Hi-Crush Partners LP Announces Quarterly Dividend of $0.15 (HCLP)
Hi-Crush Partners LP (NYSE:HCLP) announced a quarterly dividend on Thursday, October 19th, Wall Street Journal reports. Investors of record on Tuesday, October 31st will be paid a dividend of 0.15 per share by the basic materials company on Tuesday, November 14th. This represents a $0.60 annualized dividend and a yield of 6.22%. The ex-dividend date is Monday, October 30th.
Shares of Hi-Crush Partners (NYSE HCLP) remained flat at $9.65 during mid-day trading on Thursday. 1,874,319 shares of the company were exchanged. The company’s 50 day moving average is $9.22 and its 200 day moving average is $11.07. The firm’s market capitalization is $878.44 million. Hi-Crush Partners has a 12-month low of $7.25 and a 12-month high of $23.30.
Hi-Crush Partners (NYSE:HCLP) last issued its quarterly earnings results on Wednesday, August 2nd. The basic materials company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. The company had revenue of $135.22 million for the quarter, compared to the consensus estimate of $138.61 million. Hi-Crush Partners had a negative return on equity of 1.58% and a negative net margin of 2.53%. Hi-Crush Partners’s revenue for the quarter was up 251.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.26) earnings per share. On average, equities research analysts predict that Hi-Crush Partners will post $1.03 earnings per share for the current year.
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Hi-Crush Partners declared that its Board of Directors has approved a share repurchase plan on Tuesday, October 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the basic materials company to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Several equities research analysts recently commented on the company. Jefferies Group LLC set a $15.00 price target on Hi-Crush Partners and gave the company a “buy” rating in a report on Monday, August 28th. Cowen and Company reissued a “buy” rating and set a $12.00 target price on shares of Hi-Crush Partners in a research note on Sunday, September 17th. Credit Suisse Group cut their target price on 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. BidaskClub cut Hi-Crush Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, September 13th. Finally, Piper Jaffray Companies began coverage on Hi-Crush Partners in a research note on Monday, September 25th. They set an “overweight” rating and a $11.75 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $16.58.
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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