OLD National Bancorp IN Cuts Stake in Shell plc (NYSE:SHEL)

OLD National Bancorp IN reduced its stake in Shell plc (NYSE:SHEL) by 29.3% during the first quarter, Holdings Channel.com reports. The firm owned 10,560 shares of the energy company’s stock after selling 4,385 shares during the period. OLD National Bancorp IN’s holdings in Shell were worth $774,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. FMR LLC increased its holdings in Shell by 32.3% during 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 position in Shell by 1.7% during the fourth quarter. Fisher Asset Management LLC now owns 24,938,735 shares of the energy company’s stock valued at $1,562,412,000 after buying an additional 408,088 shares during the period. Wellington Management Group LLP boosted its stake in Shell by 3.1% during the fourth quarter. Wellington Management Group LLP now owns 7,982,817 shares of the energy company’s stock worth $500,123,000 after acquiring an additional 238,705 shares in the last quarter. Franklin Resources Inc. grew 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 worth $377,352,000 after buying an additional 50,228 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its stake in shares of Shell by 170.3% in the fourth quarter. Voloridge Investment Management LLC now owns 3,463,372 shares of the energy company’s stock worth $216,980,000 after acquiring an additional 2,182,253 shares during the last quarter. 28.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHEL has been the topic of a number of recent analyst reports. TD Cowen cut their price target on shares of Shell from $82.00 to $76.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company decreased their target price on Shell from $83.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Hsbc Global Res raised shares of Shell to a “strong-buy” rating in a report on Tuesday, May 13th. Barclays reissued an “overweight” rating on shares of Shell in a report on Wednesday, March 26th. Finally, Scotiabank dropped their target price on shares of Shell from $75.00 to $70.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $78.26.

Shell Trading Up 0.4%

Shares of Shell stock opened at $68.26 on Tuesday. Shell plc has a 1-year low of $58.55 and a 1-year high of $74.46. The company’s fifty day simple moving average is $65.37 and its 200-day simple moving average is $65.89. 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 $204.03 billion, a PE ratio of 13.60, a P/E/G ratio of 0.98 and a beta of 0.39.

Shell (NYSE:SHEL) last released its quarterly earnings results on Friday, May 2nd. The energy company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the previous year, the company posted $2.40 earnings per share. As a group, equities analysts anticipate that Shell plc will post 7.67 earnings per share for the current year.

Shell Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, May 16th will be paid a dividend of $0.716 per share. This represents a $2.86 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date is Friday, May 16th. Shell’s payout ratio is 65.90%.

Shell announced that its Board of Directors has initiated a share buyback program on Friday, May 2nd that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the energy company to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.