Cohen & Steers Inc. reduced its stake in Shell Midstream Partners LP (NYSE:SHLX) by 61.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 265,240 shares of the pipeline company’s stock after selling 431,118 shares during the period. Cohen & Steers Inc.’s holdings in Shell Midstream Partners were worth $4,353,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in SHLX. Tortoise Capital Advisors L.L.C. grew its holdings in Shell Midstream Partners by 10.7% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 20,772,749 shares of the pipeline company’s stock worth $340,881,000 after purchasing an additional 2,005,785 shares during the period. Alps Advisors Inc. grew its holdings in Shell Midstream Partners by 12.6% in the fourth quarter. Alps Advisors Inc. now owns 12,317,939 shares of the pipeline company’s stock worth $202,137,000 after purchasing an additional 1,375,302 shares during the period. Kayne Anderson Capital Advisors LP grew its holdings in Shell Midstream Partners by 1.0% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 9,111,103 shares of the pipeline company’s stock worth $149,497,000 after purchasing an additional 89,650 shares during the period. Advisory Research Inc. grew its holdings in Shell Midstream Partners by 8.6% in the third quarter. Advisory Research Inc. now owns 4,420,728 shares of the pipeline company’s stock worth $94,515,000 after purchasing an additional 349,010 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Shell Midstream Partners by 1.1% in the third quarter. JPMorgan Chase & Co. now owns 3,151,481 shares of the pipeline company’s stock worth $67,379,000 after purchasing an additional 34,230 shares during the period. 54.04% of the stock is owned by institutional investors.
In related news, insider Shawn J. Carsten bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were bought at an average price of $18.16 per share, for a total transaction of $90,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
NYSE:SHLX opened at $19.11 on Friday. Shell Midstream Partners LP has a 52 week low of $15.86 and a 52 week high of $25.19. The company has a market cap of $4.25 billion, a PE ratio of 12.85, a PEG ratio of 3.56 and a beta of 1.29.
Shell Midstream Partners (NYSE:SHLX) last posted its quarterly earnings results on Thursday, February 21st. The pipeline company reported $0.45 EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.04). Shell Midstream Partners had a net margin of 88.45% and a negative return on equity of 411.89%. The firm had revenue of $142.30 million for the quarter, compared to analysts’ expectations of $146.32 million. During the same quarter in the previous year, the company earned $0.35 EPS. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Shell Midstream Partners LP will post 1.78 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 14th. Stockholders of record on Monday, February 4th were issued a dividend of $0.40 per share. This is a boost from Shell Midstream Partners’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Friday, February 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 8.37%.
A number of equities research analysts have weighed in on SHLX shares. Bank of America cut shares of Shell Midstream Partners from a “neutral” rating to an “underperform” rating in a report on Monday, December 10th. Zacks Investment Research cut shares of Shell Midstream Partners from a “buy” rating to a “hold” rating in a report on Wednesday, February 6th. ValuEngine upgraded shares of Shell Midstream Partners from a “strong sell” rating to a “sell” rating in a report on Thursday, December 13th. Morgan Stanley cut their price target on shares of Shell Midstream Partners from $27.00 to $25.00 and set an “equal weight” rating on the stock in a report on Friday, November 30th. Finally, UBS Group cut their price target on shares of Shell Midstream Partners from $37.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, March 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Shell Midstream Partners has an average rating of “Hold” and a consensus target price of $25.65.
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Shell Midstream Partners Company Profile
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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