Raising FVE for Frac Sand Suppliers U.S. Silica and Hi-Crush
We are raising our fair value estimate for frac sand suppliers U.S. Silica and Hi-Crush, with U.S. Silica moving from $26 to $32 and Hi-Crush moving from $19 to $20. The key contributor to our upward revisions for both companies is a slightly revised upward look on frac sand in-basin pricing. We have lifted in-basin pricing to levels such that it is modestly profitable to transport Northern White sand from the mine-gate to major oil & gas basins, which is more consistent with our outlook tha...
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