UPDATE: UBS Upgrades Hi-Crush Partners LP (HCLP) to Neutral
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(Updated - September 28, 2016 8:11 AM EDT)
UBS upgraded Hi-Crush Partners LP (NYSE: HCLP) from Sell to Neutral with a price target of $15.00 (from $9.00). Analyst Shneur Z. Gershuni said trends point to favorable outlook for sand demand.
Gershuni explained, "Recent commentary from oil field service companies and E&Ps continue to highlight an increase in sand demand and intensity. Many have alluded to the additional barrels of oil/pound of sand injected; however we have yet to see that translate into earnings for HCLP, but expect to see an uptick in vols of sand sold in 2H16 with a larger increase in '17E. HAL recently noted increased demand for sand and that its sand vols today are almost near its '14 peak levels. HCLP also recently announced the re-start of its Augusta facility's dry plant. That said we do not expect the facility to initially run at 50% capacity, but see it as a sign of visibility towards increasing vols and believe that due to its location on the UP and access to the Permian, it will better service certain customers."
Shares of Hi-Crush Partners LP closed at $14.46 yesterday.
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