Shell Midstream Partners LP (NYSE:SHLX) Short Interest Up 13.9% in June

Shell Midstream Partners LP (NYSE:SHLX) saw a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 5,968,700 shares, an increase of 13.9% from the May 15th total of 5,240,700 shares. Based on an average daily volume of 655,300 shares, the days-to-cover ratio is currently 9.1 days. Approximately 4.9% of the company’s stock are sold short.

Shares of NYSE SHLX traded up $0.12 during trading hours on Friday, hitting $21.37. 546,115 shares of the stock were exchanged, compared to its average volume of 535,178. The business’s 50 day moving average is $20.65. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 5.03 and a beta of 1.03. Shell Midstream Partners has a one year low of $15.86 and a one year high of $25.08.

Shell Midstream Partners (NYSE:SHLX) last posted its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.02. The business had revenue of $131.00 million during the quarter, compared to the consensus estimate of $127.60 million. Shell Midstream Partners had a net margin of 95.68% and a negative return on equity of 190.89%. During the same period in the prior year, the firm earned $0.18 EPS. As a group, analysts forecast that Shell Midstream Partners will post 1.69 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Nwam LLC acquired a new stake in shares of Shell Midstream Partners during the 2nd quarter worth about $332,000. A. D. Beadell Investment Counsel Inc. increased its position in Shell Midstream Partners by 63.5% in the 2nd quarter. A. D. Beadell Investment Counsel Inc. now owns 25,875 shares of the pipeline company’s stock valued at $536,000 after acquiring an additional 10,050 shares in the last quarter. Adams Asset Advisors LLC acquired a new stake in Shell Midstream Partners in the 2nd quarter valued at about $737,000. Cypress Wealth Advisors LLC acquired a new stake in Shell Midstream Partners in the 1st quarter valued at about $981,000. Finally, GYL Financial Synergies LLC acquired a new stake in Shell Midstream Partners in the 1st quarter valued at about $511,000. 53.83% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently commented on the stock. Credit Suisse Group assumed coverage on shares of Luckin Coffee in a research note on Tuesday, June 11th. They set an “outperform” rating and a $24.00 price target on the stock. Zacks Investment Research lowered shares of H&E Equipment Services from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Mizuho restated a “buy” rating and set a $12.00 price target on shares of Viewray in a research note on Wednesday. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $23.56.

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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