Royal Bank of Canada Downgrades Shell Midstream Partners (SHLX) to Sector Perform

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Royal Bank of Canada downgraded shares of Shell Midstream Partners (NYSE:SHLX) from an outperform rating to a sector perform rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. They currently have $22.00 target price on the pipeline company’s stock.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Shell Midstream Partners from a hold rating to a buy rating and set a $25.00 price objective on the stock in a research note on Thursday, July 19th. Barclays reduced their price objective on shares of Shell Midstream Partners from $29.00 to $24.00 and set an equal weight rating on the stock in a research note on Wednesday, July 11th. ValuEngine raised shares of Shell Midstream Partners from a strong sell rating to a sell rating in a research note on Friday, August 17th. JPMorgan Chase & Co. reduced their price objective on shares of Shell Midstream Partners from $28.00 to $27.00 and set an overweight rating on the stock in a research note on Friday, August 24th. Finally, Stifel Nicolaus reduced their price objective on shares of Shell Midstream Partners from $26.00 to $24.00 and set a hold rating on the stock in a research note on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $26.27.

Shares of NYSE SHLX traded down $0.08 during midday trading on Tuesday, reaching $19.55. 738,527 shares of the company were exchanged, compared to its average volume of 771,630. The stock has a market cap of $4.24 billion, a PE ratio of 15.27, a PEG ratio of 4.42 and a beta of 1.13. Shell Midstream Partners has a one year low of $18.58 and a one year high of $31.19. The company has a debt-to-equity ratio of 2.18, a quick ratio of 3.66 and a current ratio of 4.64.

Shell Midstream Partners (NYSE:SHLX) last posted its earnings results on Thursday, November 1st. The pipeline company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.08. Shell Midstream Partners had a net margin of 80.40% and a negative return on equity of 215.59%. The firm had revenue of $153.50 million for the quarter, compared to analysts’ expectations of $137.00 million. During the same quarter in the previous year, the firm posted $0.31 earnings per share. As a group, sell-side analysts predict that Shell Midstream Partners will post 1.45 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Monday, November 5th will be given a dividend of $0.382 per share. The ex-dividend date is Friday, November 2nd. This represents a $1.53 dividend on an annualized basis and a yield of 7.82%. This is a boost from Shell Midstream Partners’s previous quarterly dividend of $0.37. Shell Midstream Partners’s dividend payout ratio is 119.53%.

Institutional investors and hedge funds have recently modified their holdings of the business. Parkside Financial Bank & Trust bought a new stake in Shell Midstream Partners during the third quarter valued at $833,000. First Republic Investment Management Inc. bought a new stake in Shell Midstream Partners during the second quarter valued at $3,105,000. State of New Jersey Common Pension Fund D boosted its position in Shell Midstream Partners by 6.2% during the third quarter. State of New Jersey Common Pension Fund D now owns 273,900 shares of the pipeline company’s stock valued at $5,856,000 after acquiring an additional 16,000 shares during the last quarter. Cadence Capital Management LLC boosted its position in Shell Midstream Partners by 38.6% during the second quarter. Cadence Capital Management LLC now owns 334,962 shares of the pipeline company’s stock valued at $7,429,000 after acquiring an additional 93,272 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. boosted its position in Shell Midstream Partners by 23.4% during the third quarter. Duff & Phelps Investment Management Co. now owns 534,625 shares of the pipeline company’s stock valued at $11,430,000 after acquiring an additional 101,300 shares during the last quarter. 53.55% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Shell Midstream Partners (NYSE:SHLX)

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