Covenant Asset Management LLC Invests $444,000 in Hi-Crush Partners LP (HCLP) Stock

Covenant Asset Management LLC bought a new stake in Hi-Crush Partners LP (NYSE:HCLP) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 41,471 shares of the basic materials company’s stock, valued at approximately $444,000.

A number of other large investors have also recently modified their holdings of the business. Principal Financial Group Inc. increased its position in shares of Hi-Crush Partners by 11.0% during the second quarter. Principal Financial Group Inc. now owns 30,720 shares of the basic materials company’s stock worth $333,000 after acquiring an additional 3,053 shares in the last quarter. Advisor Group Inc. increased its position in shares of Hi-Crush Partners by 80.5% during the third quarter. Advisor Group Inc. now owns 15,780 shares of the basic materials company’s stock worth $151,000 after acquiring an additional 7,036 shares in the last quarter. Valicenti Advisory Services Inc. increased its position in shares of Hi-Crush Partners by 6.1% during the third quarter. Valicenti Advisory Services Inc. now owns 131,425 shares of the basic materials company’s stock worth $1,249,000 after acquiring an additional 7,500 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Hi-Crush Partners by 70.1% during the second quarter. Bank of New York Mellon Corp now owns 20,462 shares of the basic materials company’s stock worth $222,000 after acquiring an additional 8,431 shares in the last quarter. Finally, Southport Management L.L.C. increased its position in shares of Hi-Crush Partners by 50.0% during the third quarter. Southport Management L.L.C. now owns 30,000 shares of the basic materials company’s stock worth $285,000 after acquiring an additional 10,000 shares in the last quarter. 43.87% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have recently issued reports on the stock. Cowen set a $13.00 price objective on shares of Hi-Crush Partners and gave the stock a “buy” rating in a research report on Thursday. Zacks Investment Research downgraded shares of Hi-Crush Partners from a “hold” rating to a “sell” rating in a research report on Wednesday. ValuEngine raised shares of Hi-Crush Partners from a “hold” rating to a “buy” rating in a research report on Wednesday, January 3rd. Piper Jaffray Companies set a $12.00 target price on shares of Hi-Crush Partners and gave the stock a “buy” rating in a report on Friday, December 29th. Finally, Barclays started coverage on shares of Hi-Crush Partners in a report on Friday, December 15th. They set an “equal weight” rating and a $12.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $16.15.

Shares of Hi-Crush Partners LP (NYSE:HCLP) traded up $0.10 on Friday, reaching $12.75. 1,920,000 shares of the company traded hands, compared to its average volume of 1,790,000. Hi-Crush Partners LP has a fifty-two week low of $7.25 and a fifty-two week high of $23.30. The firm has a market capitalization of $1,160.00, a PE ratio of 39.84 and a beta of 0.96. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.77 and a quick ratio of 1.29.

Hi-Crush Partners (NYSE:HCLP) last announced its earnings results on Tuesday, October 31st. The basic materials company reported $0.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.08). Hi-Crush Partners had a return on equity of 5.01% and a net margin of 7.09%. The business had revenue of $167.58 million for the quarter, compared to analyst estimates of $168.95 million. During the same quarter in the previous year, the company posted ($0.21) EPS. The business’s revenue for the quarter was up 259.9% compared to the same quarter last year. equities research analysts predict that Hi-Crush Partners LP will post 0.97 EPS for the current year.

Hi-Crush Partners announced that its Board of Directors has approved a share repurchase plan on Tuesday, October 17th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the basic materials company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

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Hi-Crush Partners Profile

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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Institutional Ownership by Quarter for Hi-Crush Partners (NYSE:HCLP)

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