PNC Financial Services Group Inc. Boosts Stock Position in Shell PLC Unsponsored ADR (NYSE:SHEL)

Key Points

• PNC Financial Services Group Inc. increased its stake in Shell PLC Unsponsored ADR by 2.7%, owning 908,572 shares valued at approximately $66.58 million as of their latest SEC filing.
• Shell recently reported earnings of $1.42 per share, surpassing estimates, but its annual revenue forecast was underwhelming compared to expectations.
• The company announced a $3.5 billion stock buyback program, which suggests that the board believes the shares are currently undervalued.

PNC Financial Services Group Inc. increased its holdings in shares of Shell PLC Unsponsored ADR (NYSE:SHEL - Free Report) by 2.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 908,572 shares of the energy company's stock after buying an additional 23,680 shares during the period. PNC Financial Services Group Inc.'s holdings in Shell were worth $66,580,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its position in shares of Shell by 51.7% in the fourth quarter. Brighton Jones LLC now owns 7,463 shares of the energy company's stock valued at $468,000 after acquiring an additional 2,545 shares in the last quarter. Barclays PLC raised its stake in Shell by 136.2% in the 4th quarter. Barclays PLC now owns 7,824 shares of the energy company's stock valued at $490,000 after purchasing an additional 4,512 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Shell by 4.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,323 shares of the energy company's stock valued at $1,401,000 after purchasing an additional 815 shares in the last quarter. Merit Financial Group LLC grew its holdings in shares of Shell by 100.9% during the first quarter. Merit Financial Group LLC now owns 11,534 shares of the energy company's stock worth $845,000 after buying an additional 5,794 shares in the last quarter. Finally, Kingsview Wealth Management LLC raised its position in shares of Shell by 30.6% in the first quarter. Kingsview Wealth Management LLC now owns 21,327 shares of the energy company's stock valued at $1,563,000 after buying an additional 5,002 shares during the last quarter. Hedge funds and other institutional investors own 28.60% of the company's stock.

Shell Trading Down 0.3%

Shares of SHEL stock opened at $71.99 on Friday. Shell PLC Unsponsored ADR has a 1-year low of $58.54 and a 1-year high of $74.18. The firm has a market cap of $212.81 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 2.09 and a beta of 0.44. The company has a 50-day moving average of $70.45 and a two-hundred day moving average of $67.98. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.32 and a quick ratio of 1.08.

Shell (NYSE:SHEL - Get Free Report) last posted its earnings results on Thursday, July 31st. The energy company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.29. Shell had a net margin of 4.93% and a return on equity of 10.66%. The firm had revenue of $66.44 billion during the quarter, compared to the consensus estimate of $69.31 billion. On average, analysts predict that Shell PLC Unsponsored ADR will post 7.67 EPS for the current year.

Shell announced that its Board of Directors has initiated a stock buyback program on Friday, May 2nd that allows the company to buyback $3.50 billion in outstanding shares. This buyback authorization allows the energy company to buy up to 1.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Shell Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, May 16th were paid a dividend of $0.716 per share. The ex-dividend date was Friday, May 16th. This represents a $2.86 dividend on an annualized basis and a yield of 4.0%. Shell's dividend payout ratio is 65.90%.

Analysts Set New Price Targets

Several analysts recently issued reports on SHEL shares. Scotiabank reaffirmed an "outperform" rating on shares of Shell in a research note on Friday, July 11th. TD Cowen cut their price target on Shell from $82.00 to $76.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Hsbc Global Res raised Shell to a "strong-buy" rating in a research note on Tuesday, May 13th. Sanford C. Bernstein downgraded Shell from an "outperform" rating to a "market perform" rating in a research note on Monday, June 16th. Finally, Piper Sandler lifted their price target on Shell from $83.00 to $84.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $78.69.

About Shell

Shell plc operates as an energy and petrochemical company Europe, Asia, Oceania, Africa, the United States, and Rest of the Americas. The company operates through Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions segments. It explores for and extracts crude oil, natural gas, and natural gas liquids; markets and transports oil and gas; produces gas-to-liquids fuels and other products; and operates upstream and midstream infrastructure to deliver gas to market.

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