Shell Midstream Partners LP (SHLX) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS
Shell Midstream Partners LP (NYSE:SHLX) posted its earnings results on Friday. The pipeline company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $70.20 million for the quarter, compared to analyst estimates of $77.82 million. Shell Midstream Partners had a return on equity of 56.13% and a net margin of 77.39%. The firm’s revenue was down 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 earnings per share.
Shell Midstream Partners (NYSE:SHLX) traded up 0.36% during trading on Friday, reaching $31.00. The company’s stock had a trading volume of 7,393 shares. Shell Midstream Partners has a 52-week low of $25.42 and a 52-week high of $35.17. The stock has a 50-day moving average price of $32.21 and a 200 day moving average price of $30.46. The company has a market cap of $5.50 billion, a PE ratio of 24.05 and a beta of 1.25.
The company also recently announced a quarterly dividend, which was paid on Friday, May 12th. Shareholders of record on Monday, May 1st were given a $0.291 dividend. The ex-dividend date was Thursday, April 27th. This is an increase from Shell Midstream Partners’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 3.77%. Shell Midstream Partners’s dividend payout ratio (DPR) is currently 83.46%.
SHLX has been the topic of a number of recent analyst reports. Mizuho reissued a “buy” rating and set a $36.00 target price on shares of Shell Midstream Partners in a report on Tuesday, February 28th. Zacks Investment Research raised Shell Midstream Partners from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 3rd. Finally, JPMorgan Chase & Co. began coverage on Shell Midstream Partners in a report on Wednesday, February 1st. They issued an “overweight” rating and a $38.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $37.86.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Chickasaw Capital Management LLC raised its position in shares of Shell Midstream Partners by 3.2% in the first quarter. Chickasaw Capital Management LLC now owns 8,472,887 shares of the pipeline company’s stock worth $273,081,000 after buying an additional 265,172 shares during the last quarter. Alps Advisors Inc. raised its position in Shell Midstream Partners by 4.5% in the third quarter. Alps Advisors Inc. now owns 5,651,526 shares of the pipeline company’s stock valued at $181,301,000 after buying an additional 243,056 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its position in Shell Midstream Partners by 5.5% in the first quarter. Kayne Anderson Capital Advisors LP now owns 4,501,261 shares of the pipeline company’s stock valued at $145,061,000 after buying an additional 235,600 shares in the last quarter. OppenheimerFunds Inc. raised its position in Shell Midstream Partners by 20.4% in the first quarter. OppenheimerFunds Inc. now owns 3,565,333 shares of the pipeline company’s stock valued at $114,911,000 after buying an additional 604,158 shares in the last quarter. Finally, Westwood Holdings Group Inc. raised its position in Shell Midstream Partners by 11.4% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,876,528 shares of the pipeline company’s stock valued at $54,588,000 after buying an additional 191,566 shares in the last quarter. Hedge funds and other institutional investors own 81.00% of the company’s stock.
About Shell Midstream Partners
Shell Midstream Partners, L.P. is a master limited partnership company, which owns, operates, develops and acquires pipelines and other midstream assets. The Company conducts its operations through its subsidiary, Shell Midstream Operating, LLC. Its assets consist of interests in entities that own crude oil and refined products pipelines serving as key infrastructure to transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets and to deliver refined products from those markets to demand centers.
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