Shell Midstream Partners LP

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  • An Overview of Genesis Energy’s Offshore Pipeline Segment
    Company & Industry Overviews

    An Overview of Genesis Energy’s Offshore Pipeline Segment

    Until recently, Genesis Energy’s Offshore Pipeline segment owned interest in ~1200 miles of offshore pipelines spread across five pipeline systems.

    By Kurt Gallon
  • Must-know: A quick look into the Antero Midstream IPO
    Miscellaneous

    Must-know: A quick look into the Antero Midstream IPO

    On October 27, Antero Resources Corporation announced the initial public offering of Antero Midstream Partners LP.

    By Keisha Bandz
  • uploads///MLP yield
    Energy & Utilities

    10-Year Treasury-MLP Yield Spread Rose: Here’s Why

    The Alerian MLP ETF (AMLP) was trading at a yield of 8.9% at the end of the week ending July 1, 2016.

    By Kurt Gallon
  • uploads///forward distribution yield to distribution growth
    Company & Industry Overviews

    Shell Midstream Trades at a Lower Distribution Yield than Its Peers

    Shell Midstream Partners is trading at a forward distribution yield of about 3%. Its forward yield is nearly 5 percentage points lower than its peers.

    By Rekha Khandelwal, CFA
  • uploads///Comps
    Company & Industry Overviews

    Where Does Sunoco Logistics Stand Compared to Its Peers?

    Sunoco Logistics (SXL) has the lowest operating margin of 5.4% among the selected peer group. This is because SXL’s crude oil acquisition and marketing business has very thin operating margins.

    By Kurt Gallon
  • uploads///net withdrawals
    Macroeconomic Analysis

    How Changing Energy Demand Impacts MLPs’ Throughput Volumes

    US natural gas demand is expected to rise in the coming years, driven by increased consumption by power utilities, industries, and liquefied natural gas exports.

    By Kurt Gallon
  • uploads///p
    Energy & Utilities

    These Were Last Week’s Weakest Energy Stocks

    Integrated energy stock YPF Sociedad Anonima (YPF) was the second weakest on our list last week, and midstream stocks Western Gas Partners (WES) and Shell Midstream Partners (SHLX) ranked third and fourth.

    By Rabindra Samanta
  • uploads///shlxs cash available for distribution and capex
    Company & Industry Overviews

    Dropdowns Fuel Shell Midstream Partners’ Distribution Growth

    Shell Midstream Partners declared a quarterly distribution of $0.22 per limited partner unit for 4Q15—an increase of 7.3% over last quarter’s distribution.

    By Rekha Khandelwal, CFA
  • uploads///distribution growth
    Macroeconomic Analysis

    Which MLPs Are Leading in Distribution Growth?

    MLPs’ distribution In this article, we’ll look at MLPs’ distribution growth for the latest quarter. Of 113 MLPs, 37 managed to grow their quarterly distribution based on 4Q16 earnings. Nearly 62 MLPs kept their distribution unchanged. This includes GPs (general partners) of limited partnerships and midstream C corporations. EQT GP Holdings (EQGP), Capital Product Partners […]

    By Kurt Gallon
  • uploads///anr
    Energy & Utilities

    Last Week’s MLP Ratings Updates

    CVR Refining (CVRR), a downstream MLP involved in crude oil refining and refined products marketing, saw ratings updates and target price revisions from Barclays and UBS last week.

    By Kurt Gallon
  • uploads///GASOLINE PRICES
    Macroeconomic Analysis

    Gasoline Prices Continue their Uptrend the Week of May 8

    For the summer of 2015, the EIA expects consumption to average 9.2 MMbpd, which is 0.14 MMbpd higher than last summer’s consumption.

    By Keisha Bandz
  • uploads///outperformers
    Energy & Utilities

    ENLC, ALTM, SUN, and SHLX: Top Midstream Gains and Losses

    EnLink Midstream Partners and EnLink Midstream (ENLC) fell 11.3% and 10.2%, respectively, last week.

    By Rekha Khandelwal, CFA
  • uploads///diesel prices
    Macroeconomic Analysis

    Diesel Prices Rose Again on May 11

    The EIA expects US distillate consumption this summer to average 4 million barrels per day, up 3% compared with last summer.

    By Keisha Bandz
  • uploads///ebitda vs consensus estimates
    Earnings Report

    What Drove Shell Midstream’s 2Q16 Earnings Growth?

    Shell Midstream Partners (SHLX) reported its 2Q16 results on August 4, 2016. The company reported 2Q16 adjusted EBITDA of $77.1 million.

    By Rekha Khandelwal, CFA
  • uploads///shlxs ytd returns
    Earnings Report

    What Will Drive Shell Midstream Partners’ Growth in 2016?

    Shell Midstream Partners (SHLX) has generated total returns of -13% since the start of 2016.

    By Rekha Khandelwal, CFA
  • uploads///DIESEL PRICES
    Macroeconomic Analysis

    Diesel Prices Increased: EIA Provides Bullish Consumption Outlook

    On April 20, US On-Highway Diesel Fuel Prices were $2.78 per gallon. This represented an increase of ~1% from $2.754 per gallon last Monday, April 13.

    By Keisha Bandz
  • uploads///Loss
    Energy & Utilities

    Top MLP Losers in the Week Ending February 2

    Teekay Offshore Partners (TOO) was the top MLP loser in the week ending February 2. The partnership fell 13.5% last week.

    By Kurt Gallon
  • uploads///Gainers
    Macroeconomic Analysis

    Dominion Midstream: Top Midstream MLP Loser on October 21

    Dominion Midstream Partners (DM) was the top loser among midstream MLPs at the end of trading on Wednesday, October 21. It fell 5.51%.

    By Kurt Gallon
  • uploads///Peer Analysis
    Company & Industry Overviews

    Why Does Buckeye Partners Have a Low Distribution Coverage Ratio?

    Buckeye Partners’ 1Q15 trailing 12 month distribution coverage ratio of 0.97x is lowest among the selected peer group. It’s expected to stay low in 2Q15 and 3Q15.

    By Kurt Gallon
  • uploads///ebitda vs consensus estimates
    Earnings Report

    What Drove Shell Midstream Partners’ EBITDA Growth in 4Q15?

    Shell Midstream Partners (SHLX) reported 4Q15 adjusted EBITDA of $65.5 million, which is more than double its adjusted EBITDA of $31.8 million in 4Q14.

    By Rekha Khandelwal, CFA
  • uploads///Worst
    Macroeconomic Analysis

    Dominion Midstream: Worst Midstream MLP Performer on September 11

    Dominion Midstream Partners (DM) was the worst performer among midstream MLPs at the end of trading on Friday, September 11. It fell 5.48%.

    By Kurt Gallon
  • uploads///analysts bullish on shlx
    Company & Industry Overviews

    What Do Shell Midstream Partners’s Price Targets Indicate?

    Of the analysts surveyed by Reuters, 60% rated Shell Midstream Partners (SHLX) as a “buy,” and 40% rated it as a “hold.”

    By Rekha Khandelwal, CFA
  • uploads///graph __
    Company & Industry Overviews

    Midstream Stocks Outperformed the Energy Space Last Week

    Last week (ended July 5), midstream stock EnLink Midstream LLC (ENLC) outperformed the energy space. Here’s a summary of midstream stocks’ performance.

    By Rabindra Samanta
  • uploads///P
    Company & Industry Overviews

    Midstream Stocks Outperformed the Energy Sector Last Week

    In the week ending May 24, midstream stock Genesis Energy (GEL) rose the most among the stocks in the energy space.

    By Rabindra Samanta
  • uploads///analyst recom
    Energy & Utilities

    Phillips 66 Partners: Analysts Updated the Target Price

    On February 11, Stifel cut its rating for Phillips 66 Partners from “buy” to “hold.” Stifel raised its target price for the stock from $50 to $52.

    By Rekha Khandelwal, CFA
  • uploads///p
    Energy & Utilities

    These Stocks Outperformed the Energy Space Last Week

    Between January 18 and January 25, oilfield services stock Weatherford International rose the most among the energy stocks under review in this series.

    By Rabindra Samanta
  • uploads///nspc
    Earnings Report

    Buckeye Partners Stock Could React to a Distribution Cut

    Buckeye Partners’ 30-day implied volatility was 28.9% as of July 30—slightly below the 15-day average of 29.3%.

    By Kurt Gallon
  • uploads///SHLX
    Earnings Report

    SHLX’s Strong Earnings Growth Potential Makes It Attractive

    Shell Midstream Partners (SHLX) is in fifth position in terms of earnings growth potential among MLPs.

    By Kurt Gallon
  • uploads///worst
    Energy & Utilities

    The Weakest MLPs in H1 2018

    Dominion Midstream Energy Partners (DM), a midstream subsidiary of Dominion Energy (D), was the weakest MLP in the first half of 2018, falling 55%.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Top MLP Losses in the Week Ending June 15

    Sprague Resources (SRLP) was the top MLP loss in the week ending June 15. Sprague Resources fell 8.9% last week.

    By Kurt Gallon
  • uploads///energy industry sunset sky
    Energy & Utilities

    Buckeye Partners Is Underperforming AMLP: Can It Bounce Back?

    Buckeye Partners (BPL) has continued to disappoint the markets. Buckeye Partners has lost 26.5% since the beginning of 2018.

    By Kurt Gallon
  • uploads///BWP
    Energy & Utilities

    At Its All-Time Low, BWP Offers Maximum Upside Potential

    Boardwalk Pipeline Partners, a midstream MLP mainly involved in natural gas and natural gas liquids transportation, saw a new all-time low recently.

    By Kurt Gallon
  • uploads///pipes _
    Energy & Utilities

    These Top Midstream Companies Offer Maximum Upside Potential

    In this series, we’ll look into ten midstream players’ market performances, upside potentials, valuations, and analyst recommendations.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Which MLPs Lost 10% or More Last Week?

    Dominion Midstream Energy Partners (DM) and Spectra Energy Partners (SEP) were among the top three MLPs losses last week.

    By Kurt Gallon
  • uploads///ANDX
    Company & Industry Overviews

    Why Are Institutional Investors Bullish on Andeavor Logistics?

    CIBC Atlantic Trust Private Wealth Management and Alps Advisors added a major position in Andeavor Logistics (ANDX) during the recent quarter.

    By Kurt Gallon
  • uploads///Loss
    Basic Materials

    CVR Partners: Top MLP Loser in the Week Ending January 26

    CVR Partners, the MLP involved in nitrogen fertilizer production, was the top MLP loser in the week ending January 26. The partnership fell 7.1% last week.

    By Kurt Gallon
  • uploads///SHLX
    Company & Industry Overviews

    Shell Midstream Partners Is Top MLP Pick despite High Leverage

    Shell Midstream Partners (SHLX) traded in negative territory for most of 2017. It has recovered slightly over the past month.

    By Kurt Gallon
  • uploads///val
    Company & Industry Overviews

    How Do These MLPs Look in 2018?

    MLPs had a strong start to the new year. The Alerian MLP Index rose 5% in the first week of 2018.

    By Kurt Gallon
  • uploads///Gains
    Energy & Utilities

    These MLPs Saw the Biggest Rises Last Week

    Upstream MLPs (master limited partnerships) EV Energy Partners (EVEP) and Legacy Reserves were among the top MLP gainers last week.

    By Kurt Gallon
  • uploads///ANDC
    Company & Industry Overviews

    This Institution Added a Major Position in ANDX in 3Q17

    Tortoise Capital Advisors and Harvest Fund Advisors added major positions in ANDX in 3Q17, buying ~11.6 million and ~2.6 million shares, respectively.

    By Kurt Gallon
  • uploads///SHLX
    Earnings Report

    Behind Shell Midstream Partners’ 3Q17 Earnings Growth

    Earnings in 3Q17 Shell Midstream Partners (SHLX), Royal Dutch Shell’s (RDS-A) midstream MLP subsidiary, posted strong earnings numbers during the third quarter. SHLX’s adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) rose 30.0% to $92.0 million in 3Q17 from $70.9 million in 3Q16. Moreover, SHLX beat its 3Q17 EBITDA estimate by 12.0%. The partnership benefited […]

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Last Week’s Biggest MLP Losers

    Sanchez Production Partners (SNMP), the midstream MLP involved mainly in natural gas gathering, compression, and processing, was the biggest MLP loser last week.

    By Kurt Gallon
  • uploads///short interest in shlx
    Company & Industry Overviews

    What Does Short Interest in SHLX Stock Indicates?

    Short interest as a percentage of shares outstanding in Shell Midstream Partners (SHLX) stock for the settlement date of November 30, 2016, was 0.6%.

    By Rekha Khandelwal, CFA
  • uploads/// daily production of top
    Company & Industry Overviews

    How SHLX Benefits from Shell’s Production in the Gulf of Mexico

    According to a recent Shell Midstream Partners (SHLX) presentation, Shell is the largest producer in the Gulf of Mexico.

    By Rekha Khandelwal, CFA
  • uploads///shlxs leverage
    Company & Industry Overviews

    A Look at Shell Midstream Partners’s Leverage

    Shell Midstream Partners’s (SHLX) net debt-to-EBITDA ratio is currently 1.2x. MLPs usually target a debt-to-EBITDA ratio below 4.5x, making SHLX’s leverage very conservative.

    By Rekha Khandelwal, CFA
  • uploads///distribution
    Macroeconomic Analysis

    MLP Distributions Continue to Rise despite Crude Oil Volatility

    Thirty-seven out of 117 MLPs managed to grow their distributions, and 68 MLPs kept their distributions unchanged in 3Q16.

    By Kurt Gallon
  • uploads///MLP yield
    Macroeconomic Analysis

    10-Year Treasury, MLP Yield Spread Rose Last Week

    The Alerian MLP ETF (AMLP) traded at a yield of 9.3% in week ended June 10, 2016. The yield rose compared to the previous week.

    By Kurt Gallon
  • uploads///WTI Brent spread
    Macroeconomic Analysis

    WTI-Brent Spread Widened as Brent Rose More than WTI Last Week

    A widening WTI-Brent spread tends to hurt upstream MLPs such as Memorial Production Partners (MEMP) and Vanguard Natural Resources (VNR).

    By Kurt Gallon
  • uploads///MIDSTREAM
    Macroeconomic Analysis

    What Magellan Midstream Partners’ Moving Average Crossover Means

    Magellan Midstream Partners (MMP) is currently trading 17% below its 52-week high and 30% above its 52-week low. On a YTD (year-to-date) basis, the stock has risen 4.4%.

    By Rabindra Samanta
  • uploads///ASPC
    Earnings Report

    Genesis Energy Lost $15 million amid the Fall in Crude Oil

    Genesis Energy’s (GEL) shares rallied 3.32% on February 18, 2016. Strong distributable cash flow growth of 63% YoY drove its distribution coverage.

    By Kurt Gallon
  • uploads///SXL Revenue Estimates
    Earnings Report

    Sunoco Logistics Partners Missed 3Q15 Revenue, EBITDA Estimates

    Sunoco Logistics Partners missed its 3Q15 revenue estimate by a margin of 32.4% and missed its EBITDA estimate by a margin of 30.8%.

    By Kurt Gallon
  • uploads///Worst
    Macroeconomic Analysis

    Cone Midstream: Worst Midstream MLP Performer on October 22

    Cone Midstream Partners was the worst performer among midstream MLPs at the end of trading on Thursday, October 22, 2015, falling 4.8%.

    By Kurt Gallon
  • uploads///AMJ returns
    Macroeconomic Analysis

    AMJ Gains 3.8%, Outperforms MLPI in Week Ended October 2

    The JPMorgan Alerian MLP Index ETN (AMJ) gained 3.8% in the week ended October 2. The Alerian MLP Index (AMZ) is AMJ’s underlying index. It rose 3.9% during the same week.

    By Rekha Khandelwal, CFA
  • uploads///Best
    Macroeconomic Analysis

    Southcross Energy: Best Midstream MLP Performer on October 2

    Southcross Energy Partners was the best performer among midstream MLPs (master limited partnerships) at the end of trading on Friday, October 2.

    By Kurt Gallon
  • uploads///Worst
    Macroeconomic Analysis

    Midcoast Energy: Worst Midstream MLP Performer on September 29

    Midcoast Energy Partners (MEP) was the worst performer among midstream MLPs at the end of trading on Tuesday, September 29. It fell 13.15%.

    By Kurt Gallon
  • uploads///Onshore segment
    Company & Industry Overviews

    Genesis Energy’s Onshore Pipeline Segment: Key Highlights

    Genesis Energy’s Onshore Pipeline Transportation segment is involved in crude oil and CO2 transportation and supply.

    By Kurt Gallon
  • uploads///Losers
    Macroeconomic Analysis

    Columbia Pipeline: Top Midstream MLP Loser on September 22

    Columbia Pipeline Partners (CPPL) was the top loser among midstream MLPs at the end of trading on September 22. Its losing streak continued yesterday.

    By Kurt Gallon
  • uploads///Worst
    Macroeconomic Analysis

    Niska Gas Storage: Worst Midstream MLP Performer on August 12

    Niska Gas Storage Partners (NKA) was the worst performer among midstream MLPs at the end of trading on Wednesday, August 12. It fell 1.47%.

    By Kurt Gallon
  • uploads///EBITDA surprise v
    Company & Industry Overviews

    Buckeye Partners’ 1Q15 Earnings Missed Estimates

    Buckeye Partners missed most analysts’ estimates in its 1Q15 earnings. Its reported revenue stood at $1008.1 million, while the consensus estimates were $1628.5 million.

    By Kurt Gallon
  • uploads///gasoline stocks
    Macroeconomic Analysis

    Gasoline Inventories Returned to Downtrend Last Week

    Gasoline demand increased from ~8.61 MMbpd to ~8.91 MMbpd last week. Gasoline inventories remain outside the five-year range despite the draw in inventories reported on Wednesday.

    By Keisha Bandz
  • uploads///distillate
    Macroeconomic Analysis

    Distillate Inventories Increased Last Week

    Distillate demand drives crude demand and crude prices. So, energy investors watch distillate inventories closely.

    By Keisha Bandz
  • uploads///GASOLINE PRICES
    Macroeconomic Analysis

    Gasoline Prices Increase in the Week to April 20

    US regular gasoline prices on Monday, April 20, were $2.485 per gallon. This was an increase of 3.2% from $2.408 per gallon last Monday, April 13.

    By Keisha Bandz
  • uploads///shlx assets
    Company & Industry Overviews

    A Brief Overview of Shell Midstream Partners

    Shell Midstream Partners (SHLX) is a MLP formed by Shell Pipeline Company, an affiliate of the international integrated energy giant, Royal Dutch Shell.

    By Keisha Bandz
  • uploads///zydeco
    Company & Industry Overviews

    Zydeco Pipeline: A Shell Midstream Partners Key Asset

    Shell Midstream Partners (SHLX) has a 42% ownership in the Zydeco pipeline, and Shell Pipeline Company, or SPLC, owns the remaining 57% interest.

    By Keisha Bandz
  • uploads///mars
    Company & Industry Overviews

    Shell Midstream’s Mars: A Corridor Pipeline Servicing the Gulf

    Shell Midstream Partners (SHLX) has a 28.6% ownership in the Mars pipeline, and Shell Pipeline Company has a 42.9% interest.

    By Keisha Bandz
  • uploads///bengal pipeline
    Company & Industry Overviews

    Shell Midstream Partners Refined Products Pipeline Systems

    The Colonial pipeline system is the largest refined products pipeline in the US based on barrels per mile transported.

    By Keisha Bandz
  • uploads///Comparing RMPs Debut Performance With SHLX and AM
    Miscellaneous

    How Rice Midstream compares to Antero and Shell

    Antero Midstream and Shell Midstream stocks rose significantly, while Rice Midstream’s stock fell by 1.2%, falling below its IPO price of $16.50 the first day of trading.

    By Keisha Bandz
  • uploads///AMs Stock Performance
    Miscellaneous

    Comparing the Antero Midstream IPO with the Shell Midstream IPO

    Antero Midstream (AM), which raised $1.15 billion in its IPO, broke Shell Midstream’s record of $1.06 billion.

    By Keisha Bandz
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