Shell Midstream was Downgraded to a Hold Rating at Barclays

By Jason Carr

Shell Midstream (NYSE: SHLX) received a Hold rating and a $29 price target from Barclays analyst Richard Gross today. The company’s shares closed yesterday at $26.16, close to its 52-week low of $25.46.

According to TipRanks.com, Gross is a 4-star analyst with an average return of 2.6% and a 54.3% success rate. Gross covers the Basic Materials sector, focusing on stocks such as American Midstreampartners Lp, Calumet Specialty Products, and Holly Energy Partners L.P.

Shell Midstream has an analyst consensus of Moderate Buy, with a price target consensus of $38.

Based on Shell Midstream’s latest earnings report from September 30, the company posted quarterly revenue of $67.9M and quarterly net profit of $56.3M. In comparison, last year the company earned revenue of $72.4M and had a net profit of $54.3M.

Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is neutral on the stock. Most recently, in February 2016, Margaret Montana, a Director at SHLX bought 30 shares for a total of $1,153.

Shell Midstream Partners LP owns, operates, develops and acquires pipelines and other midstream assets. The company owns interests in two crude oil pipeline systems and two refined products systems. The crude oil pipeline systems, which are held by Zydeco and Mars, are strategically located along the Texas and Louisiana Gulf Coast and offshore Louisiana. The refined products pipeline systems, which are held by Bengal and Colonial, connect Gulf Coast and southeastern U.S. refineries to major demand centers from Alabama to New York. Shell Midstream Partners was founded on March 19, 2014 and is headquartered in Houston, TX.