Royal Bank Of Canada Cuts Shell Midstream Partners LP (SHLX) Price Target to $41.00
Shell Midstream Partners LP (NYSE:SHLX) had its target price decreased by Royal Bank Of Canada from $47.00 to $41.00 in a research report released on Wednesday morning. Royal Bank Of Canada currently has an outperform rating on the stock.
SHLX has been the topic of a number of other research reports. UBS AG reaffirmed a buy rating and set a $47.00 price objective (down previously from $49.00) on shares of Shell Midstream Partners in a research report on Tuesday, November 8th. Zacks Investment Research raised Shell Midstream Partners from a sell rating to a hold rating in a research report on Wednesday, August 10th. Stifel Nicolaus began coverage on Shell Midstream Partners in a research report on Thursday, August 18th. They set a buy rating and a $35.00 price objective on the stock. Mizuho began coverage on Shell Midstream Partners in a research report on Thursday, September 29th. They set a buy rating and a $37.00 price objective on the stock. Finally, Barclays PLC reaffirmed an equal weight rating and set a $29.00 price objective (down previously from $39.00) on shares of Shell Midstream Partners in a research report on Wednesday, November 9th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $39.44.
Shares of Shell Midstream Partners (NYSE:SHLX) opened at 25.91 on Wednesday. The stock has a 50 day moving average price of $28.89 and a 200-day moving average price of $31.77. Shell Midstream Partners has a 52-week low of $25.46 and a 52-week high of $42.29. The firm has a market cap of $4.59 billion, a PE ratio of 18.04 and a beta of 1.21.
Shell Midstream Partners (NYSE:SHLX) last announced its earnings results on Thursday, November 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by $0.09. The firm earned $67.90 million during the quarter, compared to analysts’ expectations of $78.62 million. Shell Midstream Partners had a net margin of 77.39% and a return on equity of 56.13%. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.37 EPS. On average, equities analysts anticipate that Shell Midstream Partners will post $1.40 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be issued a $0.264 dividend. This represents a $1.06 annualized dividend and a yield of 4.08%. The ex-dividend date is Thursday, October 27th. This is a positive change from Shell Midstream Partners’s previous quarterly dividend of $0.25. Shell Midstream Partners’s dividend payout ratio is 78.95%.
Institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. acquired a new position in Shell Midstream Partners during the first quarter valued at approximately $476,000. M&T Bank Corp raised its position in Shell Midstream Partners by 16.0% in the first quarter. M&T Bank Corp now owns 6,252 shares of the company’s stock valued at $229,000 after buying an additional 861 shares during the period. Loomis Sayles & Co. L P acquired a new position in Shell Midstream Partners during the first quarter valued at approximately $1,802,000. Nuveen Asset Management LLC raised its position in Shell Midstream Partners by 404.6% in the first quarter. Nuveen Asset Management LLC now owns 412,835 shares of the company’s stock valued at $15,114,000 after buying an additional 331,019 shares during the period. Finally, FFT Wealth Management LLC raised its position in Shell Midstream Partners by 91.0% in the first quarter. FFT Wealth Management LLC now owns 18,153 shares of the company’s stock valued at $665,000 after buying an additional 8,650 shares during the period. 81.76% of the stock is currently owned by hedge funds and other institutional investors.
About Shell Midstream Partners
Shell Midstream Partners, L.P. is a master limited partnership company formed to own, operate, develop and acquire pipelines and other midstream assets. The Company has interests in approximately four crude oil pipeline systems, approximately two refined products systems and a crude tank storage and terminal system.
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