Connor Clark & Lunn Investment Management Ltd. Sells 138,005 Shares of Shell PLC Unsponsored ADR (NYSE:SHEL)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Shell PLC Unsponsored ADR by 67.7%, selling 138,005 shares and now holding 65,836 shares worth approximately $4.82 million.
• Goldman Sachs increased its holdings in Shell by 21.2%, now owning 6,571,809 shares valued at about $481.58 million, while other firms like Pzena Investment Management and Voloridge Investment Management also expanded their stakes.
• Shell recently announced a quarterly dividend of $0.716 per share, with a 4.0% yield, and has initiated a stock buyback plan authorizing the repurchase of $3.5 billion in shares, reflecting confidence in its valuation.

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Shell PLC Unsponsored ADR (NYSE:SHEL - Free Report) by 67.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 65,836 shares of the energy company's stock after selling 138,005 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Shell were worth $4,824,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Kennebec Savings Bank bought a new stake in shares of Shell during the first quarter valued at approximately $25,000. Avalon Trust Co bought a new stake in shares of Shell in the first quarter valued at $25,000. Brown Lisle Cummings Inc. raised its stake in shares of Shell by 103.4% during the 1st quarter. Brown Lisle Cummings Inc. now owns 356 shares of the energy company's stock valued at $26,000 after purchasing an additional 181 shares during the period. Transce3nd LLC bought a new stake in shares of Shell during the 4th quarter valued at $34,000. Finally, Cheviot Value Management LLC bought a new stake in shares of Shell during the 1st quarter valued at $37,000. 28.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wells Fargo & Company decreased their target price on Shell from $80.00 to $79.00 and set an "overweight" rating on the stock in a research note on Thursday, June 26th. Scotiabank reiterated an "outperform" rating on shares of Shell in a report on Friday, July 11th. Santander cut Shell to a "neutral" rating in a report on Friday, July 11th. Piper Sandler increased their target price on Shell from $83.00 to $84.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, Hsbc Global Res lowered Shell from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 4th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $78.64.

Shell Stock Down 1.0%

SHEL traded down $0.70 during trading on Friday, hitting $71.94. 3,237,960 shares of the company's stock traded hands, compared to its average volume of 4,008,621. The company has a current ratio of 1.32, a quick ratio of 1.07 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $212.67 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 1.93 and a beta of 0.44. The company's 50 day simple moving average is $71.46 and its two-hundred day simple moving average is $68.38. Shell PLC Unsponsored ADR has a 12-month low of $58.54 and a 12-month high of $74.18.

Shell (NYSE:SHEL - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The energy company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.29. Shell had a return on equity of 10.67% and a net margin of 4.93%. The business had revenue of $66.44 billion during the quarter, compared to analyst estimates of $69.31 billion. Analysts predict 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 stock repurchase program on Friday, May 2nd that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the energy company to buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Shell Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, August 15th will be issued a $0.716 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.86 annualized dividend and a yield of 4.0%. Shell's dividend payout ratio is currently 64.41%.

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.