PNC Financial Services Group Inc. Boosts Stake 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. grew its holdings in Shell PLC Unsponsored ADR (NYSE:SHEL - Free Report) by 2.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 908,572 shares of the energy company's stock after purchasing 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 & Exchange Commission.

Several other institutional investors 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 4th quarter. Brighton Jones LLC now owns 7,463 shares of the energy company's stock worth $468,000 after purchasing an additional 2,545 shares during the period. World Investment Advisors boosted its position in Shell by 58.5% during the fourth quarter. World Investment Advisors now owns 8,868 shares of the energy company's stock valued at $556,000 after purchasing an additional 3,274 shares in the last quarter. Arete Wealth Advisors LLC raised its holdings in Shell by 14.4% in the fourth quarter. Arete Wealth Advisors LLC now owns 4,451 shares of the energy company's stock worth $279,000 after purchasing an additional 561 shares in the last quarter. Smith Moore & CO. boosted its holdings in shares of Shell by 85.0% in the 4th quarter. Smith Moore & CO. now owns 7,840 shares of the energy company's stock valued at $491,000 after buying an additional 3,603 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its position in shares of Shell by 482.3% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 25,102 shares of the energy company's stock worth $1,573,000 after buying an additional 20,791 shares during the last quarter. Hedge funds and other institutional investors own 28.60% of the company's stock.

Shell Stock Performance

SHEL stock traded up $0.30 during trading on Wednesday, hitting $72.70. 2,851,164 shares of the company traded hands, compared to its average volume of 4,766,692. The company has a market cap of $214.93 billion, a PE ratio of 16.38, a P/E/G ratio of 1.92 and a beta of 0.44. Shell PLC Unsponsored ADR has a 1 year low of $58.54 and a 1 year high of $74.18. The stock's 50-day simple moving average is $70.68 and its 200 day simple moving average is $68.06. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.32 and a quick ratio of 1.07.

Shell (NYSE:SHEL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The energy company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.29. Shell had a net margin of 4.93% and a return on equity of 10.67%. The company had revenue of $66.44 billion during the quarter, compared to analysts' expectations of $69.31 billion. On average, equities analysts expect that Shell PLC Unsponsored ADR will post 7.67 earnings per share for the current fiscal year.

Shell declared that its Board of Directors has authorized a share buyback plan on Friday, May 2nd that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the energy company to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Shell Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, August 15th will be issued a dividend of $0.716 per share. This represents a $2.86 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 15th. Shell's dividend payout ratio (DPR) is presently 64.41%.

Analysts Set New Price Targets

SHEL has been the subject of several analyst reports. Piper Sandler increased their price objective on Shell from $83.00 to $84.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Wells Fargo & Company decreased their price objective on shares of Shell from $80.00 to $79.00 and set an "overweight" rating for the company in a research report on Thursday, June 26th. Scotiabank reissued an "outperform" rating on shares of Shell in a research report on Friday, July 11th. HSBC reissued a "hold" rating and set a $78.30 price objective (down from $78.90) on shares of Shell in a report on Monday. Finally, Hsbc Global Res downgraded Shell from a "strong-buy" rating to a "hold" rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Shell has a consensus rating of "Moderate Buy" and a consensus target price of $78.64.

Shell Profile

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.