Zacks Investment Research Lowers Shell Midstream Partners (NYSE:SHLX) to Sell

Shell Midstream Partners (NYSE:SHLX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, January 17th.

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. “

A number of other research analysts have also weighed in on the company. Stifel Nicolaus lowered Shell Midstream Partners from a “buy” rating to a “hold” rating and raised their price objective for the company from $30.00 to $31.00 in a report on Wednesday, January 17th. Citigroup reiterated a “buy” rating and set a $32.00 price target (down previously from $36.50) on shares of Shell Midstream Partners in a report on Monday, November 20th. UBS Group reduced their price target on Shell Midstream Partners from $43.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, November 17th. Barclays reduced their price target on Shell Midstream Partners from $30.00 to $29.00 and set an “equal weight” rating on the stock in a report on Friday, November 17th. Finally, Morgan Stanley reduced their price objective on shares of Shell Midstream Partners from $31.00 to $30.00 and set an “equal weight” rating on the stock in a report on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.43.

Shares of Shell Midstream Partners (NYSE SHLX) traded up $0.40 during midday trading on Wednesday, hitting $26.01. 475,702 shares of the stock were exchanged, compared to its average volume of 1,072,110. Shell Midstream Partners has a twelve month low of $24.68 and a twelve month high of $34.17. The firm has a market cap of $4,810.00, a PE ratio of 20.64, a price-to-earnings-growth ratio of 1.25 and a beta of 1.02. The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 42.36.

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in Shell Midstream Partners by 56.8% during the second quarter. Bank of New York Mellon Corp now owns 15,864 shares of the pipeline company’s stock worth $481,000 after purchasing an additional 5,747 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Shell Midstream Partners by 5.9% during the second quarter. Alliancebernstein L.P. now owns 23,980 shares of the pipeline company’s stock worth $727,000 after purchasing an additional 1,343 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Shell Midstream Partners by 7.9% during the second quarter. PNC Financial Services Group Inc. now owns 120,886 shares of the pipeline company’s stock worth $3,663,000 after purchasing an additional 8,892 shares during the last quarter. Virtu KCG Holdings LLC purchased a new stake in Shell Midstream Partners during the second quarter worth approximately $344,000. Finally, Global Endowment Management LP lifted its stake in Shell Midstream Partners by 40.3% during the second quarter. Global Endowment Management LP now owns 27,520 shares of the pipeline company’s stock worth $834,000 after purchasing an additional 7,900 shares during the last quarter. 44.69% of the stock is owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION NOTICE: This piece of content was posted by The Lincolnian Online and is the sole property of of The Lincolnian Online. If you are viewing this piece of content on another website, it was copied illegally and reposted in violation of U.S. and international trademark & copyright law. The correct version of this piece of content can be accessed at https://www.thelincolnianonline.com/2018/02/12/shell-midstream-partners-shlx-downgraded-to-sell-at-zacks-investment-research-updated-updated-updated.html.

About Shell Midstream Partners

Shell Midstream Partners, L.P. is a master limited partnership company, which owns, operates, develops and acquires pipelines and other midstream assets. The Company conducts its operations through its subsidiary, Shell Midstream Operating, LLC. Its assets consist of interests in entities that own crude oil and refined products pipelines serving as key infrastructure to transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets and to deliver refined products from those markets to demand centers.

Get a free copy of the Zacks research report on Shell Midstream Partners (SHLX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Shell Midstream Partners (NYSE:SHLX)

Receive News & Ratings for Shell Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shell Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply