “Buy” and an average price target of $21.36.
Hi-Crush Partners (NYSE HCLP) traded down 9.330% during midday trading on Thursday, hitting $9.475. 1,995,247 shares of the stock were exchanged. The firm’s 50 day moving average price is $10.91 and its 200 day moving average price is $15.54. Hi-Crush Partners has a 12 month low of $9.00 and a 12 month high of $23.30. The company’s market cap is $862.39 million.
Hi-Crush Partners (NYSE:HCLP) last issued its quarterly earnings data on Monday, May 1st. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.04. Hi-Crush Partners had a negative return on equity of 9.38% and a negative net margin of 15.15%. The firm had revenue of $83.40 million during the quarter, compared to analysts’ expectations of $84.31 million. During the same period in the previous year, the firm earned ($0.48) EPS. The firm’s quarterly revenue was up 60.1% on a year-over-year basis. On average, equities research analysts forecast that Hi-Crush Partners will post $0.94 earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its stake in Hi-Crush Partners by 86.5% in the first quarter. Goldman Sachs Group Inc. now owns 4,371,553 shares of the basic materials company’s stock valued at $75,847,000 after buying an additional 2,027,256 shares in the last quarter. Morgan Stanley boosted its stake in shares of Hi-Crush Partners by 19.5% in the first quarter. Morgan Stanley now owns 10,011,999 shares of the basic materials company’s stock valued at $173,709,000 after buying an additional 1,633,971 shares during the last quarter. Sprott Inc. acquired a new stake in shares of Hi-Crush Partners during the first quarter valued at approximately $18,218,000. Kayne Anderson Capital Advisors LP acquired a new stake in shares of Hi-Crush Partners during the first quarter valued at approximately $14,830,000. Finally, Bronson Point Management LLC acquired a new stake in shares of Hi-Crush Partners during the first quarter valued at approximately $13,880,000. 65.47% of the stock is currently owned by 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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