I think there was disappointment that the price increases hadn't turned into profits yet at any of the suppliers except SND and that was a one time non repeatable event. There is some room for a correction since most of the big suppliers doubled and tripled last year, even though they were all losing money. AND they still lost money in Q4. So smart money got in ahead of the actual change in sand prices but they may be selling now to lock in profits until the profits actually are more certain. Could also be waiting for Saudis and OPEC to extend production cuts to ensure stability of oil prices.
SND seems to think that existing big suppliers will have trouble meeting demand for finer mesh sand as drilling keeps ramping up. So longer term, SND and others should do ok but whether market will continue to pay 30X to 40X earnings for a medium player like SND is the question. Analysts expect SND to earn .45eps in 2017. So hefty premium but I think they will continue improving earnings. They have the right reserves of fine mesh sand and good logistics to deliver unit trains to the right basins.
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