A Reversal for Shell Midstream Partners, L.P. (SHLX) Is Near. The Formed Bullish Descending Triangle Chart Pattern

December 8, 2017 - By Ellis Scott

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. The company was initiated on Friday, September 30 by Mizuho. The stock has “Buy” rating by Stifel Nicolaus on Wednesday, November 29. The stock of Shell Midstream Partners, L.P. (NYSE:SHLX) earned “Buy” rating by RBC Capital Markets on Monday, September 25. Morgan Stanley initiated Shell Midstream Partners, L.P. (NYSE:SHLX) on Thursday, June 16 with “Equal-Weight” rating. Stifel Nicolaus maintained Shell Midstream Partners, L.P. (NYSE:SHLX) on Thursday, September 14 with “Buy” rating. On Thursday, July 13 the stock rating was maintained by Stifel Nicolaus with “Buy”. The firm has “Overweight” rating by Barclays Capital given on Thursday, July 2. The firm has “Equal-Weight” rating given on Monday, November 6 by Barclays Capital. The company was initiated on Monday, May 2 by RBC Capital Markets. On Wednesday, February 1 the stock rating was initiated by JP Morgan with “Overweight”.

More notable recent Shell Midstream Partners, L.P. (NYSE:SHLX) news were published by: Seekingalpha.com which released: “Shell Midstream: Institutions Are Buying, Should You?” on December 04, 2017, also Streetinsider.com with their article: “Shell Midstream Partners, LP (SHLX) PT Raised to $30 at Stifel Following Royal …” published on November 29, 2017, Seekingalpha.com published: “Shell Midstream Partners’ (SHLX) CEO John Hollowell on Q2 2017 Results …” on August 03, 2017. More interesting news about Shell Midstream Partners, L.P. (NYSE:SHLX) were released by: Seekingalpha.com and their article: “Why Shell Midstream Partners Is A Buy” published on August 20, 2017 as well as Globenewswire.com‘s news article titled: “Shell Midstream Partners, LP to Announce Third Quarter Results on November 3 …” with publication date: October 13, 2017.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.