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HCLP

Hi-Crush Partners

$3.66

0.01 (0.27%)

, SND

Smart Sand

$2.41

-0.05 (-2.03%)

08:48
01/09/19
01/09
08:48
01/09/19
08:48

Jefferies sees more downside for Hi-Crush Partners, Smart Sand

Investor expectations for normalized frac sand earnings power are now more reasonable, but lofty valuations suggest stocks are still pricing in solid medium term recovery, "which is hardly a given," Jefferies analyst Saurabh Pant tells investors in a research note titled "Fractured Sand, Squeezed Out Equity Value." Further, high debt "continues to crowd out equity value" and limited free cash flow improvement suggests more downside for frac sand pure-plays Hi-Crush Partners (HCLP) and Smart Sand (SND), adds the analyst. He views U.S. Silica (SLCA) as "more defensive" and finds it "interesting" on free cash flow yield, but says the stock lacks positive catalysts. Pant sees "continued oversupply, weak earnings and thus further downside to equity" values. The analyst lowered his price target for Hold-rated Covia (CVIA) to $4 from $7, for Underperform-rated Hi-Crush to $2.50 from $5, for Underperform-rated Smart Sand to $2 from $2.50 and for Hold-rated U.S. Silica to $13 from $16

HCLP

Hi-Crush Partners

$3.66

0.01 (0.27%)

SND

Smart Sand

$2.41

-0.05 (-2.03%)

SLCA

U.S. Silica

$11.60

-0.49 (-4.05%)

CVIA

Covia

$4.26

-0.04 (-0.93%)

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HCLP Hi-Crush Partners
$3.66

0.01 (0.27%)

01/08/19
RILY
01/08/19
DOWNGRADE
Target $6.5
RILY
Neutral
Hi-Crush Partners downgraded to Neutral from Buy at B. Riley FBR
B. Riley FBR analyst Lucas Pipes downgraded Hi-Crush Partners to Neutral citing yesterday's "bearish" Q4 update. The analyst cut his price target for the shares to $6.50 from $10.
12/21/18
OTRG
12/21/18
NO CHANGE
OTRG
Pressure Pumping & Completions sector downgraded to Negative at OTR Global
OTR Global downgraded the Pressure Pumping and Completions sector to Negative from Mixed following checks that indicate Major shale E&Ps are lowering 2019 capex plans year-over-year, leading to reduced completion budgets and increasing competition among oilfield service groups.
01/03/19
PIPR
01/03/19
NO CHANGE
PIPR
Piper Jaffray lowers targets in frac sand on potential pricing pressure
Piper Jaffray analyst John Watson says that to date, last mile pricing has remained relatively steady for most of his contacts. However, that could change for some if oil prices remain in the mid-$40s, Watson tells investors in a research note. In contrast, most frac sand anecdotes are bearish, adds the analyst. His contact reports "wide-spread pricing concessions" for Permian sand contracts. Other mines disagree, but if one player elects to drive pricing lower, some may be forced to follow and one Permian mine has already elected to idle half of its capacity due to lower prices, explains Watson. He believes that further in-basin spot pricing pressure seems plausible in 2019. The analyst lowered his price targets for the frac sand players. He took down his target for Neutral-rated Covia (CVIA) to $3.50 from $6.50, Neutral-rated Emerge Energy (EMES) to $1.50 from $2.50, Neutral-rated Hi-Crush Partners (HCLP) to $3.50 from $7, Overweight-rated U.S. Silica (SLCA) to $13 from $19 and for Neutral-rated Smart Sand (SND) to $2.25 from $3.50.
01/07/19
RFLF
01/07/19
DOWNGRADE
RFLF
Hold
Hi-Crush Partners downgraded to Hold from Buy at RF Lafferty
SND Smart Sand
$2.41

-0.05 (-2.03%)

11/12/18
FBCO
11/12/18
DOWNGRADE
Target $2
FBCO
Underperform
Smart Sand downgraded to Underperform from Neutral at Credit Suisse
Credit Suisse analyst James Wicklund downgraded Smart Sand to Underperform from Neutral as it is uniquely exposed to secular decline of fine-mesh NWS. The analyst believes Smart Sand is in the unfortunate position of being levered to the piece of the frack sand value chain most at risk from Permian sand mines specifically and more broadly the local sands wave. Wicklund sees contracts driving over-earning for the next couple years, but given his long-term view of NWS, he sees normalized Ebitda/cash flow at about $20M/$5M. The analyst also lowered his price target on the shares to $2 from $5.50.
11/13/18
PIPR
11/13/18
DOWNGRADE
Target $3.5
PIPR
Neutral
Smart Sand downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst John Watson downgraded Smart Sand to Neutral and lowered his price target for the shares to $3.50 from $7.50 citing the "challenged environment" for Northern White. Further, depressed spot pricing may force the company to either enforce shortfall penalties or recut its contracts, Watson tells investors in a research note following Smart Sand's Q3 results.
SLCA U.S. Silica
$11.60

-0.49 (-4.05%)

10/24/18
RHCO
10/24/18
NO CHANGE
Target $28
RHCO
Buy
U.S. Silica price target lowered to $28 from $36 at SunTrust
SunTrust analyst Ken Sill lowered his price target on U.S. Silica to $28 after its worse than expected Q3 results but kept his Buy rating, saying that Q4 will likely "mark the bottom" for the U.S. frac sand market. The analyst expects completion activity slowdown to last until early 2019 and the frac sand capacity to rise in the first half of the year, leading to a ramp in demand in the second half of 2019. Sill believes that investors should be "buying" U.S. Silica given its valuations coming "within a few percentage points of prior cycle lows".
12/21/18
OTRG
12/21/18
DOWNGRADE
OTRG
Negative
U.S. Silica downgraded to Negative from Mixed at OTR Global
CVIA Covia
$4.26

-0.04 (-0.93%)

12/21/18
OTRG
12/21/18
DOWNGRADE
OTRG
Negative
Covia downgraded to Negative from Mixed at OTR Global
11/20/18
RILY
11/20/18
NO CHANGE
Target $10
RILY
Neutral
Covia price target lowered to $10 from $15 at B. Riley FBR
B. Riley FBR analyst Lucas Pipes lowered his price target for Covia to $10 saying weak demand drove the miss in Q3. He keeps a Neutral rating on the shares.

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WIX

Wix.com

$112.09

-13.61 (-10.83%)

10:56
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SJM

J.M. Smucker

$106.49

2.47 (2.37%)

10:54
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SJM

J.M. Smucker

$106.08

2.06 (1.98%)

10:52
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ETM

Entercom

$7.73

0.22 (2.93%)

10:50
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Options
Pre-earnings call buying in Entercom Communications »

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SJM

J.M. Smucker

$106.00

1.98 (1.90%)

10:48
02/20/19
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Earnings
J.M. Smucker repeats FY19 adjusted EPS view of $8.00-$8.20, consensus $8.01 »

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TGEN

Tecogen

$3.84

(0.00%)

10:48
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Tecogen secures $8.4M trigeneration project in Manhattan »

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TKC

Turkcell

$6.97

0.06 (0.87%)

10:47
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Breaking Hot Stocks news story on Turkcell »

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HON

Honeywell

$153.66

0.39 (0.25%)

10:43
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Hot Stocks
Breaking Hot Stocks news story on Honeywell »

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HON

Honeywell

$153.66

0.39 (0.25%)

10:41
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FITB

Fifth Third

$27.49

-0.025 (-0.09%)

10:40
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Options
Bearish option flow in Fifth Third Bancorp »

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10:40
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General news
Money market rates have dipped »

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10:35
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Conference/Events
Morgan Stanley sports/footwear analyst to hold analyst/industry conference call »

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KO

Coca-Cola

$44.99

0.17 (0.38%)

10:30
02/20/19
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10:30
Options
Vote of confidence in Coca Cola »

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ARW

Arrow Electronics

$81.74

0.73 (0.90%)

10:28
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Arrow Electronics CEO sells over $4.3M worth of shares »

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10:25
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Conference/Events
Credit Suisse analysts to hold an analyst/industry conference call »

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Conference/Events
UBS alternative energy analyst to hold an analyst/industry conference call »

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FLR

Fluor

$37.46

0.46 (1.24%)

, HAL

Halliburton

$32.29

0.59 (1.86%)

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Fluor awarded Halliburton chemicals project in Saudi Arabia »

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FLR

Fluor

$37.46

0.46 (1.24%)

HAL

Halliburton

$32.29

0.59 (1.86%)

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W

Wayfair

$120.90

0.67 (0.56%)

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TSLA

Tesla

$304.20

-1.36 (-0.45%)

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IRM

Iron Mountain

$35.51

0.12 (0.34%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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HUM

Humana

$306.68

1.33 (0.44%)

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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Technical Analysis
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KOD

Kodiak Sciences

$7.51

0.64 (9.32%)

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Veeva

$120.49

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AGIO

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FIXX

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CVS

CVS Health

$63.82

-6.1 (-8.72%)

, LUV

Southwest

$54.63

-3.03 (-5.25%)

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CVS

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$63.82

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LUV

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$54.63

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SCHW

Charles Schwab

$45.95

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ETFC

E-Trade

$48.05

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PANW

Palo Alto Networks

$228.77

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TEVA

Teva

$17.40

-0.61 (-3.39%)

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