UPDATE: UBS Upgrades Hi-Crush Partners LP (HCLP) to Neutral
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
(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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
- Mizuho Securities Cuts Price Target on Express (EXPR) Following 3Q Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change, Upgrades
Related EntitiesUBS, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!