Shell Midstream Partners L.P. [SHLX] Revenue clocked in at $477.00 million, down -51.06% YTD: What’s Next?

Shell Midstream Partners L.P. [NYSE: SHLX] gained 6.46% on the last trading session, reaching $9.89 price per share at the time. The company report on October 30, 2020 that SHELL MIDSTREAM PARTNERS, L.P. 3rd QUARTER 2020 UNAUDITED RESULTS.

Shell Midstream Partners, L.P. (NYSE: SHLX) (the “Partnership” or “Shell Midstream Partners”) reported net income attributable to the Partnership of $135 million for the third quarter of 2020, which equated to $0.30 per diluted common limited partner unit. Shell Midstream Partners also generated adjusted earnings before interest, income taxes, depreciation and amortization attributable to the Partnership of $191 million.

Total cash available for distribution was $163 million, consistent with the prior quarter. The Partnership dealt with multiple storms in the Gulf of Mexico, planned turnaround activities and the continuing effects of the COVID-19 pandemic. The financial results were negatively impacted by lower offshore throughput in the Gulf of Mexico as we experienced multiple producer shut-ins, as well as by the ongoing effects of the COVID-19 pandemic and its impact on our onshore systems. However, these impacts were largely offset by increased distributions from certain of our investments.

Shell Midstream Partners L.P. represents 393.30 million in outstanding shares, while the company has a total market value of $3.91 billion with the latest information. SHLX stock price has been found in the range of $9.12 to $9.95.

If compared to the average trading volume of 1.27M shares, SHLX reached a trading volume of 2954285 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Shell Midstream Partners L.P. [SHLX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SHLX shares is $12.64 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SHLX stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Barclays have made an estimate for Shell Midstream Partners L.P. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on October 15, 2020. While these analysts kept the previous recommendation, Barclays raised their target price to Equal Weight. The new note on the price target was released on June 04, 2020, representing the official price target for Shell Midstream Partners L.P. stock. Previously, the target price had yet another drop from $17 to $13, while Credit Suisse kept a Neutral rating on SHLX stock.

The Average True Range (ATR) for Shell Midstream Partners L.P. is set at 0.40, with the Price to Sales ratio for SHLX stock in the period of the last 12 months amounting to 8.20. The Price to Book ratio for the last quarter was 6.26, with the Price to Cash per share for the same quarter was set at 0.83.

Trading performance analysis for SHLX stock

Shell Midstream Partners L.P. [SHLX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.00. With this latest performance, SHLX shares gained by 7.73% in over the last four-week period, additionally sinking by -25.97% over the last 6 months – not to mention a drop of -50.35% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SHLX stock in for the last two-week period is set at 62.14, with the RSI for the last a single of trading hit 67.37, and the three-weeks RSI is set at 56.41 for Shell Midstream Partners L.P. [SHLX]. The present Moving Average for the last 50 days of trading for this stock 9.32, while it was recorded at 9.47 for the last single week of trading, and 11.85 for the last 200 days.

Shell Midstream Partners L.P. [SHLX]: A deeper dive into fundamental analysis

Shell Midstream Partners L.P.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.70 and a Current Ratio set at 4.70.

Shell Midstream Partners L.P. [SHLX]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Shell Midstream Partners L.P. posted 0.37/share EPS, while the average EPS was predicted by analysts to be reported at 0.4/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -7.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SHLX. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Shell Midstream Partners L.P. go to 1.60%.

An analysis of insider ownership at Shell Midstream Partners L.P. [SHLX]

There are presently around $1,082 million, or 29.40% of SHLX stock, in the hands of institutional investors. The top three institutional holders of SHLX stocks are: TORTOISE CAPITAL ADVISORS, L.L.C. with ownership of 16,324,698, which is approximately -7.342% of the company’s market cap and around 68.54% of the total institutional ownership; ALPS ADVISORS INC, holding 14,889,297 shares of the stock with an approximate value of $147.25 million in SHLX stocks shares; and CHICKASAW CAPITAL MANAGEMENT LLC, currently with $92.75 million in SHLX stock with ownership of nearly -2.303% of the company’s market capitalization.

59 institutional holders increased their position in Shell Midstream Partners L.P. [NYSE:SHLX] by around 10,293,463 shares. Additionally, 73 investors decreased positions by around 14,402,305 shares, while 29 investors held positions by with 84,669,948 shares. The mentioned changes placed institutional holdings at 109,365,716 shares, according to the latest SEC report filing. SHLX stock had 17 new institutional investments in for a total of 2,602,719 shares, while 27 institutional investors sold positions of 1,233,246 shares during the same period.

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