Hi-Crush Partners LP (NYSE:HCLP) – Stock analysts at B. Riley upped their FY2017 earnings estimates for Hi-Crush Partners in a report issued on Tuesday. B. Riley analyst L. Pipes now anticipates that the basic materials company will post earnings per share of $0.93 for the year, up from their prior forecast of $0.92. B. Riley currently has a “Buy” rating and a $16.00 target price on the stock. B. Riley also issued estimates for Hi-Crush Partners’ Q4 2017 earnings at $0.46 EPS, Q1 2018 earnings at $0.66 EPS, Q2 2018 earnings at $0.76 EPS and FY2018 earnings at $2.48 EPS.
Other analysts have also recently issued research reports about the company. Piper Jaffray Companies set a $12.00 target price on Hi-Crush Partners and gave the stock a “buy” rating in a research report on Friday, December 29th. BidaskClub raised Hi-Crush Partners from a “hold” rating to a “buy” rating in a research report on Monday, October 23rd. UBS Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Hi-Crush Partners in a research report on Saturday, October 21st. The outlook for HCLP has turned more favourable, it reported a 3Q beat, recently announced the reinstatement of its distribution as well as a share buyback, and completed its Kermit facility and Pecos Terminal. Additionally mgmnt guided to 4Q sales volumes in the range of 2.7-2.9MM tons vs. UBSe of 2.6MM tons as it should benefit from the continued ramp of the Kermit facility. We expect HCLPs Propsteam business to continue to be a positive and it noted plans to grow the total number of crews to nine or more from seven by year end. On the pricing front, HCLP noted its expectation for modest improvements through the end of the year. With a 2018 total capex in the range of $35-$45MM and UBSe of more than $100MM of retained DCF, HCLP is 100% self-funded. We look for color on tomorrows call around the features on its credit facility, and hurdles that HCLP needs to pass to allow for the full $100MM of its buyback to be authorized, as well as how we should be thinking about the timing of the buyback. Cowen set a $12.00 target price on Hi-Crush Partners and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Finally, Seaport Global Securities started coverage on Hi-Crush Partners in a research report on Friday, December 8th. They issued a “buy” rating and a $17.00 target price for the company. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $16.62.
Hi-Crush Partners declared that its board has authorized a stock buyback plan on Tuesday, October 17th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 13th. Investors of record on Thursday, February 1st were given a dividend of $0.20 per share. This is a boost from Hi-Crush Partners’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, January 31st. This represents a $0.80 dividend on an annualized basis and a yield of 6.75%. Hi-Crush Partners’s dividend payout ratio (DPR) is presently 250.01%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First National Bank of Mount Dora Trust Investment Services acquired a new stake in Hi-Crush Partners during the fourth quarter valued at $107,000. GSA Capital Partners LLP acquired a new stake in Hi-Crush Partners during the third quarter valued at $129,000. Advisor Group Inc. boosted its position in Hi-Crush Partners by 80.5% during the third quarter. Advisor Group Inc. now owns 15,780 shares of the basic materials company’s stock valued at $151,000 after purchasing an additional 7,036 shares during the last quarter. K.J. Harrison & Partners Inc acquired a new stake in Hi-Crush Partners during the third quarter valued at $190,000. Finally, CAPROCK Group Inc. acquired a new stake in Hi-Crush Partners during the third quarter valued at $190,000. 40.98% of the stock is owned by hedge funds and other institutional investors.
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Hi-Crush Partners Company Profile
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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