Shell Midstream Partners (NYSE:SHLX) Stock Rating Upgraded by Zacks Investment Research

Shell Midstream Partners (NYSE:SHLX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

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 equities research analysts have also commented on SHLX. Credit Suisse Group lowered shares of Shell Midstream Partners from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $22.00 to $17.00 in a research note on Tuesday, June 11th. Mizuho lowered shares of Shell Midstream Partners from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $22.00 to $19.00 in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. lowered shares of Shell Midstream Partners from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $23.00 to $22.00 in a research note on Tuesday. Five investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $23.38.

Shares of NYSE SHLX traded down $0.56 during midday trading on Friday, hitting $19.65. 4,166 shares of the company traded hands, compared to its average volume of 747,934. Shell Midstream Partners has a 12-month low of $15.86 and a 12-month high of $23.63. The stock has a 50-day moving average price of $21.11 and a 200 day moving average price of $20.29. The firm has a market cap of $4.71 billion, a P/E ratio of 11.70, a P/E/G ratio of 15.43 and a beta of 1.03.

Shell Midstream Partners (NYSE:SHLX) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.38 earnings per share (EPS) for the quarter, missing the 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 company had revenue of $121.00 million for the quarter, compared to analysts’ expectations of $119.43 million. During the same quarter in the prior year, the firm earned $0.35 EPS. Shell Midstream Partners’s quarterly revenue was down 6.4% compared to the same quarter last year. Sell-side analysts predict that Shell Midstream Partners will post 1.41 earnings per share for the current year.

A number of large investors have recently bought and sold shares of the stock. Macroview Investment Management LLC bought a new position in shares of Shell Midstream Partners in the first quarter worth approximately $28,000. Advisor Group Inc. lifted its stake in shares of Shell Midstream Partners by 213.2% in the second quarter. Advisor Group Inc. now owns 1,638 shares of the pipeline company’s stock worth $34,000 after buying an additional 1,115 shares in the last quarter. Capital Investment Advisory Services LLC bought a new position in shares of Shell Midstream Partners in the second quarter worth approximately $43,000. Tower Research Capital LLC TRC bought a new position in shares of Shell Midstream Partners in the second quarter worth approximately $43,000. Finally, Lee Financial Co bought a new position in shares of Shell Midstream Partners in the second quarter worth approximately $54,000. 52.19% of the stock is currently owned by institutional investors and hedge funds.

About Shell Midstream Partners

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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