Hi-Crush Partners LP (HCLP) Issues Earnings Results
Hi-Crush Partners LP (NYSE:HCLP) released its earnings results on Tuesday. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.08), Bloomberg Earnings reports. The business had revenue of $167.58 million for the quarter, compared to analyst estimates of $168.95 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 quarterly revenue was up 259.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.21) earnings per share.
Shares of Hi-Crush Partners (NYSE:HCLP) traded down 1.89% during midday trading on Wednesday, hitting $10.40. 1,370,968 shares of the company’s stock were exchanged. The stock’s market cap is $946.71 million. The stock’s 50 day moving average is $9.59 and its 200-day moving average is $10.59. Hi-Crush Partners has a 1-year low of $7.25 and a 1-year high of $23.30.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.66%. The ex-dividend date of this dividend is Monday, October 30th. Hi-Crush Partners’s dividend payout ratio is presently -285.71%.
HCLP has been the topic of a number of research reports. Cowen and Company set a $12.00 target price on shares of Hi-Crush Partners and gave the stock a “buy” rating in a report on Wednesday, October 18th. BidaskClub upgraded shares of Hi-Crush Partners from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Zacks Investment Research lowered shares of Hi-Crush Partners from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. UBS AG reduced their target price on shares of Hi-Crush Partners from $23.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, August 4th. Finally, Janney Montgomery Scott initiated coverage on shares of Hi-Crush Partners in a report on Wednesday, September 6th. They set a “neutral” rating and a $10.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $16.60.
Hi-Crush Partners announced that its Board of Directors has approved a share buyback plan on Tuesday, October 17th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the basic materials company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
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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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