Tortoise Capital Advisors L.L.C. increased its holdings in shares of Shell Midstream Partners, L.P. (NYSE:SHLX) by 9,341.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,839,512 shares of the pipeline company’s stock after acquiring an additional 8,745,892 shares during the period. Shell Midstream Partners makes up 2.0% of Tortoise Capital Advisors L.L.C.’s investment portfolio, making the stock its 18th largest holding. Tortoise Capital Advisors L.L.C. owned about 2.25% of Shell Midstream Partners worth $117,919,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. Zimmer Partners LP boosted its stake in Shell Midstream Partners by 6.9% during the first quarter. Zimmer Partners LP now owns 648,491 shares of the pipeline company’s stock worth $8,651,000 after acquiring an additional 41,605 shares in the last quarter. State of Wisconsin Investment Board bought a new stake in Shell Midstream Partners during the first quarter worth about $4,159,000. Glenmede Trust Co. NA boosted its stake in Shell Midstream Partners by 94.4% during the first quarter. Glenmede Trust Co. NA now owns 145,408 shares of the pipeline company’s stock worth $1,939,000 after acquiring an additional 70,600 shares in the last quarter. Tortoise Index Solutions LLC boosted its stake in Shell Midstream Partners by 4.9% during the first quarter. Tortoise Index Solutions LLC now owns 98,166 shares of the pipeline company’s stock worth $1,310,000 after acquiring an additional 4,546 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in Shell Midstream Partners by 1.4% during the first quarter. Royal Bank of Canada now owns 68,202 shares of the pipeline company’s stock worth $910,000 after acquiring an additional 955 shares in the last quarter. 20.69% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have issued reports on SHLX. Zacks Investment Research raised shares of Shell Midstream Partners from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Wednesday. Mizuho lifted their target price on shares of Shell Midstream Partners from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, May 3rd. Finally, Wells Fargo & Company lifted their target price on shares of Shell Midstream Partners from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Thursday, May 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Shell Midstream Partners currently has an average rating of “Hold” and an average target price of $13.17.
Shell Midstream Partners (NYSE:SHLX) last announced its earnings results on Friday, April 30th. The pipeline company reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.03. Shell Midstream Partners had a net margin of 113.83% and a return on equity of 90.23%. The business had revenue of $139.00 million during the quarter, compared to analysts’ expectations of $135.14 million. During the same period in the prior year, the company earned $0.36 earnings per share. The firm’s revenue was up 14.9% on a year-over-year basis. Equities analysts expect that Shell Midstream Partners, L.P. will post 1.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Tuesday, May 4th were given a $0.46 dividend. The ex-dividend date of this dividend was Monday, May 3rd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 13.57%. Shell Midstream Partners’s payout ratio is currently 147.20%.
About Shell Midstream Partners
Shell Midstream Partners, L.P. owns, operates, develops, and acquires pipelines and other midstream, and logistics 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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