Shell Midstream Partners (NYSE:SHLX) Trading Down 5.5%

Shell Midstream Partners LP (NYSE:SHLX)’s share price dropped 5.5% during trading on Friday . The stock traded as low as $18.98 and last traded at $19.10, approximately 1,382,071 shares were traded during trading. An increase of 93% from the average daily volume of 717,224 shares. The stock had previously closed at $20.21.

SHLX has been the subject of several analyst reports. Mizuho downgraded 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 report on Wednesday, July 17th. Zacks Investment Research upgraded Shell Midstream Partners from a “sell” rating to a “hold” rating in a research report on Friday. Credit Suisse Group downgraded 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 report on Tuesday, June 11th. Finally, JPMorgan Chase & Co. downgraded 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 report on Tuesday. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $23.38.

The company has a 50-day simple moving average of $21.08 and a 200-day simple moving average of $20.29. The stock has a market cap of $4.60 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 issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business 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 firm posted $0.35 EPS. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. As a group, equities research analysts forecast that Shell Midstream Partners LP will post 1.41 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Monday, August 5th were given a $0.43 dividend. The ex-dividend date was Friday, August 2nd. This represents a $1.72 annualized dividend and a yield of 9.01%.

A number of institutional investors and hedge funds have recently modified their holdings of SHLX. Invesco Ltd. raised its position in 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 purchasing an additional 5,721,478 shares during the last quarter. OppenheimerFunds Inc. raised its position in Shell Midstream Partners by 119.2% in the 1st 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 last quarter. Tortoise Capital Advisors L.L.C. raised its position in Shell Midstream Partners by 14.2% in the 1st 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 last quarter. Neuberger Berman Group LLC raised its position in Shell Midstream Partners by 591.7% in the 1st 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 last quarter. Finally, Kayne Anderson Capital Advisors LP raised its position in shares of Shell Midstream Partners by 6.6% during the first quarter. Kayne Anderson Capital Advisors LP now owns 9,708,255 shares of the pipeline company’s stock worth $198,522,000 after acquiring an additional 597,152 shares during the last quarter. Hedge funds and other institutional investors own 52.19% of the company’s stock.

About Shell Midstream Partners (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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