Gryphon Financial Partners LLC boosted its stake in Shell Midstream Partners LP (NYSE:SHLX) by 350.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,525 shares of the pipeline company’s stock after purchasing an additional 11,300 shares during the period. Gryphon Financial Partners LLC’s holdings in Shell Midstream Partners were worth $310,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of SHLX. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Shell Midstream Partners during the 2nd quarter valued at $68,525,000. Bank of Montreal Can bought a new stake in shares of Shell Midstream Partners during the 2nd quarter valued at $44,626,000. Tortoise Capital Advisors L.L.C. grew its position in shares of Shell Midstream Partners by 7.3% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 17,678,457 shares of the pipeline company’s stock valued at $392,108,000 after acquiring an additional 1,204,808 shares during the period. Eagle Global Advisors LLC grew its position in shares of Shell Midstream Partners by 40.8% during the 2nd quarter. Eagle Global Advisors LLC now owns 2,946,050 shares of the pipeline company’s stock valued at $65,343,000 after acquiring an additional 853,530 shares during the period. Finally, Kayne Anderson Capital Advisors LP grew its position in shares of Shell Midstream Partners by 9.9% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 8,169,086 shares of the pipeline company’s stock valued at $181,179,000 after acquiring an additional 736,496 shares during the period. 53.55% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on SHLX shares. Stifel Nicolaus cut their price objective on shares of Shell Midstream Partners from $26.00 to $24.00 and set a “hold” rating for the company in a research report on Friday, August 3rd. Zacks Investment Research raised shares of Shell Midstream Partners from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a report on Thursday, July 19th. Credit Suisse Group started coverage on shares of Shell Midstream Partners in a report on Thursday, October 11th. They issued a “neutral” rating and a $24.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of Shell Midstream Partners from $28.00 to $27.00 and set an “overweight” rating for the company in a report on Friday, August 24th. Finally, ValuEngine raised shares of Shell Midstream Partners from a “strong sell” rating to a “sell” rating in a report on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $26.27.
Shares of Shell Midstream Partners stock opened at $19.55 on Friday. The firm has a market capitalization of $4.24 billion, a P/E ratio of 13.74, a PEG ratio of 4.42 and a beta of 1.13. The company has a quick ratio of 3.66, a current ratio of 4.64 and a debt-to-equity ratio of 2.18. Shell Midstream Partners LP has a fifty-two week low of $18.58 and a fifty-two week high of $31.19.
Shell Midstream Partners (NYSE:SHLX) last issued its earnings results on Thursday, November 1st. The pipeline company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.08. The company had revenue of $153.50 million during the quarter, compared to the consensus estimate of $137.00 million. Shell Midstream Partners had a net margin of 80.40% and a negative return on equity of 215.59%. During the same quarter in the prior year, the firm posted $0.31 EPS. On average, sell-side analysts forecast that Shell Midstream Partners LP will post 1.45 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Monday, November 5th will be paid a $0.382 dividend. The ex-dividend date is Friday, November 2nd. This represents a $1.53 annualized dividend 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 payout ratio is presently 119.53%.
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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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