Wells Fargo keeps Hold on Shell stock at USD 105 target

Published on 10/15/2026 at 11:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Shell lifted third-quarter gas guidance to 780,000 boe per day. Shell stock costs EUR 46.52 on October 15, 2026, with a USD 105 target.

Targets and operating outlook

Wells Fargo maintained a Hold rating with a USD 105.00 target on October 14, 2026.
Shell expects a USD 42.00 per barrel refining margin in the third quarter, versus USD 24.00 in the second quarter.
Shell stock was trading at EUR 46.52 at 11:42 a.m. CEST at Lang & Schwarz on October 15, 2026.

Aquarell Rotterdamer Hafen mit LNG-Tanker, Pastelltöne, weiche impressionistische Pinselführung — Shell plc GB00BP6MXD84: Aquarellbild des Rotterdamer Hafens mit LNG-Tanker in weichen Pastelltönen, Illustration mit AI erstellt.

Shell (ISIN GB00BP6MXD84) was trading at EUR 46.52 at Lang & Schwarz on October 15, 2026, at 11:42 a.m. CEST. Wells Fargo maintained a Hold rating and set a USD 105.00 price target on October 14, 2026, according to Markets Insider.

Refining margin leads the outlook

Shell's October 7, 2026 third-quarter update points to a sharp improvement in refining economics. The indicative refining margin is forecast at USD 42.00 per barrel, compared with USD 24.00 per barrel in the second quarter, while the chemicals margin is expected to fall to USD 208.00 per tonne from USD 270.00. The figures come from GlobeNewswire.

Integrated Gas production is guided at 740,000 to 780,000 barrels of oil equivalent per day for the third quarter, up from a previous range of 570,000 to 630,000. Shell produced 631,000 barrels of oil equivalent per day in the second quarter. The update includes the ARC Resources acquisition, completed on September 2, 2026, according to Reuters.

What does the outlook mean?

The operating picture is mixed rather than uniform. LNG liquefaction volumes are forecast at 7.2 million to 7.6 million tonnes, below the 7.7 million tonnes reported for the second quarter. Refinery utilization is expected at 93 percent to 97 percent, compared with 102 percent in the second quarter, with low Rhine water levels affecting the Rheinland refinery.

Three dates shape the next phase

Shell's recent chronology runs from the September 2, 2026 completion of ARC Resources, through the September 29, 2026 LNG Canada Phase 2 investment decision, to the October 14, 2026 Wells Fargo rating and USD 105.00 target. The next dated items are the company-compiled consensus expected on October 21, 2026, and Shell's third-quarter results scheduled for October 29, 2026, according to Shell.

Stock price and investor context

For investors, the October 29 results will test whether higher refining margins and expanded gas production outweigh lower chemicals margins, lower LNG volumes and the scheduled exploration well write-offs of USD 0.30 billion. Wells Fargo's Hold rating adds a cautious counterpoint to the stronger operating guidance.

Shell was trading at EUR 46.52 at Lang & Schwarz on October 15, 2026, at 11:42 a.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Shell stock.