The stock of Shell Midstream Partners LP (NYSE:SHLX) hit a new 52-week low and has $23.80 target or 8.00% below today’s $25.87 share price. The 7 months bearish chart indicates high risk for the $4.62 billion company. The 1-year low was reported on Nov, 16 by Barchart.com. If the $23.80 price target is reached, the company will be worth $369.60M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 57,017 shares traded hands. Shell Midstream Partners LP (NYSE:SHLX) has declined 24.45% since April 14, 2016 and is downtrending. It has underperformed by 29.13% the S&P500.
Shell Midstream Partners LP (NYSE:SHLX) Ratings Coverage
Out of 6 analysts covering Shell Midstream Partners (NYSE:SHLX), 4 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 67% are positive. Shell Midstream Partners has been the topic of 9 analyst reports since July 2, 2015 according to StockzIntelligence Inc. The rating was maintained by Barclays Capital on Thursday, July 2 with “Overweight”. The stock of Shell Midstream Partners LP (NYSE:SHLX) has “Buy” rating given on Thursday, August 18 by Stifel Nicolaus. The company was downgraded on Thursday, November 10 by Barclays Capital. The stock of Shell Midstream Partners LP (NYSE:SHLX) earned “Equal-Weight” rating by Morgan Stanley on Thursday, June 16. The firm has “Outperform” rating by RBC Capital Markets given on Monday, May 2. The stock of Shell Midstream Partners LP (NYSE:SHLX) has “Outperform” rating given on Wednesday, November 9 by RBC Capital Markets. The stock of Shell Midstream Partners LP (NYSE:SHLX) earned “Buy” rating by Mizuho on Friday, September 30. The rating was reinitiated by Evercore on Monday, November 30 with “Buy”.
According to Zacks Investment Research, “Shell Midstream Partners, L.P. engages in owning, operating, developing and acquiring pipelines and other midstream assets. Its initial assets consist of interests in entities that own crude oil and refined products pipelines serving as key infrastructure to transport growing onshore and offshore crude oil production to Gulf Coast refining markets and to deliver refined products from those markets to major demand centers. Shell Midstream Partners, L.P. is based in Houston, Texas.”
More important recent Shell Midstream Partners LP (NYSE:SHLX) news were published by: Globenewswire.com which released: “Shell Midstream Partners, L.P. Announces Acquisition of Additional Interests …” on May 17, 2016, also Fool.com published article titled: “Shell Midstream Partners Is Likely to Have a Stupendous 2016”, Seekingalpha.com published: “Shell Midstream Partners – Reliable Yield During The Downturn” on September 02, 2016. More interesting news about Shell Midstream Partners LP (NYSE:SHLX) was released by: Seekingalpha.com and their article: “Shell Midstream Partners A Meaningful Offshoot From Its Parent” with publication date: September 14, 2016.
SHLX Company Profile
Shell Midstream Partners, L.P., incorporated on March 19, 2014, is a master limited partnership firm formed to own, operate, develop and acquire pipelines and other midstream assets. The Firm has interests in approximately four crude oil pipeline systems, approximately two refined products systems and a crude tank storage and terminal system. The crude oil pipeline systems, which are held by Zydeco Pipeline Company LLC (Zydeco); Mars Oil Pipeline Company (Mars); Poseidon Oil Pipeline Company, LLC (Poseidon), and Pecten Midstream LLC (Pecten), are located along the Texas and Louisiana Gulf Coast and in the Gulf of Mexico. The Firm has interests in Zydeco, Mars, Bengal, Colonial, Poseidon and Pecten. Zydeco spans over 350 miles and has a mainline capacity of approximately 370 thousand barrels per day (kbpd). Zydeco consists of divisions, including the Houston, Texas to Port Neches, Texas segment, which has a capacity of approximately 250 kbpd; the Port Neches, Texas to Houma, Louisiana segment, which has a capacity of 360 kbpd; the Houma, Louisiana to Clovelly, Louisiana segment, which has a capacity of 400 kbpd, and the Houma, Louisiana to St. James, Louisiana segment, which has a capacity of 260 kbpd. Zydeco also includes tankage in Port Neches, Texas and Erath and Houma, Louisiana, a dock in Houma, Louisiana and a pipeline that indirectly connects to the offshore Boxer pipeline system.
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