Stock Repurchase Plan Declared by Hi-Crush Partners (HCLP)
Hi-Crush Partners (NYSE:HCLP) declared that its Board of Directors has approved a stock buyback program, which authorizes the company to repurchase $100.00 million in shares on Tuesday, October 17th, EventVestor reports. This repurchase authorization authorizes the basic materials company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
Several research analysts have commented on the stock. Janney Montgomery Scott assumed coverage on shares of Hi-Crush Partners in a report on Wednesday, September 6th. They issued a “neutral” rating and a $10.00 price objective for the company. Cowen and Company reduced their target price on shares of Hi-Crush Partners from $22.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. They noted that the move was a valuation call. BidaskClub downgraded shares of Hi-Crush Partners from a “buy” rating to a “hold” rating in a research report on Tuesday. Johnson Rice assumed coverage on shares of Hi-Crush Partners in a research report on Friday, June 23rd. They issued an “accumulate” rating and a $17.00 target price on the stock. Finally, ValuEngine raised shares of Hi-Crush Partners from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $16.58.
Shares of Hi-Crush Partners (NYSE HCLP) opened at 9.80 on Friday. The company’s 50-day moving average is $9.27 and its 200 day moving average is $11.02. The stock’s market capitalization is $892.09 million. Hi-Crush Partners has a 12 month low of $7.25 and a 12 month high of $23.30.
Hi-Crush Partners (NYSE:HCLP) last posted its earnings results on Wednesday, August 2nd. The basic materials company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. Hi-Crush Partners had a negative return on equity of 1.58% and a negative net margin of 2.53%. The company had revenue of $135.22 million for the quarter, compared to analyst estimates of $138.61 million. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. The firm’s quarterly revenue was up 251.9% compared to the same quarter last year. Equities research analysts predict that Hi-Crush Partners will post $1.00 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.60 annualized dividend and a yield of 6.12%.
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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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