Scotiabank Issues Pessimistic Forecast for Shell (NYSE:SHEL) Stock Price

Shell (NYSE:SHEL) had its price objective dropped by Scotiabank from $75.00 to $70.00 in a report released on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the energy company’s stock. Scotiabank’s target price indicates a potential upside of 12.82% from the stock’s previous close.

SHEL has been the subject of several other research reports. Piper Sandler reduced their price target on shares of Shell from $82.00 to $72.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Wells Fargo & Company decreased their target price on Shell from $87.00 to $83.00 and set an “overweight” rating for the company in a research report on Tuesday. Royal Bank of Canada reissued an “outperform” rating on shares of Shell in a research report on Wednesday, March 26th. Barclays reaffirmed an “overweight” rating on shares of Shell in a research note on Wednesday, March 26th. Finally, Morgan Stanley upgraded shares of Shell from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $66.50 to $79.80 in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Shell presently has a consensus rating of “Buy” and an average target price of $77.73.

Shell Price Performance

Shares of NYSE:SHEL traded up $2.27 on Friday, reaching $62.05. 8,668,883 shares of the company traded hands, compared to its average volume of 4,319,337. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.35 and a quick ratio of 1.10. The stock has a market capitalization of $187.61 billion, a PE ratio of 12.36, a P/E/G ratio of 0.98 and a beta of 0.27. The company’s 50 day moving average is $67.66 and its 200-day moving average is $66.24. Shell has a fifty-two week low of $58.55 and a fifty-two week high of $74.61.

Shell (NYSE:SHEL) last released its quarterly earnings results on Thursday, January 30th. The energy company reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.54). Shell had a net margin of 5.57% and a return on equity of 12.75%. As a group, analysts anticipate that Shell will post 7.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shell

A number of institutional investors have recently modified their holdings of SHEL. Coldstream Capital Management Inc. boosted its holdings in Shell by 11.3% during the third quarter. Coldstream Capital Management Inc. now owns 12,183 shares of the energy company’s stock valued at $803,000 after acquiring an additional 1,240 shares during the period. Virtu Financial LLC bought a new position in Shell in the 3rd quarter worth approximately $5,154,000. Sanctuary Advisors LLC lifted its holdings in shares of Shell by 5.9% during the third quarter. Sanctuary Advisors LLC now owns 151,868 shares of the energy company’s stock worth $10,028,000 after buying an additional 8,499 shares during the last quarter. World Investment Advisors LLC grew its stake in shares of Shell by 37.0% in the third quarter. World Investment Advisors LLC now owns 5,594 shares of the energy company’s stock worth $369,000 after acquiring an additional 1,512 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in Shell during the 3rd quarter valued at $2,552,000. Institutional investors own 28.60% of the company’s stock.

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.