Merewether Investment Management LP Increases Holdings in Shell plc (NYSE:SHEL)

Merewether Investment Management LP raised its position in Shell plc (NYSE:SHEL) by 46.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,262,997 shares of the energy company’s stock after buying an additional 718,233 shares during the period. Shell comprises approximately 5.7% of Merewether Investment Management LP’s holdings, making the stock its 3rd largest holding. Merewether Investment Management LP’s holdings in Shell were worth $141,777,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Shell by 32.3% in the 4th quarter. FMR LLC now owns 86,417,177 shares of the energy company’s stock valued at $5,414,036,000 after purchasing an additional 21,118,234 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Shell by 1.7% in the 4th quarter. Fisher Asset Management LLC now owns 24,938,735 shares of the energy company’s stock valued at $1,562,412,000 after purchasing an additional 408,088 shares during the period. Wellington Management Group LLP lifted its stake in shares of Shell by 3.1% in the 4th quarter. Wellington Management Group LLP now owns 7,982,817 shares of the energy company’s stock valued at $500,123,000 after purchasing an additional 238,705 shares during the period. Franklin Resources Inc. lifted its stake in shares of Shell by 0.8% in the 4th quarter. Franklin Resources Inc. now owns 6,023,173 shares of the energy company’s stock valued at $377,352,000 after purchasing an additional 50,228 shares during the period. Finally, Northern Trust Corp raised its stake in Shell by 20.1% during the 4th quarter. Northern Trust Corp now owns 3,101,330 shares of the energy company’s stock worth $194,298,000 after buying an additional 519,105 shares during the period. 28.60% of the stock is currently owned by institutional investors.

Shell Stock Performance

Shares of SHEL opened at $66.36 on Tuesday. Shell plc has a one year low of $58.55 and a one year high of $74.61. The company has a market cap of $199.60 billion, a PE ratio of 13.22, a P/E/G ratio of 0.98 and a beta of 0.38. The stock has a 50-day moving average of $66.75 and a 200-day moving average of $65.84. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.35 and a quick ratio of 1.10.

Shell (NYSE:SHEL) last issued 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 return on equity of 12.75% and a net margin of 5.57%. The business had revenue of $69.23 billion during the quarter, compared to analyst estimates of $79.18 billion. During the same period in the previous year, the company posted $2.40 EPS. On average, equities research analysts predict that Shell plc will post 7.67 EPS for the current fiscal year.

Shell declared that its board 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 reacquire up to 1.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Shell Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, May 16th will be issued a $0.716 dividend. The ex-dividend date is Friday, May 16th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.32%. Shell’s dividend payout ratio is presently 65.90%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SHEL shares. Royal Bank of Canada reiterated an “outperform” rating on shares of Shell in a report on Wednesday, March 26th. Scotiabank cut their price target on Shell from $75.00 to $70.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. TD Securities restated a “buy” rating on shares of Shell in a report on Friday, April 4th. Barclays reaffirmed an “overweight” rating on shares of Shell in a research report on Wednesday, March 26th. Finally, Wells Fargo & Company lowered their price target on Shell from $83.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, May 5th. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $77.35.

Shell Company 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.