2024-02-03 10:53:37 ET
Summary
- Even though Shell's stock performance has been underwhelming in the past three months on softening oil prices, the latest earnings update gives reasons for an uptick now.
- Revenues grew sequentially in Q4 2023, and adjusted earnings saw a double digit increase resulting in increased dividend payouts. The continued share buybacks are a positive too.
- Additionally, the market multiples are competitive compared to the energy sector median. Even though there are risks to oil prices in 2024, the stock still looks good.
Since the last time I wrote about energy company Shell (NYSE: SHEL ) ( OTCPK:RYDAF ) in November last year, the stock’s performance has been underwhelming, with a 4.3% decline. Of course, it's not a significant change and follows the softening in oil prices in during the final quarter of 2023 (Q4 2023)....
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Shell: Earnings Report Is More Positive Than Not