Shell raises gas outlook and Jefferies keeps Buy on Shell stock

Published on 10/09/2026 at 12:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Shell's second-quarter revenue reached USD 94.66 billion, up 35.83 percent from Q1. Shell stock costs EUR 44.41 on October 9, 2026 after EUR 44.66.

Key points in brief

Jefferies reaffirmed its Buy rating and kept a GBp 4,500 price target on October 8, 2026.
Shell's October 7, 2026 update raised third-quarter Integrated Gas guidance to 740,000-780,000 barrels of oil equivalent per day.
Shell stock was trading at EUR 44.41 at Lang & Schwarz on October 9, 2026, down 0.56 percent from EUR 44.66.

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Shell stock (ISIN GB00BP6MXD84) was trading at EUR 44.41 at Lang & Schwarz on October 9, 2026 at 12:19 p.m. CEST, down 0.56 percent from the prior close of EUR 44.66. Jefferies reaffirmed its Buy rating and maintained a GBp 4,500 price target on October 8, 2026, according to MarketBeat.

Three dated operating signals

On July 30, 2026, Shell reported USD 9.80 billion of adjusted earnings for the second quarter and more than USD 21.00 billion of operating cash flow, according to Shell.

On September 29, 2026, Shell took a final investment decision to double LNG Canada capacity, according to the company's investor-relations page. On October 7, 2026, Shell's third-quarter update raised the Integrated Gas production outlook to 740,000-780,000 barrels of oil equivalent per day from 570,000-630,000, while the refining margin outlook reached USD 42.00 per barrel versus USD 24.00 in the second quarter, as reported by TradingView.

What does the margin update mean

The refining indication is 75.00 percent above the USD 24.00 per-barrel second-quarter level, creating a clear operational comparison for the October 29 results date. The higher gas range also reflects the contribution from assets added through the ARC Resources acquisition, while chemicals margins and cash outflows remain offsets cited in the market coverage.

Results date and analyst view

Shell's next reporting date is October 29, 2026, according to TradingView. Jefferies' GBp 4,500 target is 19.03 percent above the GBp 3,780.50 London close cited by MarketBeat. That comparison uses the London-listed share price and remains separate from the euro quote used for Shell stock in Germany.

Shell stock stays tied to execution

Shell's second-quarter revenue was USD 94.66 billion, up 35.83 percent from USD 69.69 billion in the first quarter, while operating cash flow rose from USD 6.06 billion to USD 21.43 billion over the same periods. The third-quarter update therefore gives investors two measurable operating markers before the results release: the refining margin and the expanded gas-production range.

Shell was trading at EUR 44.41 at Lang & Schwarz on October 9, 2026 at 12:19 p.m. CEST, down 0.56 percent versus the Lang & Schwarz prior close of EUR 44.66. The further course of trading is shown by the continuously updated real-time quote of Shell stock.