The stock of Shell Midstream Partners, L.P. (NYSE:SHLX) is now priced at $11.63 and the shares are -0.19 points down or -1.61% lower compared to its previous closing price of $11.82. The stock had 1.363 million contracts set over the past session. SHLX shares’ daily volume is compared to its average trading volume at 1.439 million shares. However, it has a float of 124 million and although its performance was -6.21% over the week, it’s one to watch. Analysts have given the SHLX stock a yearly average price target of $14.9 per share. It means the stock’s upside potential is 28.12% with the SHLX share price recently placing at $11.55 to $12.1433. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are running away from the Shell Midstream Partners, L.P. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the SHLX shares have declined. Short interest in the stock represents just 3.07% of its float, but the volume has dropped by 0. The volume of shorted shares dropped to from shares over the last two weeks. The average intraday trading volume has been shares, which means that days to cover moved to roughly .
In the last trading session, Shell Midstream Partners, L.P. (NYSE:SHLX) dropped by -$0.77 over the week and lost -$3.72 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $22.7. The stock recorded its established 52-week high on 01/15/20.
Since 03/18/20, the stock has traded to a low of $5.7 at 104.04%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.82. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Shell Midstream Partners, L.P.’s two-week RSI is 34.36. This suggests that the stock is neutral at the moment and that SHLX shares’ price movement remains stable. The stochastic readings are equally revealing at 1.01% meaning the SHLX share price is currently in overbought territory.
The technical chart shows that the SHLX stock will likely settle at between $12 and $12.37 per share. However, if the stock dips below $11.41, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $11.18.
Currently, the stock is trading in the red of MACD, with a reading of -0.56. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned SHLX a rating of Equal Weight in their resuming review released on June 04. Credit Suisse analysts upgraded their recommendation of the stock from Underperform to Neutral while keeping its target price at $17 to $13 in a flash note released to investors on March 12. Mizuho seeing the improvements upgraded the stock from Underperform to Neutral on March 02, placing it at $19.
The average rating for the SHLX equity is 2.9 and is currently gathering a bullish momentum. Of 11 analysts tracking Shell Midstream Partners, L.P. polled by Reuters, 5 rated SHLX as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SHLX stock price is 7.3X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 7.5below the group’s average of 33.9. Shell Midstream Partners, L.P. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 1.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Shell Midstream Partners, L.P. (NYSE:SHLX) will decrease by about -99.89%, which will see them reach $137.54 million. The company’s full-year revenues are, however, expected to increase by about 10.95%, up from $503 million to $558.1 million. SHLX’s expected adjusted earnings should drop almost -10.53% to end up at $0.34 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -18.56% to record $1.36/share.