Ciner Resources LP Initiated with a Buy at B.Riley FBR

Ciner Resources LP (NYSE: CINR) received a Buy rating and a $33 price target from B.Riley FBR analyst Lucas Pipes today. The company’s shares opened today at $24.25.

Pipes wrote:

“On Resources (CINR) reported adj. EBITDA of $28.8M, which missed our $32.6M. The miss was driven by lower international sales volumes along with international prices below our estimates for the quarter. International prices were still strong relative to historical pricing, driven by robust global demand for soda ash. Ciner reported total cash costs including transportation at $129/ton, just above our $127/ton estimate. Total Ciner sales volumes were 0.668MT, slightly lower than expected. Ciner offered new 2018 guidance which was largely neutral. Total sales volumes in FY18 were lowered, from 1-3% growth Y/Y to 0-2% growth Y/ Y . The 1% decrease is derived from an annual maintenance outage at the company’s largest producing plant in 2Q, which will take longer than originally expected in 2018.”

According to TipRanks.com, Pipes is a 4-star analyst with an average return of 7.6% and a 64.1% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Newmont Mining Corporation, and Hallador Energy Company.

Ciner Resources LP has an analyst consensus of Moderate Buy, with a price target consensus of $31.50.

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Ciner Resources LP’s market cap is currently $482.7M and has a P/E ratio of 12.01. The company has a Price to Book ratio of 3.39.

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Ciner Resources LP operates as a master limited partnership company, which engages in the operations of the trona ore mining and soda ash production business of Ciner Wyoming LLC. The company was founded on April 22, 2013 and is headquartered in Atlanta, GA.