Elevation Point Wealth Partners LLC Sells 295 Shares of Shell plc (NYSE:SHEL)

Elevation Point Wealth Partners LLC reduced its stake in Shell plc (NYSE:SHEL) by 2.6% during the first quarter, HoldingsChannel.com reports. The firm owned 11,028 shares of the energy company’s stock after selling 295 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Shell were worth $808,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. FMR LLC lifted its position in 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 acquiring an additional 21,118,234 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Shell by 1.7% during 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 buying an additional 408,088 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Shell by 3.1% during 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 buying an additional 238,705 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Shell by 0.8% during the 4th quarter. Franklin Resources Inc. now owns 6,023,173 shares of the energy company’s stock valued at $377,352,000 after buying an additional 50,228 shares during the period. Finally, Voloridge Investment Management LLC raised its holdings in Shell by 170.3% in the 4th quarter. Voloridge Investment Management LLC now owns 3,463,372 shares of the energy company’s stock worth $216,980,000 after purchasing an additional 2,182,253 shares during the period. 28.60% of the stock is owned by institutional investors.

Shell Trading Up 1.5%

Shares of SHEL stock opened at $72.49 on Friday. Shell plc has a 12-month low of $58.55 and a 12-month high of $74.46. The company has a current ratio of 1.35, a quick ratio of 1.10 and a debt-to-equity ratio of 0.36. The stock’s 50-day moving average price is $65.95 and its 200-day moving average price is $66.06. The stock has a market capitalization 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.

Shell (NYSE:SHEL) last issued its quarterly earnings data on Friday, May 2nd. The energy company reported $1.84 earnings per share for the quarter, topping 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 company had revenue of $69.23 billion for the quarter, compared to analysts’ expectations of $79.18 billion. During the same period in the previous year, the firm posted $2.40 earnings per share. Equities research analysts predict that Shell plc will post 7.67 EPS for the current fiscal year.

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

Shell Announces Dividend

The business also recently disclosed 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. 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 currently 65.90%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SHEL shares. Piper Sandler lifted their target price on Shell from $72.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, May 13th. TD Cowen lowered their target price on Shell from $82.00 to $76.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Scotiabank lowered their target price on Shell from $75.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. TD Securities reissued a “buy” rating on shares of Shell in a report on Friday, April 4th. Finally, Barclays reissued an “overweight” rating on shares of Shell in a report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $78.26.

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.