Zacks Investment Research downgraded shares of Shell Midstream Partners (NYSE:SHLX) from a buy rating to a hold rating in a report published on Wednesday.
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. “
Other research analysts have also issued research reports about the company. ValuEngine raised Shell Midstream Partners from a strong sell rating to a sell rating in a research report on Thursday, October 11th. Credit Suisse Group started coverage on Shell Midstream Partners in a report on Thursday, October 11th. They issued a neutral rating and a $24.00 target price on the stock. Royal Bank of Canada lowered Shell Midstream Partners from an outperform rating to a sector perform rating and set a $22.00 target price on the stock. in a report on Tuesday, November 6th. Morgan Stanley dropped their target price on 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, Bank of America lowered Shell Midstream Partners from a neutral rating to an underperform rating in a report on Monday, December 10th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $26.04.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Shareholders of record on Monday, February 4th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 8.32%. This is an increase from Shell Midstream Partners’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, February 1st. Shell Midstream Partners’s payout ratio is presently 125.00%.
Institutional investors and hedge funds have recently bought and sold shares of the business. Penserra Capital Management LLC purchased a new position in Shell Midstream Partners during the fourth quarter worth about $166,000. MHI Funds LLC purchased a new position in Shell Midstream Partners during the third quarter worth about $240,000. Advisors Asset Management Inc. purchased a new position in Shell Midstream Partners during the third quarter worth about $249,000. First National Trust Co purchased a new position in Shell Midstream Partners during the third quarter worth about $270,000. Finally, Gryphon Financial Partners LLC lifted its position in Shell Midstream Partners by 350.4% during the third quarter. Gryphon Financial Partners LLC now owns 14,525 shares of the pipeline company’s stock worth $310,000 after buying an additional 11,300 shares during the period. Institutional investors own 53.05% of the company’s stock.
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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