Shell Midstream Partners (SHLX) Hits New 52-Week Low at $24.52

Shell Midstream Partners LP (NYSE:SHLX) shares hit a new 52-week low on Thursday . The stock traded as low as $24.52 and last traded at $24.54, with a volume of 336116 shares trading hands. The stock had previously closed at $24.91.

Several research analysts recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $36.00 target price on shares of Shell Midstream Partners in a research note on Friday, February 2nd. Zacks Investment Research downgraded shares of Shell Midstream Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, January 17th. Stifel Nicolaus downgraded shares of Shell Midstream Partners from a “buy” rating to a “hold” rating and boosted their target price for the company from $30.00 to $31.00 in a research note on Wednesday, January 17th. Citigroup reissued a “buy” rating and issued a $32.00 target price (down previously from $36.50) on shares of Shell Midstream Partners in a research note on Monday, November 20th. Finally, UBS Group lowered their price target on Shell Midstream Partners from $43.00 to $40.00 and set a “buy” rating for the company in a report on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. Shell Midstream Partners presently has a consensus rating of “Hold” and an average target price of $33.43.

The company has a current ratio of 3.36, a quick ratio of 3.36 and a debt-to-equity ratio of 42.36. The stock has a market cap of $5,693.77, a price-to-earnings ratio of 19.61, a P/E/G ratio of 1.24 and a beta of 1.02.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Monday, February 5th were issued a $0.333 dividend. This is a boost from Shell Midstream Partners’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, February 2nd. This represents a $1.33 annualized dividend and a yield of 5.54%. Shell Midstream Partners’s payout ratio is 104.72%.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in shares of Shell Midstream Partners by 56.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 15,864 shares of the pipeline company’s stock worth $481,000 after purchasing an additional 5,747 shares during the period. Alliancebernstein L.P. grew its holdings in shares of Shell Midstream Partners by 5.9% during the 2nd quarter. Alliancebernstein L.P. now owns 23,980 shares of the pipeline company’s stock worth $727,000 after purchasing an additional 1,343 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Shell Midstream Partners by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,693 shares of the pipeline company’s stock worth $172,000 after purchasing an additional 398 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Shell Midstream Partners by 0.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 31,971 shares of the pipeline company’s stock worth $969,000 after purchasing an additional 166 shares during the period. Finally, Saratoga Research & Investment Management purchased a new stake in shares of Shell Midstream Partners during the 3rd quarter worth about $146,000. Institutional investors own 45.10% of the company’s stock.

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Shell Midstream Partners Company Profile

Shell Midstream Partners, L.P. is a master limited partnership company, which owns, operates, develops and acquires pipelines and other midstream assets. The Company conducts its operations through its subsidiary, Shell Midstream Operating, LLC. Its assets consist of interests in entities that own crude oil and refined products pipelines serving as key infrastructure to transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets and to deliver refined products from those markets to demand centers.

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