Call Traders Target Rising Shell Stock

The company is shutting down operations in Russia

Deputy Editor
Mar 8, 2022 at 10:52 AM
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After facing criticism, Shell PLC (NYSE:SHEL) released a statement today apologizing for buying a discounted shipment of Russian oil on Friday, and announced it is shutting down operations in Russia. SHEL is up 3.8% to trade at $53.54 at last glance, as investors eye the energy sector amid a rise in oil prices, and word that the U.S. will likely ban Russian oil

Call traders are particularly keen on Shell stock this morning. So far, 17,000 calls have crossed the tape -- five times the intraday average -- in comparison to 2,122 puts. The March 55 call is by far the most popular, followed by the weekly 3/11 52-strike call. 

Analysts are similarly bullish, with 14 of the 16 in coverage carrying a "buy" or better rating. Plus, the 12-month consensus price target of $66.46 is a 24.4% premium to current levels. 

On the charts, SHEL is just off a Feb. 7, two-year high of $56.13, after a few weeks of volatile trading. The 60-day moving average, which has been supporting the shares since early January, contained the stock's latest pullback, however. Year-to-date, the equity is up 23.4%.

 

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