Zacks Investment Research upgraded shares of Shell Midstream Partners (NYSE:SHLX) from a hold rating to a buy rating in a research note released on Tuesday morning. Zacks Investment Research currently has $25.00 target price 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. “
SHLX has been the topic of a number of other reports. Bank of America started coverage on Shell Midstream Partners in a report on Tuesday, July 10th. They set a buy rating and a $27.00 price objective on the stock. Stifel Nicolaus raised their price objective on Shell Midstream Partners from $25.00 to $26.00 and gave the company a hold rating in a report on Wednesday, May 16th. Royal Bank of Canada decreased their price objective on Shell Midstream Partners to $30.00 and set an outperform rating on the stock in a report on Monday, May 7th. JPMorgan Chase & Co. decreased their price objective on Shell Midstream Partners from $28.00 to $27.00 and set an overweight rating on the stock in a report on Friday, August 24th. Finally, ValuEngine cut Shell Midstream Partners from a sell rating to a strong sell rating in a report on Wednesday, August 29th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Shell Midstream Partners has a consensus rating of Hold and an average target price of $27.86.
NYSE:SHLX opened at $22.30 on Tuesday. Shell Midstream Partners has a twelve month low of $19.42 and a twelve month high of $31.19. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 6.32 and a beta of 1.22. The company has a debt-to-equity ratio of -6.59, a quick ratio of 3.66 and a current ratio of 3.66.
Shell Midstream Partners (NYSE:SHLX) last released its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The firm had revenue of $129.30 million for the quarter, compared to analysts’ expectations of $120.71 million. Shell Midstream Partners had a negative return on equity of 295.18% and a net margin of 74.14%. The company’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 EPS. research analysts expect that Shell Midstream Partners will post 1.18 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 14th. Investors of record on Monday, August 6th were issued a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 6.55%. This is a boost from Shell Midstream Partners’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 3rd. Shell Midstream Partners’s dividend payout ratio (DPR) is currently 114.06%.
In related news, Director Curtis R. Frasier purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, June 26th. The shares were acquired at an average cost of $21.94 per share, with a total value of $109,700.00. Following the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at $109,700. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.
A number of institutional investors have recently made changes to their positions in SHLX. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Shell Midstream Partners in the 2nd quarter worth approximately $68,525,000. Kayne Anderson Capital Advisors LP increased its stake in Shell Midstream Partners by 58.4% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 7,432,590 shares of the pipeline company’s stock worth $156,438,000 after purchasing an additional 2,741,750 shares during the period. OppenheimerFunds Inc. increased its stake in Shell Midstream Partners by 84.6% in the 1st quarter. OppenheimerFunds Inc. now owns 5,965,178 shares of the pipeline company’s stock worth $125,567,000 after purchasing an additional 2,733,613 shares during the period. Brookfield Asset Management Inc. increased its stake in Shell Midstream Partners by 4,558.5% in the 1st quarter. Brookfield Asset Management Inc. now owns 2,633,292 shares of the pipeline company’s stock worth $55,431,000 after purchasing an additional 2,576,765 shares during the period. Finally, Bank of Montreal Can purchased a new position in Shell Midstream Partners in the 2nd quarter worth approximately $44,626,000. 54.83% of the stock is currently owned by institutional investors and hedge funds.
Shell Midstream Partners Company Profile
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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