Zacks Investment Research upgraded shares of Shell Midstream Partners (NYSE:SHLX) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. The firm currently has $15.00 price target 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. “
A number of other equities analysts have also recently commented on SHLX. Mizuho increased their target price on Shell Midstream Partners from $13.00 to $15.00 and gave the company a neutral rating in a report on Monday, May 3rd. Wells Fargo & Company increased their target price on Shell Midstream Partners from $13.00 to $14.00 and gave the company an underweight rating in a report on Thursday, May 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $13.17.
Shell Midstream Partners (NYSE:SHLX) last issued its quarterly earnings results on Friday, April 30th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. The company had revenue of $139.00 million for the quarter, compared to the consensus estimate of $135.14 million. Shell Midstream Partners had a return on equity of 90.23% and a net margin of 113.83%. Shell Midstream Partners’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. Equities research analysts anticipate that Shell Midstream Partners will post 1.47 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, May 14th. Investors of record on Tuesday, May 4th were issued a $0.46 dividend. The ex-dividend date was Monday, May 3rd. This represents a $1.84 annualized dividend and a dividend yield of 13.35%. Shell Midstream Partners’s dividend payout ratio is presently 147.20%.
Several large investors have recently bought and sold shares of the stock. Pacer Advisors Inc. grew its position in Shell Midstream Partners by 13.3% in the first quarter. Pacer Advisors Inc. now owns 6,847 shares of the pipeline company’s stock worth $91,000 after acquiring an additional 804 shares during the period. Royal Bank of Canada grew its position in Shell Midstream Partners by 1.4% in the first quarter. Royal Bank of Canada now owns 68,202 shares of the pipeline company’s stock worth $910,000 after acquiring an additional 955 shares during the period. Chicago Partners Investment Group LLC grew its position in Shell Midstream Partners by 3.2% in the first quarter. Chicago Partners Investment Group LLC now owns 51,371 shares of the pipeline company’s stock worth $790,000 after acquiring an additional 1,612 shares during the period. Quadrant Capital Group LLC grew its position in Shell Midstream Partners by 472.8% in the first quarter. Quadrant Capital Group LLC now owns 2,131 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 1,759 shares during the period. Finally, ADE LLC purchased a new position in Shell Midstream Partners in the fourth quarter worth approximately $25,000. 20.69% of the stock is owned by hedge funds and other institutional investors.
About Shell Midstream Partners
Shell Midstream Partners, L.P. owns, operates, develops, and acquires pipelines and other midstream, and logistics 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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