Shell (SHEL) Rated Buy by TD Cowen over $20B Buyback Expectations

Shell plc (NYSE:SHEL) ranks among the best low-risk investments in May 2026. On April 10, TD Cowen cut its price target for Shell plc (NYSE:SHEL) to $110 from $112 while retaining a Buy rating on the company’s shares. TD Cowen anticipates Shell plc (NYSE:SHEL) to reveal a $5.5 billion buyback in the second quarter of 2026, despite the probable reversal of working capital headwinds. According to the firm’s expectations, Shell plc (NYSE:SHEL) would repurchase $20 billion in fiscal year 2026, increasing its return yield to 14%.

The firm issued a minor adjustment to its rest-of-year projections, with somewhat higher Integrated Gas and better Renewables and Energy Solutions offsetting lower Upstream results on reduced oil costs and increased corporate expenses. Given its leading-peer distribution and second-best free cash flow yield in the sector, Shell plc (NYSE:SHEL) remains in a strong position for the foreseeable future, according to TD Cowen.

Meanwhile, Piper Sandler reaffirmed an Overweight rating and a $106 price target for Shell plc (NYSE:SHEL) following the company’s first-quarter trading update. The firm raised its first-quarter 2026 earnings expectations to $2.36 per share and $17.1 billion in EBITDA, up from previous estimates of $2.17 per share and $16.1 billion.

Shell plc (NYSE:SHEL) is an integrated energy company with operations spanning exploration, production, refining, marketing, and chemical manufacturing, alongside growing investments in biofuels and hydrogen.

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