EnTrustPermal Partners Offshore LP purchased a new position in shares of Shell Midstream Partners LP (NYSE:SHLX) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 99,600 shares of the pipeline company’s stock, valued at approximately $2,970,000. Shell Midstream Partners accounts for about 1.0% of EnTrustPermal Partners Offshore LP’s portfolio, making the stock its 20th biggest holding.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Stuart Chaussee & Associates Inc. acquired a new stake in Shell Midstream Partners during the 4th quarter worth about $152,000. The Manufacturers Life Insurance Company raised its stake 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 valued at $172,000 after buying an additional 398 shares during the last quarter. Balentine LLC raised its stake in shares of Shell Midstream Partners by 63.7% during the 3rd quarter. Balentine LLC now owns 7,763 shares of the pipeline company’s stock valued at $216,000 after buying an additional 3,021 shares during the last quarter. Creative Planning purchased a new position in shares of Shell Midstream Partners during the 4th quarter valued at about $235,000. Finally, Institutional & Family Asset Management LLC purchased a new position in shares of Shell Midstream Partners during the 3rd quarter valued at about $237,000. 44.85% of the stock is owned by institutional investors.
Shell Midstream Partners LP (SHLX) opened at $25.29 on Friday. The firm has a market capitalization of $5,620.00, a PE ratio of 19.76, a price-to-earnings-growth ratio of 1.64 and a beta of 1.15. Shell Midstream Partners LP has a 52 week low of $23.87 and a 52 week high of $33.34. The company has a debt-to-equity ratio of -3.30, a quick ratio of 3.36 and a current ratio of 3.71.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Monday, February 5th were paid a $0.333 dividend. This represents a $1.33 annualized dividend and a dividend yield of 5.27%. The ex-dividend date was Friday, February 2nd. This is a positive change from Shell Midstream Partners’s previous quarterly dividend of $0.32. Shell Midstream Partners’s payout ratio is currently 103.91%.
A number of equities analysts have weighed in on the company. UBS Group reiterated a “buy” rating and set a $38.00 price objective (down previously from $40.00) on shares of Shell Midstream Partners in a research note on Friday, March 2nd. Stifel Nicolaus set a $26.00 price objective on Shell Midstream Partners and gave the company a “hold” rating in a research note on Thursday, March 1st. Zacks Investment Research lowered Shell Midstream Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, January 17th. Morgan Stanley reduced their price objective on Shell Midstream Partners from $31.00 to $30.00 and set an “equal weight” rating for the company in a research note on Friday, November 17th. Finally, Barclays reduced their price objective on Shell Midstream Partners from $30.00 to $29.00 and set an “equal weight” rating for the company in a research note on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $31.83.
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About Shell Midstream Partners
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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