Analyst Christopher Kuplent from Bank of America Securities reiterated a Hold rating on Shell (UK) and keeping the price target at p3,500.00.
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Christopher Kuplent has given his Hold rating due to a combination of factors, including Shell’s recent shift in capital returns. While first‑quarter 2026 earnings and trading performance were stronger than expected, the company’s decision to trim buybacks, only partly offset by a 5% dividend per share increase, signals a more cautious stance and suggests the share price is already close to his assessment of fair value at 3,500 GBp.
He also highlights that Shell’s upcoming ~$10bn share issuance for M&A, together with a rebalanced mix of shareholder payouts toward future dividend growth, limits near‑term upside for the stock. Although his 2026 earnings forecasts still imply some upside versus consensus, he keeps the price target unchanged at 3,500 GBp and prefers other names such as TotalEnergies, which he sees as offering more attractive long‑term free cash flow yields and a more compelling valuation profile, justifying a Neutral (Hold) stance on Shell.
In another report released on May 5, UBS also reiterated a Hold rating on the stock with a p3,850.00 price target.
Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SHEL in relation to earlier this year.