Fifth Third Bancorp Lowers Stock Holdings in Shell plc (NYSE:SHEL)

Fifth Third Bancorp decreased its position in shares of Shell plc (NYSE:SHEL) by 1.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 95,925 shares of the energy company’s stock after selling 1,520 shares during the quarter. Fifth Third Bancorp’s holdings in Shell were worth $7,029,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SHEL. Kennebec Savings Bank bought a new stake in shares of Shell in the first quarter worth about $25,000. CoreFirst Bank & Trust bought a new stake in shares of Shell in the 4th quarter worth about $28,000. Human Investing LLC bought a new stake in shares of Shell in the 4th quarter worth about $31,000. Transce3nd LLC purchased a new stake in shares of Shell in the fourth quarter valued at $34,000. Finally, Millstone Evans Group LLC bought a new position in Shell during the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 28.60% of the company’s stock.

Wall Street Analyst Weigh In

SHEL has been the topic of a number of research analyst reports. Hsbc Global Res upgraded shares of Shell to a “strong-buy” rating in a research note on Tuesday, May 13th. Piper Sandler increased their price objective on shares of Shell from $72.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, May 13th. Wells Fargo & Company lowered their target price on shares of Shell from $83.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. TD Securities reiterated a “buy” rating on shares of Shell in a research note on Friday, April 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating on shares of Shell in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $78.26.

Shell Stock Up 1.5%

Shares of NYSE SHEL opened at $72.49 on Friday. The company’s 50-day simple moving average is $65.95 and its 200-day simple moving average is $66.05. Shell plc has a 52-week low of $58.55 and a 52-week high of $74.46. The firm has a market cap of $216.67 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 0.98 and a beta of 0.39. The company has a quick ratio of 1.10, a current ratio of 1.35 and a debt-to-equity ratio of 0.36.

Shell (NYSE:SHEL) last posted its quarterly earnings results on Friday, May 2nd. The energy company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.30. The firm had revenue of $69.23 billion for the quarter, compared to analyst estimates of $79.18 billion. Shell had a net margin of 5.57% and a return on equity of 12.75%. During the same period in the previous year, the business posted $2.40 earnings per share. Equities analysts predict that Shell plc will post 7.67 EPS for the current fiscal 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 issued a $0.716 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $2.86 annualized dividend and a yield of 3.95%. Shell’s payout ratio is 65.90%.

Shell announced that its board has initiated a share repurchase 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 repurchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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.