Zacks Investment Research upgraded shares of Shell Midstream Partners (NYSE:SHLX) from a hold rating to a buy rating in a report released on Tuesday. They currently have $22.00 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. “
SHLX has been the subject of several other research reports. Wells Fargo & Co cut their price objective 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 cut Shell Midstream Partners from a sell rating to a strong sell rating in a research report on Tuesday. Royal Bank of Canada cut Shell Midstream Partners from an outperform rating to a sector perform rating and set a $22.00 price target for the company. in a report on Tuesday. Bank of America started coverage on Shell Midstream Partners in a report on Tuesday, July 10th. They issued a buy rating and a $27.00 price target for the company. Finally, JPMorgan Chase & Co. cut their price target on Shell Midstream Partners from $28.00 to $27.00 and set an overweight rating for the company in a report on Friday, August 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Shell Midstream Partners currently has an average rating of Hold and an average target price of $26.27.
Shell Midstream Partners (NYSE:SHLX) last posted its quarterly earnings data on Thursday, November 1st. The pipeline company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.08. Shell Midstream Partners had a negative return on equity of 215.59% and a net margin of 80.40%. The business had revenue of $153.50 million during the quarter, compared to analysts’ expectations of $137.00 million. During the same quarter in the previous year, the firm earned $0.31 EPS. As a group, equities research analysts forecast that Shell Midstream Partners will post 1.45 EPS for the current fiscal 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 is a boost from Shell Midstream Partners’s previous quarterly dividend of $0.37. The ex-dividend date is Friday, November 2nd. This represents a $1.53 annualized dividend and a yield of 7.82%. Shell Midstream Partners’s dividend payout ratio is 119.53%.
Institutional investors have recently bought and sold shares of the business. MHI Funds LLC acquired a new position in Shell Midstream Partners in the 3rd quarter valued at approximately $240,000. First National Trust Co bought a new stake in shares of Shell Midstream Partners in the 3rd quarter valued at approximately $270,000. Baldwin Brothers Inc. MA bought a new stake in shares of Shell Midstream Partners in the 2nd quarter valued at approximately $291,000. Gryphon Financial Partners LLC grew its stake in shares of Shell Midstream Partners by 350.4% in the 3rd quarter. Gryphon Financial Partners LLC now owns 14,525 shares of the pipeline company’s stock valued at $310,000 after purchasing an additional 11,300 shares during the period. Finally, Linscomb & Williams Inc. grew its stake in shares of Shell Midstream Partners by 76.4% in the 3rd quarter. Linscomb & Williams Inc. now owns 18,792 shares of the pipeline company’s stock valued at $402,000 after purchasing an additional 8,139 shares during the period. 53.55% of the stock is owned by hedge funds and other institutional investors.
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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