Shell

SHEL · LONDON

$108.18+$2.38 (+2.25%)TodayMarket closed · Oct 23, 7:59 PM ET

Prev close $105.80

SHEL analyst rating

BuyConsensus of 9 analysts over the last 12 months. 56% rate it a buy.

Strong buy0
Buy5
Hold4
Underperform0
Sell0

12-month price target · 21 analysts

Average $117.64 (+8.7% upside)

Low: $87.11
Now: $108.18
High: $202.63

Upgrades and downgrades

The latest rating actions, newest first

SHEL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	Sep 28, 2026	Maintains	Buy	$107.00 → $115.00	—
Piper Sandler	Sep 3, 2026	Maintains	Neutral	$89.00 → $100.00	75%
Piper Sandler	Aug 3, 2026	Maintains	Neutral	$88.00 → $89.00	75%
Wells Fargo	Jul 31, 2026	Maintains	Equal-Weight	$100.00 → $105.00	80%
Piper Sandler	Jul 23, 2026	Initiates	Overweight → Neutral	$88.00	75%
Mizuho	Jul 20, 2026	Initiates	Neutral	$98.00	61%
Jefferies	May 21, 2026	Maintains	Buy	$119.70 → $122.40	67%
Scotiabank	Apr 22, 2026	Maintains	Sector Outperform	$91.00 → $122.00	86%
TD Cowen	Apr 10, 2026	Maintains	Buy	$112.00 → $110.00	66%
Wells Fargo	Apr 9, 2026	Maintains	Equal-Weight	$77.00 → $94.00	80%

The case for and against

Updated Jul 25, 2026

Bull case

Shell is a well-diversified integrated oil and gas company with operations in several regions around the world. The company has been reducing its refining footprint and focusing on more profitable areas, such as Asia and South America. Their upstream segment is split between oil and gas, with notable growth projects in the Gulf of America and Brazil. Despite some recent underperformance, the company has a strong resource depth and is targeting a 4-5% annual growth in LNG production through 2030. With a mostly upstream-oriented business mix and a focus on cost and capex reductions, Shell is well-positioned for future success.

Bear case

Shell is facing headwinds in working capital and leverage, with a ~$11B build in 1Q and expected partially reversal in 2Q. Despite maintaining share buybacks and consistent shareholder returns, concerns on reliance on balance sheet and potential negative impact of crude price movement may continue to drive debate on the company's outlook.

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