Shell (SHEL)

• Market cap: $201B
• 1 day: 1.85%
• 5 days: 3.38%
• 1 month: 8.11%
• 3 months: 0.36%
• 6 months: 3.25%
• Year to date: 7.15%
• 1 year: -8.84%
• 5 years: 31.54%
• 10 years: 31.54%
• Sector: Energy
• Industry: Oil & Gas Integrated

About: Shell is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, it produced 1.5 million barrels of liquids and 7.3 billion cubic feet of natural gas per day. At end-2023, reserves stood at 9.6 billion barrels of oil equivalent, 49% of which, consisted of liquids. Its production and reserves are in Europe, Asia, Oceania, Africa, and North and South America. The company operates refineries with capacity of 1.6 mmb/d located in the Americas, Asia, Africa, and Europe and sells about 12 million tons per year of chemicals. Its largest chemical plants, often integrated with its local refineries, are in Central Europe, China, Singapore, and North America.

Employees: 96,000

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

140% more call options, than puts

Call options by funds: $891M | Put options by funds: $371M

37% more first-time investments, than exits

New positions opened: 141 | Existing positions closed: 103

3% more capital invested

Capital invested by funds: $23.8B [Q3] → $24.5B (+$729M) [Q4]

1% more funds holding

Funds holding: 1,332 [Q3] → 1,345 (+13) [Q4]

0.33% more ownership

Funds ownership: 5.81% [Q3] → 6.14% (+0.33%) [Q4]

9% less funds holding in top 10

Funds holding in top 10: 23 [Q3] → 21 (-2) [Q4]

21% less repeat investments, than reductions

Existing positions increased: 420 | Existing positions reduced: 531

Research analyst outlook

5 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $70 4% upside
• Avg. target: $78 15% upside
• High target: $82 21% upside

5 analyst ratings

• positive: 5 100%
• neutral: 0 0%
• negative: 0 0%

Piper Sandler Ryan Todd 26% 1-year accuracy 7 / 27 met price target	18% upside $80	Overweight Maintained	13 May 2025
Wells Fargo Roger Read 35% 1-year accuracy 39 / 111 met price target	18% upside $80	Overweight Maintained	5 May 2025
Scotiabank Paul Cheng 34% 1-year accuracy 13 / 38 met price target	4% upside $70	Sector Outperform Maintained	11 Apr 2025
TD Cowen Jason Gabelman 39% 1-year accuracy 9 / 23 met price target	12% upside $76	Buy Maintained	8 Apr 2025
TD Securities Jason Gabelman 39% 1-year accuracy 9 / 23 met price target	21% upside $82	Buy Maintained	19 Mar 2025