Why Shell Shares Are Rising Sharply

Why Shell Shares Are Rising Sharply

Shell PLC SHEL shares are trading higher by 6.19% to $56.61 after the company reported third-quarter EPS and sales results were higher year-over-year.

What Happened?

Shell reported quarterly earnings of $2.60 per share. This is a marked increase over earnings of $1.06 per share from the same period last year.

The company also reported $95.75 billion in sales this quarter. This sales figure represents a 60% increase over sales of $60.04 billion in the same period last year.

Shell today announced the commencement of a $4 billion share buyback programme covering an aggregate contract term of approximately three months. Shell says the purpose of the program is to reduce the issued share capital of the company. Shell added it is intended that, subject to market conditions, the program will be completed prior to the company's fourth-quarter results announcement, scheduled for February 2, 2023.

Shell has now completed $6 billion of share buybacks announced in the second quarter 2022 results announcement.

According to data from Benzinga Pro, Shell has a 52-week high of $61.68 and a 52-week low of $41.23.

Image courtesy of Photographic Services, Shell International Limited.

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