0746 GMT - Shell's first-quarter update is constructive, given continued strong gas trading and a seasonal uptick in oil trading results, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. The analysts note that Shell had highlighted that prior gas hedges would be a $200 million-$300 million headwind on quarter, but it appears that gas trading results have absorbed this. Overall, RBC continues to see upside to consensus cash flow estimates, although there could be modest downgrades to consensus earnings estimates on the back of higher upstream tax guidance. "Given some soft commentary around integrated gas trading at recent results, we think the update may provide some relief around potential downgrades to estimates for 2025, and points to continued delivery at Shell." Shares fall 7.1%. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 07, 2025 03:46 ET (07:46 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。