Shell Stock Rises As Buyback Update Meets Stronger Oil Backdrop

Shell PLC (NYSE:SHEL) shares are trading higher Thursday afternoon as investors appeared to weigh a fresh SEC filing tied to the company's ongoing share repurchase program alongside a supportive backdrop for oil-linked names.

• Shell stock is moving in positive territory. Why is SHEL stock advancing?

Active Buyback Program Reinforces Capital Return Story

In a Form 6-K posted Thursday that included a "Transaction in Own Shares" update dated March 31, Shell said it purchased shares for cancellation as part of its existing buyback program. The filing said those repurchases were made under the on- and off-market limbs of the program Shell previously announced on Feb. 5.

Shell also said Morgan Stanley & Co. is making trading decisions independently of the company for the program from Feb. 5 through May 1. The filing noted the repurchases are being carried out within pre-set parameters and under applicable UK and EU market-abuse and listing rules, reinforcing that the buyback remains active and ongoing.

For investors, continued buybacks can help support sentiment by shrinking share count and signaling ongoing capital returns, even if the filing itself does not change Shell's underlying operations.

Stronger Oil Backdrop May Add Support For SHEL Shares

Thursday's move in SHEL may also be getting help from a firmer energy backdrop, with broader market attention remaining fixed on Middle East tensions and fresh concerns around oil infrastructure and Strait of Hormuz shipping flows.

Recent Analyst Moves Paint A Mixed Near-Term Outlook

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $82.65. Recent analyst moves include:

• Piper Sandler: Overweight (Raises Target to $106.00) (March 12)
• Wells Fargo: Equal-Weight (Lowers Target to $77.00) (Feb. 6)

SHEL Shares Edge Higher Thursday

SHEL Price Action: Shell shares were up 1.60% at $93.51 at the time of publication on Thursday. The stock is trading near its 52-week high of $94.90, according to Benzinga Pro data.

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