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.
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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