Shell Midstream Partners (NYSE:SHLX) Trading Up 6.1%

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Shell Midstream Partners LP (NYSE:SHLX) was up 6.1% on Friday . The stock traded as high as $20.72 and last traded at $20.71, approximately 1,586,500 shares traded hands during trading. An increase of 121% from the average daily volume of 718,949 shares. The stock had previously closed at $19.52.

Several equities research analysts have weighed in on SHLX shares. JPMorgan Chase & Co. cut Shell Midstream Partners from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $23.00 to $22.00 in a research note on Tuesday, August 20th. Zacks Investment Research upgraded Shell Midstream Partners from a “sell” rating to a “hold” rating in a research note on Friday, August 23rd. UBS Group cut their target price on Shell Midstream Partners from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday. Mizuho cut Shell Midstream Partners from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $22.00 to $19.00 in a research note on Wednesday, July 17th. Finally, Credit Suisse Group cut Shell Midstream Partners from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $22.00 to $17.00 in a research note on Tuesday, June 11th. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Shell Midstream Partners currently has a consensus rating of “Hold” and an average price target of $21.63.

The company has a market capitalization of $4.80 billion, a P/E ratio of 10.88, a PEG ratio of 13.86 and a beta of 1.05. The stock has a 50 day moving average price of $20.24 and a 200 day moving average price of $20.30.

Shell Midstream Partners (NYSE:SHLX) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.02). Shell Midstream Partners had a net margin of 97.92% and a negative return on equity of 137.43%. The firm had revenue of $121.00 million during the quarter, compared to the consensus estimate of $119.43 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The firm’s revenue was down 6.4% on a year-over-year basis. As a group, research analysts forecast that Shell Midstream Partners LP will post 1.41 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Monday, August 5th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 8.31%. The ex-dividend date of this dividend was Friday, August 2nd.

Several institutional investors and hedge funds have recently made changes to their positions in SHLX. Invesco Ltd. lifted its stake in shares of Shell Midstream Partners by 6,252.9% in the 2nd quarter. Invesco Ltd. now owns 5,812,979 shares of the pipeline company’s stock valued at $120,445,000 after acquiring an additional 5,721,478 shares during the last quarter. OppenheimerFunds Inc. increased its holdings in Shell Midstream Partners by 119.2% in the first quarter. OppenheimerFunds Inc. now owns 5,754,685 shares of the pipeline company’s stock valued at $117,683,000 after purchasing an additional 3,129,607 shares during the period. Tortoise Capital Advisors L.L.C. increased its holdings in Shell Midstream Partners by 14.2% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 23,729,540 shares of the pipeline company’s stock valued at $485,269,000 after purchasing an additional 2,956,791 shares during the period. Neuberger Berman Group LLC increased its holdings in Shell Midstream Partners by 591.7% in the first quarter. Neuberger Berman Group LLC now owns 1,428,815 shares of the pipeline company’s stock valued at $29,219,000 after purchasing an additional 1,222,252 shares during the period. Finally, Kayne Anderson Capital Advisors LP increased its holdings in Shell Midstream Partners by 5.8% in the second quarter. Kayne Anderson Capital Advisors LP now owns 10,270,755 shares of the pipeline company’s stock valued at $212,800,000 after purchasing an additional 562,500 shares during the period. Institutional investors own 53.81% of the company’s stock.

Shell Midstream Partners Company Profile (NYSE:SHLX)

Shell Midstream Partners, L.P. owns, operates, develops, and acquires pipelines and other midstream assets in the United States. It owns interests in crude oil and refined products pipelines and terminals to transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets.

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