Is Shell Midstream Partners, L.P. (SHLX)’s Fuel Running High? The Stock Formed Bullish Descending Triangle Chart Pattern

December 8, 2017 - By Richard Conner

The stock of Shell Midstream Partners, L.P. (SHLX) formed a descending triangle with $29.00 target or 8.00 % above today’s $26.85 share price. The 5 months triangle pattern indicates low risk for the $5.04 billion company. If the $29.00 price target is reached, the company will be worth $403.36 million 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.

The stock increased 0.94% or $0.25 during the last trading session, reaching $26.85. About 464,644 shares traded. Shell Midstream Partners, L.P. (NYSE:SHLX) has declined 5.89% since December 8, 2016 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 $0.40 earnings per share, up 17.65 % or $0.06 from last year’s $0.34 per share. SHLX’s profit will be $75.11M for 16.78 P/E if the $0.40 EPS becomes a reality. After $0.31 actual earnings per share reported by Shell Midstream Partners, L.P. for the previous quarter, Wall Street now forecasts 29.03 % 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 had 22 analyst reports since July 2, 2015 according to SRatingsIntel. Mizuho initiated Shell Midstream Partners, L.P. (NYSE:SHLX) on Friday, September 30 with “Buy” rating. The firm earned “Buy” rating on Monday, November 30 by Evercore. RBC Capital Markets maintained the shares of SHLX in report on Monday, September 25 with “Buy” rating. The firm has “Outperform” rating by RBC Capital Markets given on Wednesday, November 9. On Wednesday, November 29 the stock rating was maintained by Stifel Nicolaus with “Buy”. The firm has “Buy” rating given on Friday, November 17 by UBS. The rating was initiated by Stifel Nicolaus on Thursday, August 18 with “Buy”. The rating was maintained by Barclays Capital with “Overweight” on Thursday, July 2. RBC Capital Markets initiated the shares of SHLX in report on Monday, May 2 with “Outperform” rating. The stock of Shell Midstream Partners, L.P. (NYSE:SHLX) earned “Buy” rating by Stifel Nicolaus on Thursday, September 14.

More notable recent Shell Midstream Partners, L.P. (NYSE:SHLX) news were published by: Seekingalpha.com which released: “Shell Midstream Partners Overview” on September 18, 2017, also Globenewswire.com with their article: “Shell Midstream Partners, LP Agrees to Acquire Additional Assets from Shell” published on November 28, 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: Seekingalpha.com and their article: “Shell Midstream Partners’ (SHLX) CEO John Hollowell on Q2 2017 Results …” published on August 03, 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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