Shell Midstream Partners (SHLX) Downgraded by Zacks Investment Research to Hold

Shell Midstream Partners (NYSE:SHLX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

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 subject of a number of other reports. Wells Fargo & Co decreased their target price on Shell Midstream Partners from $24.00 to $22.00 and set a “market perform” rating for the company in a research report on Thursday, September 13th. ValuEngine raised Shell Midstream Partners from a “strong sell” rating to a “sell” rating in a research report on Friday, August 17th. Bank of America assumed coverage on Shell Midstream Partners in a research report on Tuesday, July 10th. They set a “buy” rating and a $27.00 target price for the company. JPMorgan Chase & Co. decreased their target price on Shell Midstream Partners from $28.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday, August 24th. Finally, Credit Suisse Group assumed coverage on Shell Midstream Partners in a research report on Thursday, October 11th. They set a “neutral” rating and a $24.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $27.12.



Shares of SHLX stock opened at $20.74 on Friday. Shell Midstream Partners has a 52-week low of $19.42 and a 52-week high of $31.19. The company has a debt-to-equity ratio of 2.18, a current ratio of 3.66 and a quick ratio of 3.66. The company has a market cap of $4.74 billion, a P/E ratio of 16.20, a price-to-earnings-growth ratio of 5.06 and a beta of 1.23.

Shell Midstream Partners (NYSE:SHLX) last issued its earnings results on Thursday, August 2nd. The pipeline company reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The business had revenue of $129.30 million during 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 revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 EPS. Research analysts expect that Shell Midstream Partners will post 1.4 EPS for the current year.

Several large investors have recently made changes to their positions in SHLX. Baldwin Brothers Inc. MA purchased a new position in shares of Shell Midstream Partners in the 2nd quarter valued at $291,000. Tortoise Index Solutions LLC increased its holdings in shares of Shell Midstream Partners by 16.3% in the 2nd quarter. Tortoise Index Solutions LLC now owns 20,346 shares of the pipeline company’s stock valued at $451,000 after acquiring an additional 2,845 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Shell Midstream Partners in the 3rd quarter valued at $520,000. Bank of New York Mellon Corp increased its holdings in shares of Shell Midstream Partners by 55.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 29,151 shares of the pipeline company’s stock valued at $646,000 after acquiring an additional 10,359 shares during the period. Finally, Ballentine Partners LLC increased its holdings in shares of Shell Midstream Partners by 107.0% in the 2nd quarter. Ballentine Partners LLC now owns 36,353 shares of the pipeline company’s stock valued at $806,000 after acquiring an additional 18,793 shares during the period. Institutional investors and hedge funds own 53.24% of the company’s stock.

About Shell Midstream Partners

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.

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