Shell Midstream Partners (NYSE:SHLX) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Shell Midstream Partners (NYSE:SHLX) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $24.00 price target on the pipeline company’s stock.

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. “

Several other brokerages also recently weighed in on SHLX. Credit Suisse Group assumed coverage on shares of Luckin Coffee in a research report on Tuesday, June 11th. They issued an outperform rating and a $24.00 price objective on the stock. Mizuho set a $71.00 price objective on shares of CVS Health and gave the company a buy rating in a research report on Wednesday, June 5th. ValuEngine downgraded shares of Zions Bancorporation NA from a hold rating to a sell rating in a research report on Wednesday, March 20th. Finally, JPMorgan Chase & Co. set a €47.00 ($54.65) price objective on shares of BNP Paribas and gave the company a neutral rating in a research report on Wednesday, March 13th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $23.89.

Shell Midstream Partners stock opened at $21.43 on Tuesday. The business has a 50-day simple moving average of $20.67. Shell Midstream Partners has a 1 year low of $15.86 and a 1 year high of $25.08. The company has a market cap of $4.75 billion, a P/E ratio of 11.98, a P/E/G ratio of 4.88 and a beta of 1.03.

Shell Midstream Partners (NYSE:SHLX) last posted its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.02. Shell Midstream Partners had a net margin of 95.68% and a negative return on equity of 190.89%. The company had revenue of $131.00 million for the quarter, compared to the consensus estimate of $127.60 million. During the same period last year, the firm posted $0.18 EPS. Sell-side analysts expect that Shell Midstream Partners will post 1.74 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. Macroview Investment Management LLC bought a new stake in shares of Shell Midstream Partners during the 1st quarter worth about $28,000. Bessemer Group Inc. bought a new stake in shares of Shell Midstream Partners during the 4th quarter worth about $35,000. Monetary Management Group Inc. raised its position in shares of Shell Midstream Partners by 750.0% during the 1st quarter. Monetary Management Group Inc. now owns 6,800 shares of the pipeline company’s stock worth $139,000 after buying an additional 6,000 shares in the last quarter. Holistic Financial Partners bought a new stake in shares of Shell Midstream Partners during the 1st quarter worth about $208,000. Finally, Icon Wealth Partners LLC raised its position in shares of Shell Midstream Partners by 10.0% during the 1st quarter. Icon Wealth Partners LLC now owns 10,904 shares of the pipeline company’s stock worth $223,000 after buying an additional 987 shares in the last quarter. Institutional investors own 53.83% of the company’s stock.

About Shell Midstream Partners

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.

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