TD Cowen Rates Shell as 'Buy' with $20 Billion Buyback Expectation

TD Cowen has reiterated its 'Buy' rating for Shell (SHEL), highlighting the company's expected $20 billion share buyback program. Analysts noted that Shell's strong cash flow and capital discipline position it to achieve this buyback target. Shell's energy transition strategy and low-carbon investments offer long-term value creation potential for investors. TD Cowen stated that the company presents an attractive valuation under current market conditions and that the buyback program will support earnings per share. Analysts emphasized that Shell's projected free cash flow for 2024 is sufficient to finance the planned buybacks. Additionally, the company's dividend policy is expected to remain stable. Shell's stock has shown relatively resilient performance recently despite fluctuations in the energy sector. TD Cowen anticipates this positive outlook will continue and that Shell will deliver solid returns to its investors. This is not an investment recommendation.