Hi-Crush Partners LP (NYSE:HCLP) – Investment analysts at B. Riley reduced their Q3 2018 EPS estimates for Hi-Crush Partners in a research report issued to clients and investors on Tuesday. B. Riley analyst L. Pipes now forecasts that the basic materials company will earn $0.56 per share for the quarter, down from their previous forecast of $0.65. B. Riley currently has a “Buy” rating and a $16.00 price objective on the stock. B. Riley also issued estimates for Hi-Crush Partners’ Q4 2018 earnings at $0.51 EPS, FY2019 earnings at $2.14 EPS and FY2020 earnings at $2.14 EPS.
Other equities analysts have also recently issued reports about the stock. Piper Jaffray Companies set a $12.00 target price on shares of Hi-Crush Partners and gave the company a “buy” rating in a research note on Tuesday, October 31st. BidaskClub raised Hi-Crush Partners from a “hold” rating to a “buy” rating in a report on Monday, October 23rd. UBS Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Hi-Crush Partners in a 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 price target on Hi-Crush Partners and gave the company a “buy” rating in a report on Wednesday, October 18th. Finally, Seaport Global Securities initiated coverage on Hi-Crush Partners in a report on Friday, December 8th. They set a “buy” rating and a $17.00 price target for the company. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $17.07.
The company also recently announced a quarterly dividend, which was paid on Tuesday, February 13th. Stockholders of record on Thursday, February 1st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, January 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 6.44%. This is an increase from Hi-Crush Partners’s previous quarterly dividend of $0.15. Hi-Crush Partners’s dividend payout ratio (DPR) is currently 250.00%.
Several institutional investors and hedge funds have recently bought and sold shares of HCLP. Mountain Lake Investment Management LLC acquired a new position in Hi-Crush Partners in the fourth quarter valued at about $1,605,000. Lafitte Capital Management LP raised its stake in Hi-Crush Partners by 24.0% in the fourth quarter. Lafitte Capital Management LP now owns 3,100,000 shares of the basic materials company’s stock valued at $33,170,000 after purchasing an additional 600,000 shares in the last quarter. Guggenheim Capital LLC raised its stake in Hi-Crush Partners by 167.4% in the fourth quarter. Guggenheim Capital LLC now owns 323,399 shares of the basic materials company’s stock valued at $3,461,000 after purchasing an additional 202,447 shares in the last quarter. Advisor Group Inc. raised its stake in Hi-Crush Partners by 27.0% in the fourth quarter. Advisor Group Inc. now owns 20,047 shares of the basic materials company’s stock valued at $215,000 after purchasing an additional 4,267 shares in the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position in Hi-Crush Partners in the fourth quarter valued at about $642,000. 40.98% of the stock is owned by institutional investors.
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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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