Spirit of America Management Corp NY Cuts Stake in Shell Midstream Partners LP (SHLX)

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Spirit of America Management Corp NY trimmed its position in Shell Midstream Partners LP (NYSE:SHLX) by 7.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 673,383 shares of the pipeline company’s stock after selling 51,300 shares during the period. Shell Midstream Partners makes up approximately 2.0% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 13th largest holding. Spirit of America Management Corp NY owned 0.30% of Shell Midstream Partners worth $13,771,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Shell Midstream Partners by 1.1% during the third quarter. JPMorgan Chase & Co. now owns 3,151,481 shares of the pipeline company’s stock worth $67,379,000 after acquiring an additional 34,230 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its holdings in Shell Midstream Partners by 6.2% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 18,766,964 shares of the pipeline company’s stock worth $401,238,000 after acquiring an additional 1,088,507 shares in the last quarter. BlackRock Inc. raised its holdings in Shell Midstream Partners by 23.3% during the third quarter. BlackRock Inc. now owns 866,736 shares of the pipeline company’s stock worth $18,531,000 after acquiring an additional 164,059 shares in the last quarter. Jane Street Group LLC bought a new stake in Shell Midstream Partners during the third quarter worth about $455,000. Finally, Putnam Investments LLC raised its holdings in Shell Midstream Partners by 89.9% during the third quarter. Putnam Investments LLC now owns 156,836 shares of the pipeline company’s stock worth $3,353,000 after acquiring an additional 74,236 shares in the last quarter. Institutional investors own 54.08% of the company’s stock.

In other news, insider Shawn J. Carsten bought 5,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were bought at an average price of $18.16 per share, with a total value of $90,800.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

NYSE SHLX traded down $0.18 during trading on Wednesday, reaching $20.27. 93,310 shares of the company’s stock were exchanged, compared to its average volume of 680,723. The company has a market cap of $4.59 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 3.85 and a beta of 1.31. Shell Midstream Partners LP has a fifty-two week low of $15.86 and a fifty-two week high of $25.08.

Shell Midstream Partners (NYSE:SHLX) last announced its quarterly earnings results on Thursday, February 21st. The pipeline company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). The business had revenue of $142.30 million for the quarter, compared to analyst estimates of $146.32 million. Shell Midstream Partners had a negative return on equity of 411.89% and a net margin of 88.45%. Shell Midstream Partners’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period last year, the firm earned $0.35 EPS. Equities analysts forecast that Shell Midstream Partners LP will post 1.78 EPS for the current fiscal year.

SHLX has been the topic of several analyst reports. Zacks Investment Research upgraded Shell Midstream Partners from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Saturday, February 9th. UBS Group dropped their target price on Shell Midstream Partners from $37.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, March 4th. JPMorgan Chase & Co. lowered 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 report on Wednesday, March 13th. Finally, ValuEngine upgraded Shell Midstream Partners from a “strong sell” rating to a “sell” rating in a report on Wednesday, March 20th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $25.00.

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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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Institutional Ownership by Quarter for Shell Midstream Partners (NYSE:SHLX)

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