Sanchez Production Partners (SNMP) Releases Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Sanchez Production Partners (NYSEAMERICAN:SNMP) released its quarterly earnings results on Friday. The basic materials company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.15), MarketWatch Earnings reports. The firm had revenue of $18.15 million for the quarter.

NYSEAMERICAN SNMP traded down $3.36 during mid-day trading on Friday, reaching $4.76. 651,650 shares of the stock were exchanged, compared to its average volume of 65,469. Sanchez Production Partners has a 1-year low of $4.75 and a 1-year high of $13.25.

Separately, Stephens set a $16.00 price target on shares of Sanchez Production Partners and gave the company a “buy” rating in a research report on Friday, August 17th.

In related news, COO Patricio D. Sanchez sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $10.10, for a total transaction of $101,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eduardo Augusto Sanchez sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $9.11, for a total transaction of $227,750.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,000 shares of company stock worth $478,300.

A number of hedge funds and other institutional investors have recently made changes to their positions in SNMP. Russell Investments Group Ltd. acquired a new stake in Sanchez Production Partners during the first quarter worth approximately $618,000. Renaissance Technologies LLC boosted its position in Sanchez Production Partners by 115.5% during the second quarter. Renaissance Technologies LLC now owns 92,900 shares of the basic materials company’s stock worth $1,096,000 after acquiring an additional 49,800 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Sanchez Production Partners by 13.2% during the third quarter. Wells Fargo & Company MN now owns 191,257 shares of the basic materials company’s stock worth $1,358,000 after acquiring an additional 22,292 shares during the last quarter.

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About Sanchez Production Partners

Sanchez Midstream Partners LP engages in the acquisition, development, ownership, and operation of midstream and other energy-related assets in the United States. It operates in two segments, Midstream and Production. The Midstream segment engages in gathering, processing, and transporting natural gas, NGLs, and oil.

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Earnings History for Sanchez Production Partners (NYSEAMERICAN:SNMP)

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