Shell Midstream Partners, L.P. (SHLX) Announces Quarterly Earnings Results, Misses Estimates By $0.05 EPS
Shell Midstream Partners, L.P. (NYSE:SHLX) issued its earnings results on Wednesday. The pipeline company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05), Bloomberg Earnings reports. Shell Midstream Partners, L.P. had a return on equity of 258.67% and a net margin of 87.22%. The firm had revenue of $94.40 million during the quarter, compared to analyst estimates of $86.36 million. During the same period in the previous year, the company earned $0.28 earnings per share. The business’s revenue for the quarter was up 39.0% on a year-over-year basis.
Shell Midstream Partners, L.P. (NYSE SHLX) traded up $0.32 during trading hours on Friday, hitting $26.36. The company had a trading volume of 509,781 shares, compared to its average volume of 361,366. The firm has a market capitalization of $4,814.10, a price-to-earnings ratio of 20.79 and a beta of 1.12.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, November 14th will be given a $0.318 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 4.83%. This is an increase from Shell Midstream Partners, L.P.’s previous quarterly dividend of $0.30. Shell Midstream Partners, L.P.’s payout ratio is currently 102.42%.
A hedge fund recently raised its stake in Shell Midstream Partners, L.P. stock. The Manufacturers Life Insurance Company increased its stake in shares of Shell Midstream Partners, L.P. (NYSE:SHLX) by 7.5% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 5,693 shares of the pipeline company’s stock after acquiring an additional 398 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Shell Midstream Partners, L.P. were worth $172,000 at the end of the most recent reporting period. 43.67% of the stock is owned by hedge funds and other institutional investors.
SHLX has been the topic of several research reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $36.00 target price on shares of Shell Midstream Partners, L.P. in a research report on Friday, July 14th. Zacks Investment Research upgraded Shell Midstream Partners, L.P. from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. BidaskClub downgraded Shell Midstream Partners, L.P. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $41.00 target price on shares of Shell Midstream Partners, L.P. in a research note on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $36.83.
About Shell Midstream Partners, L.P.
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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