JPMorgan Chase & Co. lessened its holdings in shares of Hi-Crush Partners LP (NYSE:HCLP) by 49.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 171,291 shares of the basic materials company’s stock after selling 165,940 shares during the period. JPMorgan Chase & Co.’s holdings in Hi-Crush Partners were worth $1,619,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Advisor Group Inc. lifted its holdings in Hi-Crush Partners by 80.5% in the third quarter. Advisor Group Inc. now owns 15,780 shares of the basic materials company’s stock valued at $151,000 after buying an additional 7,036 shares during the period. Pinnacle Associates Ltd. acquired a new position in Hi-Crush Partners in the second quarter valued at $157,000. CAPROCK Group Inc. acquired a new position in Hi-Crush Partners in the third quarter valued at $190,000. K.J. Harrison & Partners Inc acquired a new position in Hi-Crush Partners in the third quarter valued at $190,000. Finally, Southport Management L.L.C. acquired a new position in Hi-Crush Partners in the second quarter valued at $217,000. Institutional investors own 43.87% of the company’s stock.
Shares of Hi-Crush Partners LP (HCLP) opened at $12.10 on Wednesday. Hi-Crush Partners LP has a 52 week low of $7.25 and a 52 week high of $23.30. The company has a quick ratio of 1.29, a current ratio of 1.77 and a debt-to-equity ratio of 0.24. The firm has a market cap of $1,100.00, a price-to-earnings ratio of 37.81 and a beta of 0.96.
Hi-Crush Partners announced that its board has authorized a stock repurchase plan on Tuesday, October 17th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
Several research firms recently issued reports on HCLP. ValuEngine upgraded shares of Hi-Crush Partners from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Zacks Investment Research lowered shares of Hi-Crush Partners from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 3rd. Johnson Rice upgraded shares of Hi-Crush Partners from an “accumulate” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Monday, December 4th. Barclays began coverage on shares of Hi-Crush Partners in a report on Friday, December 15th. They issued an “equal weight” rating and a $12.00 target price on the stock. Finally, Piper Jaffray Companies set a $12.00 target price on shares of Hi-Crush Partners and gave the company a “buy” rating in a report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $16.08.
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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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