Shell Midstream Partners LP (SHLX)’s Trend Up, Especially After Forming a Bullish Descending Triangle

November 21, 2017 - By Peter Erickson

The stock of Shell Midstream Partners LP (SHLX) formed a descending triangle with $27.25 target or 3.00 % above today’s $26.46 share price. The 6 months triangle pattern indicates low risk for the $4.97 billion company. If the $27.25 price target is reached, the company will be worth $149.10M more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

About 133,770 shares traded. Shell Midstream Partners LP (NYSE:SHLX) has declined 5.89% since November 21, 2016 and is downtrending. It has underperformed by 22.59% the S&P500.

Investors wait Shell Midstream Partners LP (NYSE:SHLX) to report on February, 22. its quarterly earnings Wall Street analysts expect $0.40 EPS, up $0.06 or 17.65 % from last year’s $0.34 same quarter earnings. This translates into $75.13M profit for SHLX giving the stock a 16.54 P/E. This is assuming the current $0.40 EPS is accurate. Shell Midstream Partners LP’s Wall Street analysts see 29.03 % EPS growth, taking into account the $0.31 EPS reproted in the previous quarter,

Shell Midstream Partners LP (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 had 21 analyst reports since July 2, 2015 according to SRatingsIntel. The rating was reinitiated by Evercore on Monday, November 30 with “Buy”. The stock of Shell Midstream Partners LP (NYSE:SHLX) has “Equal-Weight” rating given on Friday, November 17 by Barclays Capital. Mizuho initiated the shares of SHLX in report on Friday, September 30 with “Buy” rating. The company was maintained on Thursday, July 2 by Barclays Capital. The rating was maintained by Stifel Nicolaus on Monday, August 14 with “Buy”. JP Morgan initiated Shell Midstream Partners LP (NYSE:SHLX) on Wednesday, February 1 with “Overweight” rating. As per Thursday, November 10, the company rating was downgraded by Barclays Capital. The rating was maintained by RBC Capital Markets with “Buy” on Thursday, October 19. The company was initiated on Thursday, June 16 by Morgan Stanley. The rating was maintained by RBC Capital Markets with “Buy” on Monday, September 25.

More notable recent Shell Midstream Partners LP (NYSE:SHLX) news were published by: Seekingalpha.com which released: “Why Shell Midstream Partners Is A Buy” on August 20, 2017, also Nasdaq.com with their article: “Tortoise Capital Advisors, Llc Buys Andeavor Logistics LP, ONEOK Inc, Shell …” published on November 17, 2017, Seekingalpha.com published: “Shell Midstream Partners Overview” on September 18, 2017. More interesting news about Shell Midstream Partners LP (NYSE:SHLX) were released by: Nasdaq.com and their article: “Tortoise Capital Advisors, Llc Buys ONEOK Inc, Apache Corp, Shell Midstream …” published on November 13, 2017 as well as Globenewswire.com‘s news article titled: “Shell Midstream Partners, LP Declares 4.6% Increase in Quarterly Distribution” with publication date: October 19, 2017.

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