Cowen and Company Reiterates Buy Rating for Hi-Crush Partners LP (HCLP)
Hi-Crush Partners LP (NYSE:HCLP)‘s stock had its “buy” rating reiterated by equities research analysts at Cowen and Company in a report issued on Sunday. They presently have a $12.00 price target on the basic materials company’s stock. Cowen and Company’s target price suggests a potential upside of 32.60% from the company’s previous close.
Other equities research analysts have also recently issued research reports about the company. Johnson Rice initiated coverage on Hi-Crush Partners in a report on Friday, June 23rd. They set an “accumulate” rating and a $17.00 target price on the stock. UBS AG dropped their target price on Hi-Crush Partners from $23.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, August 4th. Jefferies Group LLC reissued a “buy” rating and set a $30.00 target price on shares of Hi-Crush Partners in a report on Tuesday, May 30th. Zacks Investment Research raised Hi-Crush Partners from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Janney Montgomery Scott started coverage on Hi-Crush Partners in a report on Wednesday, September 6th. They issued a “neutral” rating and a $10.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. Hi-Crush Partners currently has an average rating of “Hold” and a consensus price target of $17.50.
Shares of Hi-Crush Partners (NYSE HCLP) opened at 9.05 on Friday. Hi-Crush Partners has a one year low of $7.25 and a one year high of $23.30. The firm’s 50-day moving average price is $8.15 and its 200-day moving average price is $12.24. The firm’s market cap is $823.82 million.
Hi-Crush Partners (NYSE:HCLP) last announced its earnings results 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 return on equity of 1.58% and a negative net margin of 2.53%. The firm had revenue of $135.22 million for the quarter, compared to analysts’ expectations of $138.61 million. During the same quarter in the previous year, the company earned ($0.26) earnings per share. The firm’s quarterly revenue was up 251.9% compared to the same quarter last year. Equities research analysts expect that Hi-Crush Partners will post $1.04 earnings per share for the current fiscal year.
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Large investors have recently made changes to their positions in the business. Evergreen Capital Management LLC acquired a new stake in Hi-Crush Partners during the 2nd quarter valued at $970,000. GeoSphere Capital Management acquired a new stake in Hi-Crush Partners during the 1st quarter valued at $867,000. Sprott Inc. raised its stake in Hi-Crush Partners by 11.9% during the 2nd quarter. Sprott Inc. now owns 1,175,000 shares of the basic materials company’s stock valued at $12,749,000 after purchasing an additional 125,000 shares during the period. Hellman Jordan Management Co. Inc. MA acquired a new stake in Hi-Crush Partners during the 2nd quarter valued at $774,000. Finally, Goldman Sachs Group Inc. raised its stake in Hi-Crush Partners by 86.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,371,553 shares of the basic materials company’s stock valued at $75,847,000 after purchasing an additional 2,027,256 shares during the period. 50.67% 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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