Shares of global energy company Shell plc (NYSE:SHEL) are ticking upward at the time of publishing today after the company delivered better-than-anticipated first-quarter numbers.
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Revenue rose 3.3% year-over-year to $86.96 billion. The figure was ahead of estimates by $9 billion. EPS at $1.39 though fell short of consensus by $0.71. The company’s first quarter performance was characterized by decreased underlying opex, gains in chemicals and Products, and better operational efficiency.
Additionally, Shell has also announced a share repurchase program worth $4 billion for the second quarter. This brings the company’s total distributions to investors at $12 billion in H1 2023.
Looking ahead, for Q2 2023, the company expects adjusted earnings to hover between $400 million and $600 million. Capital expenditures for the year are seen landing between $23 billion and $27 billion.
Overall, the Street has a $71.61 consensus price target on SHEL, implying a potential upside of 22.4% in the stock.
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