Shell Midstream Partners Target of Unusually Large Options Trading (NYSE:SHLX)

Shell Midstream Partners LP (NYSE:SHLX) was the target of some unusual options trading on Tuesday. Traders acquired 6,298 put options on the company. This is an increase of approximately 6,460% compared to the average daily volume of 96 put options.

A number of brokerages have recently issued reports on SHLX. Zacks Investment Research upgraded Shell Midstream Partners from a “strong sell” rating to a “hold” rating in a research report on Friday, March 15th. JPMorgan Chase & Co. downgraded Shell Midstream Partners from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $25.00 to $23.00 in a research report on Wednesday, March 13th. ValuEngine upgraded Shell Midstream Partners from a “strong sell” rating to a “sell” rating in a research report on Wednesday, March 20th. Credit Suisse Group downgraded Shell Midstream Partners from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $22.00 to $17.00 in a research report on Tuesday, June 11th. Finally, Mizuho initiated coverage on Shell Midstream Partners in a research report on Wednesday, June 5th. They issued a “neutral” rating and a $22.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. Shell Midstream Partners presently has a consensus rating of “Hold” and an average price target of $24.00.

Shares of NYSE:SHLX traded up $0.34 during trading on Thursday, hitting $21.18. 281,179 shares of the company’s stock were exchanged, compared to its average volume of 615,284. The firm has a 50-day moving average of $20.67. Shell Midstream Partners has a 52-week low of $15.86 and a 52-week high of $25.08. The firm has a market capitalization of $4.74 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 4.80 and a beta of 1.03.

Shell Midstream Partners (NYSE:SHLX) last announced its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.02. The company had revenue of $131.00 million during the quarter, compared to analyst estimates of $127.60 million. Shell Midstream Partners had a negative return on equity of 190.89% and a net margin of 95.68%. During the same period in the prior year, the company earned $0.18 earnings per share. As a group, analysts anticipate that Shell Midstream Partners will post 1.74 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of SHLX. OppenheimerFunds Inc. lifted its stake in shares of Shell Midstream Partners by 119.2% during the 1st quarter. OppenheimerFunds Inc. now owns 5,754,685 shares of the pipeline company’s stock worth $117,683,000 after acquiring an additional 3,129,607 shares during the last quarter. Tortoise Capital Advisors L.L.C. lifted its stake in shares of Shell Midstream Partners by 14.2% during the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 23,729,540 shares of the pipeline company’s stock worth $485,269,000 after acquiring an additional 2,956,791 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in shares of Shell Midstream Partners by 591.7% during the 1st quarter. Neuberger Berman Group LLC now owns 1,428,815 shares of the pipeline company’s stock worth $29,219,000 after acquiring an additional 1,222,252 shares during the last quarter. Wexford Capital LP bought a new stake in shares of Shell Midstream Partners during the 4th quarter worth approximately $9,935,000. Finally, Kayne Anderson Capital Advisors LP increased its holdings in Shell Midstream Partners by 6.6% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 9,708,255 shares of the pipeline company’s stock worth $198,522,000 after purchasing an additional 597,152 shares during the period. 53.83% of the stock is owned by institutional investors and hedge funds.

About Shell Midstream Partners

Shell Midstream Partners, L.P. owns, operates, develops, and acquires pipelines and other midstream assets in the United States. It owns interests in crude oil and refined products pipelines and terminals to transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets.

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