Parkside Financial Bank & Trust Decreases Position in Shell Midstream Partners LP (NYSE:SHLX)

Parkside Financial Bank & Trust lessened its holdings in Shell Midstream Partners LP (NYSE:SHLX) by 6.1% during the third quarter, Holdings Channel.com reports. The firm owned 26,832 shares of the pipeline company’s stock after selling 1,757 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Shell Midstream Partners were worth $549,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Russell Investments Group Ltd. raised its position in Shell Midstream Partners by 54.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 324,400 shares of the pipeline company’s stock worth $6,722,000 after purchasing an additional 115,000 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Shell Midstream Partners by 47.7% in the second quarter. Envestnet Asset Management Inc. now owns 34,902 shares of the pipeline company’s stock valued at $723,000 after acquiring an additional 11,277 shares during the period. Van ECK Associates Corp increased its position in shares of Shell Midstream Partners by 3.3% in the second quarter. Van ECK Associates Corp now owns 40,959 shares of the pipeline company’s stock valued at $849,000 after acquiring an additional 1,290 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Shell Midstream Partners by 47.2% in the second quarter. BNP Paribas Arbitrage SA now owns 88,072 shares of the pipeline company’s stock valued at $1,825,000 after acquiring an additional 28,232 shares during the period. Finally, Eagle Global Advisors LLC purchased a new position in shares of Shell Midstream Partners in the second quarter valued at about $392,000. Institutional investors own 50.98% of the company’s stock.

Shares of NYSE SHLX traded down $0.07 during midday trading on Friday, hitting $20.37. 623,954 shares of the company traded hands, compared to its average volume of 735,900. Shell Midstream Partners LP has a 12-month low of $15.86 and a 12-month high of $21.99. The stock has a 50-day moving average price of $20.61 and a 200 day moving average price of $20.60. The firm has a market cap of $4.77 billion, a P/E ratio of 11.69, a P/E/G ratio of 12.11 and a beta of 1.06.

Shell Midstream Partners (NYSE:SHLX) last announced its quarterly earnings results on Thursday, October 31st. The pipeline company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.05. Shell Midstream Partners had a net margin of 101.89% and a negative return on equity of 104.00%. The company had revenue of $125.00 million for the quarter, compared to analysts’ expectations of $116.18 million. During the same quarter in the previous year, the company earned $0.50 earnings per share. Shell Midstream Partners’s quarterly revenue was down 18.6% on a year-over-year basis. Sell-side analysts predict that Shell Midstream Partners LP will post 1.69 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be given a dividend of $0.445 per share. The ex-dividend date is Friday, November 1st. This represents a $1.78 annualized dividend and a dividend yield of 8.74%. This is a boost from Shell Midstream Partners’s previous quarterly dividend of $0.43.

A number of research firms have issued reports on SHLX. Mizuho cut shares of Shell Midstream Partners from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $22.00 to $19.00 in a research report on Wednesday, July 17th. Zacks Investment Research cut shares of Shell Midstream Partners from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. cut shares of Shell Midstream Partners from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $23.00 to $22.00 in a research report on Tuesday, August 20th. UBS Group decreased their price objective on shares of Shell Midstream Partners from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Finally, ValuEngine cut shares of Shell Midstream Partners from a “sell” rating to a “strong sell” rating in a research report on Monday, November 4th. Five analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Shell Midstream Partners presently has an average rating of “Hold” and a consensus price target of $21.29.

Shell Midstream Partners Company Profile

Shell Midstream Partners, L.P. owns, operates, develops, and acquires pipelines and other midstream assets in the United States. It owns interests in crude oil and refined products pipelines and terminals to transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets.

Further Reading: Mutual Funds

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Institutional Ownership by Quarter for Shell Midstream Partners (NYSE:SHLX)

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