Shell Midstream Partners (NYSE:SHLX) Shares Gap Up to $11.60

Shares of Shell Midstream Partners, L.P. (NYSE:SHLX) gapped up prior to trading on Friday . The stock had previously closed at $11.60, but opened at $11.98. Shell Midstream Partners shares last traded at $12.01, with a volume of 560 shares traded.

Several equities analysts recently commented on SHLX shares. Zacks Investment Research downgraded Shell Midstream Partners from a “buy” rating to a “hold” rating in a research report on Saturday, August 28th. Barclays lifted their target price on Shell Midstream Partners from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Monday, August 2nd. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $13.60.

The company has a debt-to-equity ratio of 4.58, a current ratio of 5.82 and a quick ratio of 5.82. The company has a market cap of $4.68 billion, a price-to-earnings ratio of 9.02 and a beta of 1.79. The firm has a 50-day moving average price of $12.35 and a 200 day moving average price of $13.81.

Shell Midstream Partners (NYSE:SHLX) last announced its quarterly earnings results on Friday, July 30th. The pipeline company reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.02. Shell Midstream Partners had a return on equity of 96.96% and a net margin of 111.76%. The company had revenue of $148.00 million during the quarter, compared to analysts’ expectations of $134.45 million. During the same period in the prior year, the company earned $0.37 EPS. Shell Midstream Partners’s revenue was up 23.3% compared to the same quarter last year. On average, equities analysts anticipate that Shell Midstream Partners, L.P. will post 1.52 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Tuesday, August 3rd were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, August 2nd. This represents a $1.20 dividend on an annualized basis and a yield of 10.08%. Shell Midstream Partners’s payout ratio is currently 96.00%.

In other Shell Midstream Partners news, insider Steven Ledbetter purchased 4,000 shares of the company’s stock in a transaction that occurred on Monday, August 9th. The shares were acquired at an average price of $12.28 per share, with a total value of $49,120.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

A number of institutional investors have recently added to or reduced their stakes in SHLX. Tortoise Capital Advisors L.L.C. lifted its stake in Shell Midstream Partners by 9,341.9% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 8,839,512 shares of the pipeline company’s stock worth $117,919,000 after purchasing an additional 8,745,892 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Shell Midstream Partners by 89.5% in the second quarter. Goldman Sachs Group Inc. now owns 3,602,709 shares of the pipeline company’s stock worth $53,212,000 after purchasing an additional 1,701,646 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Shell Midstream Partners by 7.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,487,293 shares of the pipeline company’s stock valued at $46,520,000 after acquiring an additional 247,115 shares during the period. First Trust Advisors LP increased its position in shares of Shell Midstream Partners by 645.7% in the second quarter. First Trust Advisors LP now owns 2,841,297 shares of the pipeline company’s stock valued at $41,966,000 after acquiring an additional 2,460,253 shares during the period. Finally, Morgan Stanley increased its position in shares of Shell Midstream Partners by 15.5% in the second quarter. Morgan Stanley now owns 2,226,685 shares of the pipeline company’s stock valued at $32,888,000 after acquiring an additional 298,091 shares during the period. Institutional investors and hedge funds own 19.29% of the company’s stock.

About Shell Midstream Partners (NYSE:SHLX)

Shell Midstream Partners LP owns, operates, develops, and acquires pipelines and other midstream assets. Its assets consist of entities which hold interest in crude oil and refined products pipelines and a crude tank storage and terminal system. The company was founded on March 19, 2014 and is headquartered in Houston, TX.

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