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Shell Midstream Partners

DB:49M
Snowflake Description

Very undervalued with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
49M
DB
$4B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Shell Midstream Partners, L.P. owns, operates, develops, and acquires pipelines and other midstream assets in the United States. The last earnings update was 48 days ago. More info.


Add to Portfolio Compare Print
  • Shell Midstream Partners is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Shell Midstream Partners has significant price volatility in the past 3 months.
49M Share Price and Events
7 Day Returns
18.7%
DB:49M
8.7%
DE Oil and Gas
4.3%
DE Market
1 Year Returns
-44.4%
DB:49M
34.4%
DE Oil and Gas
-14.2%
DE Market
49M Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Shell Midstream Partners (49M) 18.7% -23% -48.5% -44.4% -67.6% -72.4%
DE Oil and Gas 8.7% -2.8% -19.4% 34.4% -14.7% 157%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • 49M underperformed the Oil and Gas industry which returned 34.4% over the past year.
  • 49M underperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
49M
Industry
5yr Volatility vs Market

49M Value

 Is Shell Midstream Partners undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Shell Midstream Partners to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Shell Midstream Partners.

DB:49M Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:49M
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.948 (1 + (1- 21%) (67.43%))
1.303
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.3
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.303 * 5.44%)
6.7%

Discounted Cash Flow Calculation for DB:49M using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Shell Midstream Partners is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:49M DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.7%)
2020 612.48 Est @ 11.7% 574.02
2021 661.94 Est @ 8.08% 581.42
2022 698.59 Est @ 5.54% 575.08
2023 724.84 Est @ 3.76% 559.22
2024 743.06 Est @ 2.51% 537.28
2025 755.26 Est @ 1.64% 511.81
2026 763.06 Est @ 1.03% 484.62
2027 767.69 Est @ 0.61% 456.94
2028 770.04 Est @ 0.31% 429.57
2029 770.80 Est @ 0.1% 402.99
Present value of next 10 years cash flows $5,112.00
DB:49M DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $770.80 × (1 + -0.39%) ÷ (6.7% – -0.39%)
$10,828.97
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $10,828.97 ÷ (1 + 6.7%)10
$5,661.56
DB:49M Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $5,112.00 + $5,661.56
$10,773.56
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $10,773.56 / 393.29
$27.39
DB:49M Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:49M represents 0.96687x of NYSE:SHLX
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.96687x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 27.39 x 0.96687
€26.49
Value per share (EUR) From above. €26.49
Current discount Discount to share price of €9.92
= -1 x (€9.92 - €26.49) / €26.49
62.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Shell Midstream Partners is available for.
Intrinsic value
>50%
Share price is €9.92 vs Future cash flow value of €26.49
Current Discount Checks
For Shell Midstream Partners to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Shell Midstream Partners's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Shell Midstream Partners's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Shell Midstream Partners's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Shell Midstream Partners's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:49M PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $1.66
NYSE:SHLX Share Price ** NYSE (2020-04-07) in USD $10.26
Europe Oil and Gas Industry PE Ratio Median Figure of 104 Publicly-Listed Oil and Gas Companies 6.5x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Shell Midstream Partners.

DB:49M PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SHLX Share Price ÷ EPS (both in USD)

= 10.26 ÷ 1.66

6.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Shell Midstream Partners is good value based on earnings compared to the Europe Oil and Gas industry average.
  • Shell Midstream Partners is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Shell Midstream Partners's expected growth come at a high price?
Raw Data
DB:49M PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.17x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
17.9%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 66 Publicly-Listed Oil and Gas Companies 0.32x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

DB:49M PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.17x ÷ 17.9%

0.34x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Shell Midstream Partners is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Shell Midstream Partners's assets?
Raw Data
DB:49M PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $13.88
NYSE:SHLX Share Price * NYSE (2020-04-07) in USD $10.26
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 1.01x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:49M PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SHLX Share Price ÷ Book Value per Share (both in USD)

= 10.26 ÷ 13.88

0.74x

* Primary Listing of Shell Midstream Partners.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Shell Midstream Partners is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Shell Midstream Partners's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Shell Midstream Partners has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

49M Future Performance

 How is Shell Midstream Partners expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Shell Midstream Partners expected to grow at an attractive rate?
  • Shell Midstream Partners's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Shell Midstream Partners's earnings growth is expected to exceed the Germany market average.
  • Shell Midstream Partners's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:49M Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:49M Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 17.9%
DB:49M Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 7.1%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13.8%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:49M Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:49M Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 614 902 688 4
2021-12-31 629 810 567 7
2020-12-31 595 826 516 7
2020-04-08
DB:49M Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 503 597 381
2019-09-30 520 598 397
2019-06-30 548 578 404
2019-03-31 556 549 398
2018-12-31 525 507 330
2018-09-30 509 454 294
2018-06-30 478 425 237
2018-03-31 461 425 209
2017-12-31 470 432 231
2017-09-30 535 527 225
2017-06-30 495 482 219
2017-03-31 470 473 226

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Shell Midstream Partners's earnings are expected to grow by 17.9% yearly, however this is not considered high growth (20% yearly).
  • Shell Midstream Partners's revenue is expected to grow by 7.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:49M Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Shell Midstream Partners Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:49M Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 1.67 1.90 1.41 3.00
2021-12-31 1.47 1.84 0.81 6.00
2020-12-31 1.51 1.82 0.95 6.00
2020-04-08
DB:49M Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 1.66
2019-09-30 1.75
2019-06-30 1.80
2019-03-31 1.78
2018-12-31 1.50
2018-09-30 1.39
2018-06-30 1.18
2018-03-31 1.11
2017-12-31 1.28
2017-09-30 1.26
2017-06-30 1.23
2017-03-31 1.29

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Shell Midstream Partners will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Shell Midstream Partners's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Shell Midstream Partners has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

49M Past Performance

  How has Shell Midstream Partners performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Shell Midstream Partners's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Shell Midstream Partners has delivered over 20% year on year earnings growth in the past 5 years.
  • Shell Midstream Partners's 1-year earnings growth is less than its 5-year average (15.5% vs 33%)
  • Shell Midstream Partners's earnings growth has exceeded the Europe Oil and Gas industry average in the past year (15.5% vs 1.9%).
Earnings and Revenue History
Shell Midstream Partners's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Shell Midstream Partners Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:49M Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 503.00 381.00 60.00
2019-09-30 519.70 396.70 60.50
2019-06-30 547.70 403.70 57.50
2019-03-31 555.70 397.70 56.50
2018-12-31 525.00 330.00 60.00
2018-09-30 508.80 293.80 58.80
2018-06-30 477.60 236.80 59.40
2018-03-31 461.00 209.00 58.70
2017-12-31 470.00 231.00 58.00
2017-09-30 535.30 224.70 67.70
2017-06-30 495.40 218.80 63.70
2017-03-31 469.80 226.40 58.00
2016-12-31 452.90 219.90 53.40
2016-09-30 345.50 214.80 41.20
2016-06-30 359.80 218.50 37.30
2016-03-31 352.80 191.20 37.00
2015-12-31 485.50 162.10 55.90
2015-09-30 365.40 47.70 31.60
2015-06-30 316.50 26.30 28.70
2015-03-31 280.10 21.20 24.90
2014-12-31 250.30 13.10 20.40
2014-09-30 147.00 78.50 14.60
2014-06-30 119.90 69.50 14.50
2014-03-31 103.40 54.10 12.40
2013-12-31 147.80 70.50 15.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Shell Midstream Partners has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
  • Shell Midstream Partners used its assets more efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Shell Midstream Partners's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Shell Midstream Partners's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Shell Midstream Partners has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

49M Health

 How is Shell Midstream Partners's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Shell Midstream Partners's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Shell Midstream Partners is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Shell Midstream Partners's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Shell Midstream Partners's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Shell Midstream Partners has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Shell Midstream Partners Company Filings, last reported 3 months ago.

DB:49M Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 -749.00 2,692.00 290.00
2019-09-30 -757.00 2,691.00 294.00
2019-06-30 -767.00 2,691.00 257.00
2019-03-31 -254.00 2,091.00 226.00
2018-12-31 -257.00 2,091.00 208.00
2018-09-30 -283.20 2,090.50 199.50
2018-06-30 -320.80 2,091.50 174.90
2018-03-31 410.30 871.30 184.70
2017-12-31 -565.90 1,844.00 137.70
2017-09-30 24.20 1,000.60 171.90
2017-06-30 -252.50 1,265.40 135.40
2017-03-31 137.50 685.30 154.60
2016-12-31 534.20 686.00 122.10
2016-09-30 400.40 343.90 160.80
2016-06-30 392.20 344.40 168.60
2016-03-31 656.60 47.70 138.00
2015-12-31 207.10 457.60 93.00
2015-09-30 156.70 420.80 117.50
2015-06-30 444.50 70.80 113.00
2015-03-31 580.80 0.00 156.90
2014-12-31 681.90 0.00 150.20
2014-09-30 303.40 0.00 21.90
2014-06-30 521.50 0.00 100.00
2014-03-31 213.10 0.00
2013-12-31 214.50 0.00
  • Shell Midstream Partners has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
  • Irrelevant to check if Shell Midstream Partners's debt level has increased considering it has negative shareholder equity.
  • Debt is well covered by operating cash flow (22.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.8x coverage).
X
Financial health checks
We assess Shell Midstream Partners's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Shell Midstream Partners has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

49M Dividends

 What is Shell Midstream Partners's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
17.06%
Current annual income from Shell Midstream Partners dividends. Estimated to be 18.06% next year.
If you bought €2,000 of Shell Midstream Partners shares you are expected to receive €341 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Shell Midstream Partners's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.63%).
  • Shell Midstream Partners's dividend is above the markets top 25% of dividend payers in Germany (4.61%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:49M Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 8.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:49M Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 1.84 1.00
2023-12-31 1.84 1.00
2022-12-31 1.84 5.00
2021-12-31 1.88 9.00
2020-12-31 1.84 8.00
2020-04-08
DB:49M Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-20 1.750 15.400
2020-01-23 1.840 9.130
2019-10-24 1.780 8.705
2019-07-25 1.720 8.403
2019-04-25 1.660 8.014
2019-01-24 1.600 8.162
2018-10-25 1.528 8.033
2018-07-26 1.460 6.605
2018-04-26 1.392 6.121
2018-01-25 1.332 5.653
2017-10-19 1.272 4.591
2017-07-20 1.216 4.413
2017-04-20 1.164 3.821
2017-01-19 1.108 3.440
2016-11-03 1.055 3.796
2016-07-20 1.000 3.297
2016-04-20 0.940 2.752
2016-01-20 0.880 2.532
2015-10-21 0.820 2.350
2015-07-22 0.760 2.064
2015-04-24 0.700 1.579
2015-01-21 0.650 1.654

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Shell Midstream Partners has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Shell Midstream Partners only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Shell Midstream Partners's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Shell Midstream Partners's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Shell Midstream Partners afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Shell Midstream Partners has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

49M Management

 What is the CEO of Shell Midstream Partners's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kevin Nichols
COMPENSATION $0
AGE 51
TENURE AS CEO 2 years
CEO Bio

Mr. Kevin M. Nichols has been President, CEO & Director of Shell Midstream Partners GP LLC, the General Partner of Shell Midstream Partners, L.P. since April 1, 2018. He served as the Vice President of Commercial at Shell Midstream Partners GP LLC, the General Partner of Shell Midstream Partners, L.P. since October 29, 2014 until March 31, 2018. Since June 2012, Mr. Nichols has been Vice President and General Manager of Business Development for SPLC. Mr. Nichols sits on the joint venture board of Colonial as Shell’s representative and he also serves on the SPLC Leadership Team. Since joining Shell in 1991, he served numerous role of increasing responsibility in Shell managing regions of Shell’s Retail business and from 2008 to 2012 worked in Shell’s Downstream Strategy group in London where he set strategy for market entries and growth in Asia. He serves as Chairman at Colonial Pipeline Company. He earned a Bachelor of Science in Management from San Diego State University and an MBA from Rice University.

CEO Compensation
  • Insufficient data for Kevin to compare compensation growth.
  • Insufficient data for Kevin to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Shell Midstream Partners management team in years:

3
Average Tenure
52
Average Age
  • The tenure for the Shell Midstream Partners management team is about average.
Management Team

Kevin Nichols

TITLE
President
AGE
51
TENURE
2 yrs

Shawn Carsten

TITLE
CFO, VP & Director of Shell Midstream Partners GP LLC
AGE
52
TENURE
3 yrs

Greg Smith

TITLE
Vice President of Operations at Shell Midstream Partners GP LLC
AGE
58
TENURE
5.5 yrs

Lori Muratta

TITLE
VP, General Counsel & Secretary of Shell Midstream Partners GP LLC
AGE
54
TENURE
6.3 yrs

Steve Ledbetter

TITLE
Vice President of Commercial - Shell Midstream Partners GP LLC
AGE
43
TENURE
2 yrs

Courtney Selinidis

TITLE
Investor Relations Officer

Ernest Stutzman

TITLE
Treasurer

James Fullen

TITLE
Controller

Jamie Parker

TITLE
Investor Relations Officer
Board of Directors Tenure

Average tenure and age of the Shell Midstream Partners board of directors in years:

2.6
Average Tenure
53
Average Age
  • The average tenure for the Shell Midstream Partners board of directors is less than 3 years, this suggests a new board.
Board of Directors

Paul R. Goodfellow

TITLE
Chairman of Shell Midstream Partners GP LLC
AGE
54
TENURE
1 yrs

Kevin Nichols

TITLE
President
AGE
51
TENURE
2 yrs

Shawn Carsten

TITLE
CFO, VP & Director of Shell Midstream Partners GP LLC
AGE
52
TENURE
3 yrs

Rob Jones

TITLE
Independent Director of Shell Midstream Partners GP LLC
COMPENSATION
$224K
AGE
60
TENURE
5.5 yrs

Jim Bender

TITLE
Independent Director of Shell Midstream Partners GP LLC
COMPENSATION
$223K
AGE
62
TENURE
5.5 yrs

Carlos Fierro

TITLE
Independent Director of Shell Midstream Partners GP LLC
COMPENSATION
$205K
AGE
58
TENURE
5.3 yrs

Marcel Teunissen

TITLE
Director of Shell Midstream Partners GP LLC
AGE
45
TENURE
2.2 yrs

Brenda Stout

TITLE
Director of Shell Midstream Partners GP LLC
AGE
47
TENURE
1 yrs

Anne Anderson

TITLE
Director
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Shell Midstream Partners individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
02. Apr 20 Buy Royal Dutch Shell plc Company 06. Feb 18 01. Apr 20 180,507,168 €24.87 €274,350,006
20. Mar 20 Buy Lori Muratta Individual 18. Mar 20 18. Mar 20 10,000 €6.50 €64,972
18. Mar 20 Buy Shawn Carsten Individual 17. Mar 20 18. Mar 20 8,000 €7.92 €56,002
16. Mar 20 Buy Lori Muratta Individual 12. Mar 20 12. Mar 20 2,310 €9.51 €21,961
05. Mar 20 Buy Rob Jones Individual 03. Mar 20 03. Mar 20 15,000 €14.86 €222,875
05. Mar 20 Buy James Bender Individual 03. Mar 20 03. Mar 20 10,000 €15.15 €151,542
X
Management checks
We assess Shell Midstream Partners's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Shell Midstream Partners has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

49M News

Simply Wall St News

49M Company Info

Description

Shell Midstream Partners, L.P. owns, operates, develops, and acquires pipelines and other midstream assets in the United States. It owns interests in crude oil and refined products pipelines and terminals to transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets. The company stores and transports crude oil, refined, natural gas, and refinery gas products for various customers, including shippers, producers, refiners, marketers, and traders, as well as to other crude oil and refined products pipelines through its pipelines and storage tanks. Shell Midstream Partners GP LLC serves as the general partner of Shell Midstream Partners, L.P. The company was founded in 2014 and is headquartered in Houston, Texas.

Details
Name: Shell Midstream Partners, L.P.
49M
Exchange: DB
Founded: 2014
$3,705,075,326
393,289,537
Website: http://www.shellmidstreampartners.com
Address: Shell Midstream Partners, L.P.
150 North Dairy Ashford,
Houston,
Texas, 77079,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SHLX Common Units New York Stock Exchange US USD 30. Oct 2014
DB 49M Common Units Deutsche Boerse AG DE EUR 30. Oct 2014
Number of employees
Current staff
Staff numbers
0
Shell Midstream Partners employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 05:14
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/02/20
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.