Shell (SHEL)

• Market cap: $202B
• 1 day: 0.85%
• 5 days: 3.26%
• 1 month: 0.93%
• 3 months: 5.28%
• 6 months: 0.60%
• Year to date: 6.78%
• 1 year: 4.45%
• 5 years: 31.09%
• 10 years: 31.09%
• Sector: Energy
• Industry: Crude Petroleum & Natural Gas

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: 100,000

Fund manager confidence

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

140% more call options, than puts

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

33% more first-time investments, than exits

New positions opened: 137 | Existing positions closed: 103

3% more capital invested

Capital invested by funds: $23.9B [Q3] → $24.6B (+$714M) [Q4]

1% more funds holding

Funds holding: 1,332 [Q3] → 1,340 (+8) [Q4]

0.33% more ownership

Funds ownership: 5.83% [Q3] → 6.16% (+0.33%) [Q4]

9% less funds holding in top 10

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

22% less repeat investments, than reductions

Existing positions increased: 416 | Existing positions reduced: 533

Research analyst outlook

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

• Low target: $72 7% upside
• Avg. target: $78 16% upside
• High target: $82 22% upside

3 analyst ratings

• positive: 3 100%
• neutral: 0 0%
• negative: 0 0%

Wells Fargo Roger Read 30% 1-year accuracy 33 / 110 met price target	22% upside $82	Overweight Maintained	31 Jan 2025
Morgan Stanley Martijn Rats 50% 1-year accuracy 2 / 4 met price target	18% upside $80	Overweight Upgraded	7 Jan 2025
Piper Sandler Ryan Todd 28% 1-year accuracy 10 / 36 met price target	7% upside $72	Overweight Maintained	19 Dec 2024