Shell PLC Unsponsored ADR (NYSE:SHEL) Shares Sold by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates Ltd. reduced its stake in Shell PLC Unsponsored ADR by 3.4%, owning 98,683 shares worth approximately $7.23 million after selling 3,481 shares.
• Shell reported earnings of $1.84 per share in its last quarter, surpassing estimates, but its revenue fell short, coming in at $69.23 billion against an expected $79.18 billion.
• The company announced a $3.50 billion share repurchase program, indicating management's belief that its stock is undervalued, while also maintaining a quarterly dividend of $0.716 per share.

Pinnacle Associates Ltd. lessened its stake in Shell PLC Unsponsored ADR (NYSE:SHEL - Free Report) by 3.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 98,683 shares of the energy company's stock after selling 3,481 shares during the period. Pinnacle Associates Ltd.'s holdings in Shell were worth $7,231,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. First Wilshire Securities Management Inc. grew its stake in shares of Shell by 1.6% in the fourth quarter. First Wilshire Securities Management Inc. now owns 9,518 shares of the energy company's stock worth $596,000 after acquiring an additional 153 shares in the last quarter. Titleist Asset Management LLC grew its stake in shares of Shell by 3.1% in the fourth quarter. Titleist Asset Management LLC now owns 5,526 shares of the energy company's stock worth $346,000 after acquiring an additional 164 shares in the last quarter. Warther Private Wealth LLC grew its stake in shares of Shell by 5.0% in the first quarter. Warther Private Wealth LLC now owns 3,433 shares of the energy company's stock worth $252,000 after acquiring an additional 165 shares in the last quarter. Harbour Capital Advisors LLC grew its stake in shares of Shell by 2.4% in the first quarter. Harbour Capital Advisors LLC now owns 7,235 shares of the energy company's stock worth $505,000 after acquiring an additional 170 shares in the last quarter. Finally, Golden State Equity Partners grew its stake in shares of Shell by 5.1% in the first quarter. Golden State Equity Partners now owns 3,562 shares of the energy company's stock worth $261,000 after acquiring an additional 173 shares in the last quarter. Institutional investors and hedge funds own 28.60% of the company's stock.

Shell Stock Performance

Shares of NYSE:SHEL traded up $0.37 on Monday, reaching $72.36. The company's stock had a trading volume of 1,345,916 shares, compared to its average volume of 4,778,110. The stock's 50-day moving average is $69.86 and its two-hundred day moving average is $67.77. Shell PLC Unsponsored ADR has a 52-week low of $58.54 and a 52-week high of $74.46. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.32 and a quick ratio of 1.08. The stock has a market capitalization of $213.89 billion, a P/E ratio of 16.66, a PEG ratio of 2.09 and a beta of 0.40.

Shell (NYSE:SHEL - Get Free Report) last announced its earnings results on Friday, May 2nd. The energy company reported $1.84 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.30. Shell had a net margin of 4.75% and a return on equity of 11.71%. The business had revenue of $69.23 billion during the quarter, compared to analysts' expectations of $79.18 billion. During the same period in the prior year, the company earned $2.40 earnings per share. As a group, sell-side analysts forecast that Shell PLC Unsponsored ADR will post 7.67 EPS for the current year.

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

Shell Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, May 16th were issued a dividend of $0.716 per share. The ex-dividend date was Friday, May 16th. This represents a $2.86 annualized dividend and a yield of 3.96%. Shell's dividend payout ratio is currently 65.90%.

Wall Street Analysts Forecast Growth

Several research firms have commented on SHEL. TD Cowen dropped their price target on shares of Shell from $82.00 to $76.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Hsbc Global Res upgraded shares of Shell to a "strong-buy" rating in a research note on Tuesday, May 13th. Sanford C. Bernstein downgraded shares of Shell from an "outperform" rating to a "market perform" rating in a research note on Monday, June 16th. Wells Fargo & Company lowered their target price on shares of Shell from $80.00 to $79.00 and set an "overweight" rating for the company in a research note on Thursday, June 26th. Finally, Santander downgraded shares of Shell to a "neutral" rating in a research note on Friday, July 11th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $78.69.

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.