Shell Draws Higher Price Targets as Silvertip Ramps Up and Buybacks Roll On
Published on 10/31/2026 at 19:11 | Editorial boerse-global.de
Shell's third-quarter 2026 update has triggered a wave of price-target revisions from analysts who are nudging their numbers higher without changing their ratings on the stock. Evercore ISI lifted its target to $115 from $100, with analyst Stephen Richardson keeping a Hold rating, according to media reports. Wells Fargo's Sam Margolin moved his target to $116 from $105 while maintaining an Equal-Weight stance. Two other research houses raised their targets to GBP 41 apiece, leaving their Sector Perform and Neutral ratings untouched.
The revisions followed Shell's Thursday disclosure of $21.0 billion in operating cash flow for the third quarter of 2026, alongside $16.3 billion in free cash flow. The company attributed the sequential improvement in adjusted earnings to stronger refining margins, realized LNG prices and higher sales volumes in its Integrated Gas segment. Weaker contributions from trading and optimization in crude oil and oil products partly offset those gains.
Dividend Set and Buyback in Motion
Shell fixed its interim dividend for the third quarter of 2026 at US$0.3906 per ordinary share. Its newly published 2027 dividend calendar schedules the release of fourth-quarter 2026 results and the corresponding dividend for 4 February 2027.
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Shareholders are also being served by an active repurchase program. On Thursday the company bought 1,812,694 ordinary shares across trading venues in the UK and the Netherlands, with the acquired stock earmarked for cancellation. The program carries a $5 billion envelope and is slated for completion ahead of the next quarterly results, subject to market conditions. Contracts run until 29 January 2027, with a maximum consideration of $3 billion under the London contract and $2 billion under the Dutch one. Shell has pencilled in a duration of roughly three months for the whole scheme.
Silvertip Adds Barrels, Jackdaw Gets Green Light
On the operational front, subsidiary Shell Offshore reported Wednesday that the third phase of Silvertip has started producing in the Gulf of America, adding two wells to the Shell-operated Perdido site. At peak, the pair is expected to deliver up to 6,000 barrels of oil equivalent per day combined.
The UK government, meanwhile, approved development of the Jackdaw gas field on 21 October, a decision welcomed by Shell UK. Adura, the joint venture between Shell and Equinor, operates the project.
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