Zacks Investment Research upgraded shares of Shell Midstream Partners (NYSE:SHLX) from a hold rating to a buy rating in a report published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $14.00 price objective on the pipeline company’s stock.
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. “
Several other analysts also recently weighed in on the stock. Bank of America assumed coverage on shares of Shell Midstream Partners in a report on Tuesday, September 28th. They issued an underperform rating and a $12.50 target price for the company. Barclays upgraded Shell Midstream Partners from an equal weight rating to an overweight rating and set a $14.00 target price for the company in a report on Tuesday, October 19th. Citigroup lowered Shell Midstream Partners from a buy rating to a neutral rating in a research report on Thursday, December 9th. Mizuho reduced their price target on Shell Midstream Partners from $15.00 to $14.00 and set a neutral rating on the stock in a research report on Wednesday, November 24th. Finally, Credit Suisse Group raised Shell Midstream Partners from an underperform rating to a neutral rating and reduced their price target for the company from $13.00 to $12.00 in a research report on Friday, October 15th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $13.42.
Shell Midstream Partners (NYSE:SHLX) last posted its earnings results on Thursday, October 28th. The pipeline company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.07). Shell Midstream Partners had a net margin of 106.61% and a return on equity of 97.85%. The company had revenue of $128.00 million during the quarter, compared to analyst estimates of $133.82 million. During the same quarter last year, the business posted $0.30 EPS. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. As a group, research analysts expect that Shell Midstream Partners will post 1.42 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 12th. Stockholders of record on Tuesday, November 2nd were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 9.17%. The ex-dividend date of this dividend was Monday, November 1st. Shell Midstream Partners’s dividend payout ratio (DPR) is presently 91.60%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP increased its position in Shell Midstream Partners by 645.7% during the second quarter. First Trust Advisors LP now owns 2,841,297 shares of the pipeline company’s stock worth $41,966,000 after buying an additional 2,460,253 shares during the period. Goldman Sachs Group Inc. increased its position in Shell Midstream Partners by 89.5% during the second quarter. Goldman Sachs Group Inc. now owns 3,602,709 shares of the pipeline company’s stock worth $53,212,000 after buying an additional 1,701,646 shares during the period. Deutsche Bank AG increased its position in Shell Midstream Partners by 725.7% during the second quarter. Deutsche Bank AG now owns 1,533,720 shares of the pipeline company’s stock worth $22,654,000 after buying an additional 1,347,975 shares during the period. Chiron Investment Management LLC acquired a new position in Shell Midstream Partners during the second quarter worth approximately $17,943,000. Finally, Morgan Stanley increased its position in Shell Midstream Partners by 48.5% during the third quarter. Morgan Stanley now owns 3,305,592 shares of the pipeline company’s stock worth $38,907,000 after buying an additional 1,078,907 shares during the period. 18.53% of the stock is currently owned by institutional investors and hedge funds.
About Shell Midstream Partners
Shell Midstream Partners LP owns, operates, develops, and acquires pipelines and other midstream assets. Its assets consist of entities which hold interest in crude oil and refined products pipelines and a crude tank storage and terminal system. The company was founded on March 19, 2014 and is headquartered in Houston, TX.
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