Zacks Investment Research downgraded shares of Shell Midstream Partners (NYSE:SHLX) from a buy rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “Shell Midstream Partners, L.P. engages in owning, operating, developing and acquiring pipelines and other midstream assets. Its initial assets consist of interests in entities that own crude oil and refined products pipelines serving as key infrastructure to transport growing onshore and offshore crude oil production to Gulf Coast refining markets and to deliver refined products from those markets to major demand centers. Shell Midstream Partners, L.P. is based in Houston, Texas. “
Other equities analysts have also recently issued research reports about the stock. ValuEngine cut shares of Shell Midstream Partners from a sell rating to a strong sell rating in a research report on Wednesday, August 29th. Barclays decreased their target price on shares of Shell Midstream Partners from $29.00 to $24.00 and set an equal weight rating on the stock in a research report on Wednesday, July 11th. Stifel Nicolaus decreased their target price on shares of Shell Midstream Partners from $26.00 to $24.00 and set a hold rating on the stock in a research report on Friday, August 3rd. JPMorgan Chase & Co. decreased their target price on shares of Shell Midstream Partners from $28.00 to $27.00 and set an overweight rating on the stock in a research report on Friday, August 24th. Finally, Wells Fargo & Co decreased their target price on shares of Shell Midstream Partners from $24.00 to $22.00 and set a market perform rating on the stock in a research report on Thursday, September 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $26.27.
NYSE:SHLX traded down $0.08 during trading hours on Wednesday, reaching $19.55. The company’s stock had a trading volume of 738,527 shares, compared to its average volume of 771,630. The stock has a market cap of $4.24 billion, a PE ratio of 15.27, a PEG ratio of 4.42 and a beta of 1.13. Shell Midstream Partners has a 1 year low of $18.58 and a 1 year high of $31.19. The company has a quick ratio of 3.66, a current ratio of 4.64 and a debt-to-equity ratio of 2.18.
Shell Midstream Partners (NYSE:SHLX) last issued its earnings results on Thursday, November 1st. The pipeline company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.08. The company had revenue of $153.50 million for the quarter, compared to analysts’ expectations of $137.00 million. Shell Midstream Partners had a net margin of 80.40% and a negative return on equity of 215.59%. During the same quarter last year, the company earned $0.31 EPS. Sell-side analysts anticipate that Shell Midstream Partners will post 1.45 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Monday, November 5th will be issued a $0.382 dividend. This represents a $1.53 dividend on an annualized basis and a yield of 7.82%. The ex-dividend date is Friday, November 2nd. This is a positive change from Shell Midstream Partners’s previous quarterly dividend of $0.37. Shell Midstream Partners’s dividend payout ratio (DPR) is 119.53%.
A number of institutional investors have recently made changes to their positions in SHLX. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Shell Midstream Partners in the 2nd quarter worth $68,525,000. Bank of Montreal Can bought a new stake in Shell Midstream Partners in the 2nd quarter worth $44,626,000. Tortoise Capital Advisors L.L.C. grew its holdings in Shell Midstream Partners by 7.3% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 17,678,457 shares of the pipeline company’s stock worth $392,108,000 after acquiring an additional 1,204,808 shares during the last quarter. Eagle Global Advisors LLC grew its holdings in Shell Midstream Partners by 40.8% in the 2nd quarter. Eagle Global Advisors LLC now owns 2,946,050 shares of the pipeline company’s stock worth $65,343,000 after acquiring an additional 853,530 shares during the last quarter. Finally, Kayne Anderson Capital Advisors LP grew its holdings in Shell Midstream Partners by 10.4% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 9,021,453 shares of the pipeline company’s stock worth $192,863,000 after acquiring an additional 852,367 shares during the last quarter. 53.55% of the stock is currently owned by institutional investors and hedge funds.
About Shell Midstream Partners
Shell Midstream Partners, L.P. owns, operates, develops, and acquires pipelines and other midstream assets in the United States. Its crude oil pipeline systems include a 350 miles of Zydeco pipeline system; a 130-miles of delta pipeline; a 174-mile offshore Gulf of Mexico corridor pipeline; and a 75-mile offshore pipeline.
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