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

Merewether Investment Management LP lifted its stake in shares of Shell plc (NYSE:SHEL) by 41.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,544,764 shares of the energy company’s stock after purchasing an additional 449,000 shares during the period. Shell makes up about 4.7% of Merewether Investment Management LP’s investment portfolio, making the stock its 6th biggest position. Merewether Investment Management LP’s holdings in Shell were worth $101,877,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of SHEL. Hobbs Group Advisors LLC acquired a new position in shares of Shell during the 2nd quarter worth about $26,000. Fortitude Family Office LLC acquired a new position in Shell during the third quarter valued at approximately $30,000. Triad Wealth Partners LLC bought a new position in shares of Shell during the second quarter worth $31,000. Fairscale Capital LLC bought a new stake in shares of Shell in the second quarter worth about $33,000. Finally, Valley Wealth Managers Inc. bought a new stake in Shell during the 3rd quarter worth approximately $33,000. Institutional investors and hedge funds own 28.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on SHEL. Barclays raised shares of Shell to a “strong-buy” rating in a research report on Wednesday, October 2nd. Scotiabank reduced their target price on Shell from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Sanford C. Bernstein upgraded shares of Shell to a “strong-buy” rating in a research note on Friday, October 11th. Citigroup raised shares of Shell to a “hold” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company upped their target price on Shell from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $82.00.

Shell Stock Up 1.5 %

Shares of NYSE SHEL opened at $65.28 on Wednesday. The company has a 50 day simple moving average of $66.71 and a 200 day simple moving average of $69.48. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.40 and a quick ratio of 1.13. Shell plc has a 1 year low of $60.34 and a 1 year high of $74.61. The firm has a market cap of $202.07 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of 1.93 and a beta of 0.55.

Shell Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, November 15th will be given a dividend of $0.688 per share. This represents a $2.75 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date of this dividend is Friday, November 15th. Shell’s dividend payout ratio is presently 56.58%.

Shell 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.