Shell Midstream Partners LP (NYSE:SHLX) declared a quarterly dividend on Friday, October 26th, Wall Street Journal reports. Stockholders of record on Monday, November 5th will be given a dividend of 0.382 per share by the pipeline company on Wednesday, November 14th. This represents a $1.53 dividend on an annualized basis and a dividend yield of 7.48%. The ex-dividend date is Friday, November 2nd. This is a boost from Shell Midstream Partners’s previous quarterly dividend of $0.37.
Shell Midstream Partners has a dividend payout ratio of 112.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Shell Midstream Partners to earn $1.69 per share next year, which means the company should continue to be able to cover its $1.53 annual dividend with an expected future payout ratio of 90.5%.
SHLX opened at $20.44 on Thursday. The firm has a market cap of $4.55 billion, a PE ratio of 15.97, a PEG ratio of 4.85 and a beta of 1.23. The company has a quick ratio of 3.66, a current ratio of 3.66 and a debt-to-equity ratio of 2.18. Shell Midstream Partners has a one year low of $19.42 and a one year high of $31.19.
SHLX has been the subject of a number of recent analyst reports. Zacks Investment Research lowered shares of Shell Midstream Partners from a “buy” rating to a “hold” rating in a research report on Saturday, September 1st. Bank of America initiated coverage on shares of Shell Midstream Partners in a research report on Tuesday, July 10th. They set a “buy” rating and a $27.00 price target for the company. Credit Suisse Group initiated coverage on shares of Shell Midstream Partners in a research report on Thursday, October 11th. They set a “neutral” rating and a $24.00 price target for the company. Wells Fargo & Co reduced their price target on shares of Shell Midstream Partners from $24.00 to $22.00 and set a “market perform” rating for the company in a research report on Thursday, September 13th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Shell Midstream Partners from $28.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday, August 24th. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. Shell Midstream Partners currently has an average rating of “Hold” and an average price target of $27.12.
A hedge fund recently raised its stake in Shell Midstream Partners stock. Bank of New York Mellon Corp increased its stake in Shell Midstream Partners LP (NYSE:SHLX) by 55.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,151 shares of the pipeline company’s stock after acquiring an additional 10,359 shares during the period. Bank of New York Mellon Corp’s holdings in Shell Midstream Partners were worth $646,000 as of its most recent SEC filing. 53.28% of the stock is currently owned by institutional investors.
About Shell Midstream Partners
Shell Midstream Partners, L.P. owns, operates, develops, and acquires pipelines and other midstream assets in the United States. Its crude oil pipeline systems include a 350 miles of Zydeco pipeline system; a 130-miles of delta pipeline; a 174-mile offshore Gulf of Mexico corridor pipeline; and a 75-mile offshore pipeline.
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