Could Shell Midstream Partners, L.P. (SHLX) Recover After Forming a Bearish Multiple Bottom?

January 10, 2018 - By Richard Conner

The stock of Shell Midstream Partners, L.P. (SHLX) shows a multiple bottoms pattern with $29.01 target or 4.00 % below today’s $30.22 share price. The 8 months chart pattern indicates high risk for the $5.68 billion company. It was reported on Jan, 10 by Finviz.com. If the $29.01 price target is reached, the company will be worth $227.00M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock decreased 0.76% or $0.23 during the last trading session, reaching $30.22. About 355,226 shares traded. Shell Midstream Partners, L.P. (NYSE:SHLX) has declined 5.89% since January 10, 2017 and is downtrending. It has underperformed by 22.59% the S&P500.

Analysts await Shell Midstream Partners, L.P. (NYSE:SHLX) to report earnings on February, 22. They expect $0.35 EPS, up 2.94 % or $0.01 from last year’s $0.34 per share. SHLX’s profit will be $65.73M for 21.59 P/E if the $0.35 EPS becomes a reality. After $0.31 actual EPS reported by Shell Midstream Partners, L.P. for the previous quarter, Wall Street now forecasts 12.90 % EPS growth.

Shell Midstream Partners, L.P. (NYSE:SHLX) Ratings Coverage

Among 9 analysts covering Shell Midstream Partners (NYSE:SHLX), 7 have Buy rating, 0 Sell and 2 Hold. Therefore 78% are positive. Shell Midstream Partners has $52 highest and $29 lowest target. $34.75’s average target is 14.99% above currents $30.22 stock price. Shell Midstream Partners had 22 analyst reports since July 2, 2015 according to SRatingsIntel. The firm earned “Equal-Weight” rating on Friday, November 17 by Barclays Capital. The stock of Shell Midstream Partners, L.P. (NYSE:SHLX) has “Buy” rating given on Thursday, October 19 by RBC Capital Markets. The firm has “Buy” rating given on Sunday, August 20 by RBC Capital Markets. The firm earned “Outperform” rating on Wednesday, November 9 by RBC Capital Markets. Mizuho initiated it with “Buy” rating and $37 target in Friday, September 30 report. UBS maintained the stock with “Buy” rating in Friday, November 17 report. On Thursday, June 16 the stock rating was initiated by Morgan Stanley with “Equal-Weight”. The firm earned “Buy” rating on Monday, November 30 by Evercore. The stock of Shell Midstream Partners, L.P. (NYSE:SHLX) has “Overweight” rating given on Thursday, July 2 by Barclays Capital. As per Monday, September 25, the company rating was maintained by RBC Capital Markets.

More notable recent Shell Midstream Partners, L.P. (NYSE:SHLX) news were published by: Seekingalpha.com which released: “Shell Midstream Partners’ (SHLX) CEO John Hollowell on Q3 2017 Results …” on November 03, 2017, also Seekingalpha.com with their article: “Shell Midstream Partners Overview” published on September 18, 2017, Seekingalpha.com published: “Shell Midstream: Institutions Are Buying, Should You?” on December 04, 2017. More interesting news about Shell Midstream Partners, L.P. (NYSE:SHLX) were released by: Globenewswire.com and their article: “Shell Midstream Partners, LP Agrees to Acquire Additional Assets from Shell” published on November 28, 2017 as well as Globenewswire.com‘s news article titled: “Shell Midstream Partners, LP Announces $275 Million in Common Unit Sales” with publication date: September 12, 2017.

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