Analysts Lift Shell Share Price Targets After Strong Q3

Several Wall Street firms have moved to raise their price targets on Shell (LON: SHEL) shares following the energy major’s third-quarter results, citing strong cash generation and an increased share buyback.

Shell reported adjusted profit of $10.8 billion for the third quarter on Thursday, compared with $5.4 billion a year earlier. The company also launched a new $5 billion share buyback, to be completed by the release of its fourth-quarter results on Feb. 4, 2027.

On its US-listed shares, Wells Fargo raised its target to $116 from $105 and kept an Equal Weight rating. Analyst Sam Margolin told investors in a note that the market welcomed the larger buyback alongside debt reduction.

He argued that debates over the timing of repurchases matter little when the environment allows Shell to fund all of its priorities.

Evercore ISI lifted its target to $115 from $100 and maintained an In Line rating, while Bank of America raised its target to $107 from $97, keeping a Neutral rating on the stock. BofA described the latest round of European Big Oil results as one of the sector’s strongest cash flow quarters in recent years, adding that comparable cash generation was last seen in the 2022 macro environment.

On its London-listed shares, JPMorgan increased its target to 4,200 pence from 4,100 pence and reiterated an Overweight rating, the most bullish call among the group.

RBC Capital improved its target to 4,100 pence from 4,000 pence with a Sector Perform rating. Citi made the largest upward revision, lifting its target to 3,900 pence from 3,200 pence while keeping a Neutral rating.