Shell Stock in Focus After Investor Adds to Stake

SHEL also received two price-target hikes this morning

Deputy Editor
May 9, 2022 at 10:10 AM
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Shell PLC (NYSE:SHEL) is in the spotlight this morning, after news that Third Point's Daniel Loeb has added to his $750 million stake in the oil and gas giant. Furthermore, Loeb, who wants to split up the company, said in his letter to investors that he has had "constructive" discussions with management, board members, and other shareholders. 

At last glance, SHEL was down 3.9% to trade at $55.46, despite a pair of bull notes this morning. More specifically, Cowen and Company hiked its price target by $2 to $62, while Scotiabank raised its own to $70 from $63. Still, the stock isn't too far from its April 19, two-year high of $58.68, and has the support of the 80-day moving average.

Calls are popular in the options pits. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 20.27 calls have been bought for every put in the last 10 weeks. 

The majority of analysts are bullish as well. Of the 12 in coverage, nine carry a "strong buy" rating. Plus, the 12-month consensus price target of $69.39 is a 25.1% premium to last night's close. 

 

 

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