Shell Midstream Partners (SHLX) Raised to “Buy” at Zacks Investment Research
Shell Midstream Partners (NYSE:SHLX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $25.00 price objective on the pipeline company’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.41% from the stock’s current price.
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 topic of several other reports. Bank of America started coverage on Shell Midstream Partners in a report on Tuesday, July 10th. They set a “buy” rating and a $27.00 target price on the stock. Stifel Nicolaus increased their target price on Shell Midstream Partners from $25.00 to $26.00 and gave the stock a “hold” rating in a report on Wednesday, May 16th. JPMorgan Chase & Co. reduced their target price on Shell Midstream Partners from $28.00 to $27.00 and set an “overweight” rating on the stock in a report on Friday, August 24th. ValuEngine lowered Shell Midstream Partners from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 29th. Finally, Barclays reduced their target price on Shell Midstream Partners from $29.00 to $24.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 11th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. Shell Midstream Partners currently has an average rating of “Hold” and a consensus target price of $27.86.
Shell Midstream Partners (NYSE:SHLX) last released its earnings results on Thursday, August 2nd. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $129.30 million for the quarter, compared to analyst estimates of $120.71 million. Shell Midstream Partners had a negative return on equity of 295.18% and a net margin of 74.14%. Shell Midstream Partners’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.18 EPS. equities analysts forecast that Shell Midstream Partners will post 1.18 earnings per share for the current fiscal year.
In other Shell Midstream Partners news, Director Curtis R. Frasier acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 26th. The stock was acquired at an average cost of $21.94 per share, for a total transaction of $109,700.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at $109,700. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Hedge funds have recently made changes to their positions in the stock. Conning Inc. lifted its position in shares of Shell Midstream Partners by 129.9% during the 2nd quarter. Conning Inc. now owns 84,209 shares of the pipeline company’s stock worth $1,868,000 after buying an additional 47,582 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Shell Midstream Partners by 12.8% in the first quarter. PNC Financial Services Group Inc. now owns 125,637 shares of the pipeline company’s stock valued at $2,646,000 after purchasing an additional 14,301 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its position in Shell Midstream Partners by 58.4% in the first quarter. Kayne Anderson Capital Advisors LP now owns 7,432,590 shares of the pipeline company’s stock valued at $156,438,000 after purchasing an additional 2,741,750 shares during the last quarter. Summit Trail Advisors LLC raised its position in Shell Midstream Partners by 62.4% in the first quarter. Summit Trail Advisors LLC now owns 50,061 shares of the pipeline company’s stock valued at $921,000 after purchasing an additional 19,231 shares during the last quarter. Finally, Cadence Capital Management LLC raised its position in Shell Midstream Partners by 38.6% in the second quarter. Cadence Capital Management LLC now owns 334,962 shares of the pipeline company’s stock valued at $7,429,000 after purchasing an additional 93,272 shares during the last quarter. Institutional investors and hedge funds own 54.83% of the company’s stock.
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.
See Also: Return on Investment (ROI)
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