LONDON, Feb 9, 2026, 10:46 GMT
- Shell shares picked up 0.6% in London, closing at 2,790p—still roughly 5% shy of their 52-week peak.
- Shell kicked off a $3.5 billion share buyback set to run through May 1. The company plans to cancel all the shares it repurchases.
- JPMorgan stuck with its “Overweight” call and kept the target at 3,200p. DZ Bank raised its fair value to 37 euros, still rating the shares a “buy”.
By 10:30 GMT on Monday, Shell shares were up 0.6% at 2,790 pence, with the stock still trading around 5% beneath its 52-week high.
Buybacks are grabbing attention again, with oil and gas prices trending lower and investors watching for hints that hefty payouts could taper off. Exxon in the U.S. is sticking to its $20 billion buyback plan for this year, but over in Norway, Equinor slashed its repurchases by 70%. Shell CFO Sinead Gorman described the company’s payout range as “sacrosanct”. Reuters
On Feb. 5, Shell kicked off a $3.5 billion share buyback, planning to split purchases between London and Netherlands venues over roughly three months. The company expects to wrap up the buyback before reporting its first-quarter 2026 results, and will cancel the shares it repurchases.
Shell posted adjusted earnings of $3.256 billion for the fourth quarter and announced a dividend of $0.372 per share. Looking to 2025, the company reported adjusted earnings of $18.529 billion, with cash flow from operations at $42.863 billion.
Boerse Express flagged in a commentary that softer trading performance and slimmer refining and chemical margins dragged on Shell’s fourth quarter, though the company kept up its cash returns. The piece also raised questions around reserve life following recent asset sales, with eyes now turning to May’s first-quarter results as the next key milestone.
Shell is switching auditors. The board has signed off on PricewaterhouseCoopers as the new external auditor, starting with the financial year wrapping up Dec. 31, 2027. That appointment will hinge on shareholder approval at the 2027 annual meeting.
JPMorgan’s Matthew Lofting has stuck with an “Overweight” on Shell, keeping his price target at 3,200 pence following the company’s Q4 call. The big topic for Lofting: “capital allocation” — management’s moves with cash and what they hand back. For JPMorgan, “Overweight” signals an expectation Shell will outperform. finanzen.net
Werner Eisenmann at DZ Bank bumped his fair value target up to 37 euros and stuck with a “buy” rating, arguing the sluggish quarter isn’t as big a deal as it looks. What sets Shell apart, he noted, are its consistent buybacks and payout yield, standing out from other European peers. finanzen.net
TIKR’s valuation note put Shell at $43 by December 2028, but even at today’s $38, the risk-reward looked “thin,” with an implied return near 5% a year. The post pointed out Shell is trading close to record levels after climbing about 15% in 2025. TIKR.com
A company’s fortunes can shift on a dime when cash flows hinge on commodities and geopolitics. On Feb. 6, Shell announced it’s putting a hold on fresh investments in Kazakhstan while legal disputes over costs play out. CEO Wael Sawan didn’t mince words: “It does impact our appetite to invest further in Kazakhstan.” Reuters
Sooner rather than later, May brings Shell’s first-quarter numbers—and the answer on buybacks. For now, owning the stock is mostly a wager on self-control and cash flow, rather than any sudden growth story.
