Shell Midstream Partners (SHLX) Price Target Cut to $22.00 by Analysts at Wells Fargo & Co

Shell Midstream Partners (NYSE:SHLX) had its target price reduced by Wells Fargo & Co from $24.00 to $22.00 in a report published on Thursday morning. They currently have a market perform rating on the pipeline company’s stock.

SHLX has been the topic of a number of other reports. Zacks Investment Research downgraded Shell Midstream Partners from a buy rating to a hold rating in a research note on Saturday, September 1st. Bank of America initiated coverage on Shell Midstream Partners in a research note on Tuesday, July 10th. They issued a buy rating and a $27.00 price target on the stock. Stifel Nicolaus lifted their price target on Shell Midstream Partners from $25.00 to $26.00 and gave the company a hold rating in a research note on Wednesday, May 16th. JPMorgan Chase & Co. decreased their price target on 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, ValuEngine downgraded Shell Midstream Partners from a sell rating to a strong sell rating in a research note on Wednesday, August 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $27.38.

Shell Midstream Partners stock opened at $21.54 on Thursday. The company has a current ratio of 3.66, a quick ratio of 3.66 and a debt-to-equity ratio of -6.59. Shell Midstream Partners has a 1-year low of $19.42 and a 1-year high of $31.19. The company has a market capitalization of $4.98 billion, a P/E ratio of 18.69, a price-to-earnings-growth ratio of 6.28 and a beta of 1.22.

Shell Midstream Partners (NYSE:SHLX) last posted its quarterly 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. Shell Midstream Partners had a negative return on equity of 295.18% and a net margin of 74.14%. The firm had revenue of $129.30 million for the quarter, compared to the consensus estimate of $120.71 million. During the same period in the previous year, the business earned $0.18 earnings per share. The company’s revenue for the quarter was up 29.8% compared to the same quarter last year. equities analysts anticipate that Shell Midstream Partners will post 1.18 earnings per share for the current fiscal year.

In other news, Director Curtis R. Frasier bought 5,000 shares of the firm’s stock in a transaction on Tuesday, June 26th. The shares were bought at an average cost of $21.94 per share, for a total transaction of $109,700.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at $109,700. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

A number of institutional investors and hedge funds have recently bought and sold shares of SHLX. Baldwin Brothers Inc. MA purchased a new stake in Shell Midstream Partners during the second quarter worth $291,000. Icon Wealth Partners LLC raised its holdings in shares of Shell Midstream Partners by 22.2% in the first quarter. Icon Wealth Partners LLC now owns 16,923 shares of the pipeline company’s stock worth $356,000 after acquiring an additional 3,069 shares during the last quarter. Botty Investors LLC raised its holdings in shares of Shell Midstream Partners by 525.0% in the first quarter. Botty Investors LLC now owns 17,801 shares of the pipeline company’s stock worth $375,000 after acquiring an additional 14,953 shares during the last quarter. Tortoise Index Solutions LLC raised its holdings in shares of Shell Midstream Partners by 16.3% in the second quarter. Tortoise Index Solutions LLC now owns 20,346 shares of the pipeline company’s stock worth $451,000 after acquiring an additional 2,845 shares during the last quarter. Finally, Infrastructure Capital Advisors LLC raised its holdings in shares of Shell Midstream Partners by 10.4% in the first quarter. Infrastructure Capital Advisors LLC now owns 25,902 shares of the pipeline company’s stock worth $545,000 after acquiring an additional 2,446 shares during the last quarter. Institutional investors own 54.83% 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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