Tocqueville Asset Management L.P. Takes $1.97 Million Position in Hi-Crush Partners LP (HCLP)
Tocqueville Asset Management L.P. acquired a new stake in Hi-Crush Partners LP (NYSE:HCLP) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 207,600 shares of the basic materials company’s stock, valued at approximately $1,972,000. Tocqueville Asset Management L.P. owned approximately 0.23% of Hi-Crush Partners at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. ING Groep NV raised its holdings in Hi-Crush Partners by 653.7% in the 2nd quarter. ING Groep NV now owns 1,390,552 shares of the basic materials company’s stock valued at $15,087,000 after acquiring an additional 1,206,058 shares in the last quarter. Sprott Inc. raised its holdings in Hi-Crush Partners by 11.9% in the 2nd quarter. Sprott Inc. now owns 1,175,000 shares of the basic materials company’s stock valued at $12,749,000 after acquiring an additional 125,000 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its holdings in Hi-Crush Partners by 17.7% in the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 1,006,500 shares of the basic materials company’s stock valued at $10,917,000 after acquiring an additional 151,500 shares in the last quarter. Clear Harbor Asset Management LLC raised its holdings in Hi-Crush Partners by 69.5% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 796,137 shares of the basic materials company’s stock valued at $7,563,000 after acquiring an additional 326,414 shares in the last quarter. Finally, SG Capital Management LLC acquired a new position in Hi-Crush Partners in the 2nd quarter valued at $6,630,000. 50.16% of the stock is owned by hedge funds and other institutional investors.
HCLP has been the subject of several analyst reports. Jefferies Group LLC set a $15.00 price objective on Hi-Crush Partners and gave the company a “buy” rating in a report on Monday, August 28th. Cowen and Company reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Hi-Crush Partners in a report on Sunday, September 17th. Credit Suisse Group decreased their price target on Hi-Crush Partners from $24.00 to $12.00 and set an “outperform” rating on the stock in a research note on Thursday, July 20th. Zacks Investment Research lowered Hi-Crush Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. Finally, BidaskClub lowered Hi-Crush Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, September 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $16.60.
Shares of Hi-Crush Partners LP (NYSE:HCLP) opened at $10.30 on Wednesday. The firm has a market capitalization of $955.82, a price-to-earnings ratio of 32.81 and a beta of 0.99. Hi-Crush Partners LP has a 52-week low of $7.25 and a 52-week high of $23.30. The company has a current ratio of 1.77, a quick ratio of 1.29 and a debt-to-equity ratio of 0.24.
Hi-Crush Partners (NYSE:HCLP) last issued its quarterly earnings data on Tuesday, October 31st. The basic materials company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.08). The firm had revenue of $167.58 million for the quarter, compared to the consensus estimate of $168.95 million. Hi-Crush Partners had a return on equity of 5.01% and a net margin of 7.09%. The company’s revenue was up 259.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.21) EPS. analysts forecast that Hi-Crush Partners LP will post 1.06 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.60 dividend on an annualized basis and a yield of 5.83%. Hi-Crush Partners’s dividend payout ratio is currently 187.51%.
Hi-Crush Partners announced that its Board of Directors has authorized a share repurchase program on Tuesday, October 17th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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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