PNC Financial Services Group Inc. Raises Stock Holdings in Shell plc (NYSE:SHEL)

PNC Financial Services Group Inc. lifted its stake in Shell plc (NYSE:SHEL) by 1.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 890,180 shares of the energy company’s stock after acquiring an additional 14,690 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Shell were worth $58,707,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SHEL. Hobbs Group Advisors LLC bought a new position in shares of Shell in the 2nd quarter valued at about $26,000. Triad Wealth Partners LLC purchased a new position in shares of Shell in the second quarter worth $31,000. Fairscale Capital LLC acquired a new stake in Shell during the 2nd quarter valued at approximately $33,000. Fortitude Family Office LLC acquired a new position in Shell in the third quarter valued at approximately $30,000. Finally, Valley Wealth Managers Inc. purchased a new stake in shares of Shell in the third quarter valued at approximately $33,000. Institutional investors own 28.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Berenberg Bank upgraded Shell to a “strong-buy” rating in a report on Monday, August 5th. Citigroup raised Shell to a “hold” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada raised Shell to a “moderate buy” rating in a research report on Tuesday, July 30th. Wells Fargo & Company increased their price target on shares of Shell from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Finally, Barclays raised Shell to a “strong-buy” rating in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $82.00.

Shell Stock Performance

SHEL stock opened at $65.42 on Thursday. The firm has a market cap of $202.50 billion, a P/E ratio of 13.46, a P/E/G ratio of 1.96 and a beta of 0.56. Shell plc has a 12-month low of $60.34 and a 12-month high of $74.61. The company has a current ratio of 1.40, a quick ratio of 1.13 and a debt-to-equity ratio of 0.34. The stock’s 50 day simple moving average is $67.31 and its 200 day simple moving average is $70.04.

Shell Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Friday, November 15th will be issued a dividend of $0.688 per share. This represents a $2.75 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend is Friday, November 15th. Shell’s payout ratio is 56.58%.

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.