Analysts Anticipate Shell Midstream Partners LP (SHLX) Will Announce Quarterly Sales of $154.79 Million

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Brokerages expect that Shell Midstream Partners LP (NYSE:SHLX) will announce sales of $154.79 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Shell Midstream Partners’ earnings. The lowest sales estimate is $134.40 million and the highest is $175.18 million. Shell Midstream Partners posted sales of $94.40 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 64%. The company is expected to announce its next quarterly earnings report after the market closes on Thursday, November 1st.

According to Zacks, analysts expect that Shell Midstream Partners will report full-year sales of $468.51 million for the current financial year, with estimates ranging from $424.00 million to $497.70 million. For the next year, analysts expect that the firm will report sales of $529.11 million, with estimates ranging from $394.00 million to $675.74 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Shell Midstream Partners.

Shell Midstream Partners (NYSE:SHLX) last issued its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. Shell Midstream Partners had a negative return on equity of 295.18% and a net margin of 74.14%. The company had revenue of $129.30 million during the quarter, compared to analysts’ expectations of $120.71 million. During the same quarter in the previous year, the firm posted $0.18 EPS. The firm’s revenue was up 29.8% compared to the same quarter last year.

A number of analysts have commented on the company. Zacks Investment Research raised Shell Midstream Partners from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a research report on Wednesday, August 29th. Wells Fargo & Co lowered their price target on Shell Midstream Partners from $24.00 to $22.00 and set a “market perform” rating for the company in a research report on Thursday, September 13th. ValuEngine raised Shell Midstream Partners from a “strong sell” rating to a “sell” rating in a research report on Friday, August 17th. Bank of America assumed coverage on Shell Midstream Partners in a research report on Tuesday, July 10th. They set a “buy” rating and a $27.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price target on Shell Midstream Partners from $28.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday, August 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $27.12.

Shares of SHLX opened at $21.07 on Friday. Shell Midstream Partners has a one year low of $19.42 and a one year high of $31.19. The company has a quick ratio of 3.66, a current ratio of 3.66 and a debt-to-equity ratio of -6.59. The stock has a market cap of $4.79 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 5.26 and a beta of 1.23.

Hedge funds have recently modified their holdings of the company. First Republic Investment Management Inc. acquired a new position in shares of Shell Midstream Partners in the 2nd quarter valued at about $3,105,000. Parkside Financial Bank & Trust acquired a new position in shares of Shell Midstream Partners in the 3rd quarter valued at about $833,000. Cadence Capital Management LLC lifted its holdings in shares of Shell Midstream Partners by 38.6% in the 2nd quarter. Cadence Capital Management LLC now owns 334,962 shares of the pipeline company’s stock valued at $7,429,000 after buying an additional 93,272 shares during the period. Conning Inc. lifted its holdings in shares of Shell Midstream Partners by 129.9% in the 2nd quarter. Conning Inc. now owns 84,209 shares of the pipeline company’s stock valued at $1,868,000 after buying an additional 47,582 shares during the period. Finally, Global X Management Co LLC lifted its holdings in shares of Shell Midstream Partners by 12.4% in the 2nd quarter. Global X Management Co LLC now owns 1,720,275 shares of the pipeline company’s stock valued at $38,156,000 after buying an additional 190,164 shares during the period. 54.82% of the stock is 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.

Further Reading: How analysts view the yield curve

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